How do those market statistics affect my sale?
Janaury 26, 2007
Well, today the newspapers and talk radio are full of the latest statistics on the real estatae market. In California, you can read, county by county, whether home prices increased or decreased in December. Generally speaking (always deceptive when its "general") prices decreased and unit volume decreased. However, in our 2 county area (Riverside and San Bernardino counties) the medium price of homes in December increased.
Yippee, yell sellers. But, why is my agent telling me I must reduce my asking price if I want to sell?
The time honored way to come up with a market value for an individual home has always been to look at comparable homes. What makes a home comparable? Location, size, condition and amenities. A potential seller can hire a local ( and I stress local) appraiser to do a professionanl appraisal or a seller can call one or more professional real estate agents to do a "Market Anaysis". A knowledgeable real estate agent who is active in the local market will have a grasp of what properties are actually selling and should have first hand knowledge of the condition of those properties both exterior and interior. Review these analyses and select the best possible price that will make your home competitive in the market.
The number of sales has declined significantly and if you truly want to sell, you must be priced competitvely. It will not really matter whether the sales in the county are up or down, if you have "value" which a potential buyer can recognize.
Well, today the newspapers and talk radio are full of the latest statistics on the real estatae market. In California, you can read, county by county, whether home prices increased or decreased in December. Generally speaking (always deceptive when its "general") prices decreased and unit volume decreased. However, in our 2 county area (Riverside and San Bernardino counties) the medium price of homes in December increased.
Yippee, yell sellers. But, why is my agent telling me I must reduce my asking price if I want to sell?
The time honored way to come up with a market value for an individual home has always been to look at comparable homes. What makes a home comparable? Location, size, condition and amenities. A potential seller can hire a local ( and I stress local) appraiser to do a professionanl appraisal or a seller can call one or more professional real estate agents to do a "Market Anaysis". A knowledgeable real estate agent who is active in the local market will have a grasp of what properties are actually selling and should have first hand knowledge of the condition of those properties both exterior and interior. Review these analyses and select the best possible price that will make your home competitive in the market.
The number of sales has declined significantly and if you truly want to sell, you must be priced competitvely. It will not really matter whether the sales in the county are up or down, if you have "value" which a potential buyer can recognize.
posted by shirley harry at 7:35 AM
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