I sat with two potential sellers this week to discuss taking their homes to market. It's early November the "selling season" is winding down, holidays are near, and for most, a shift in lifestyle takes place for the winter months.
A discussion always take place with all sellers, "what about the spring time to put our home on the market" ?
The spring is indeed, a great time to take your home to market.
As a full time professional, real estate is going on all year long. The last Friday of any month at an escrow company, there is a frenzy of activity to record (close) many real estate transactions. The last Friday of December (year end) can be very busy at escrow companies also.
The early part of any year coming into springtime, there is typically more inventory coming to market all the way through the summer months, which probably could be called a selling season.
In soft markets, there are plenty of sellers who went to market back in February, March, last spring who have not sold their homes and have been on the market 7 or 8 months. The market views time as "days on market". 240 - 250 days on the market can be a very long time. If you did start back in the spring, it would be very important now to put the price at what it needs to be, to get it sold. Or pull it off the market through the holidays and try again next year.
Fall and winter sellers need to sell. Fall and winter buyers need to buy.
I have had many very busy holiday seasons with activity I would have never thought would happen. But, that is also when I realized, the fall and winter buyers and sellers, are in the market usually because they need to be.
Keeping clients updated with the current real estate market in Olympia, Washington.
Tuesday, November 9, 2010
Thursday, October 21, 2010
Market Time
So how long has this home been on the market ?
That might be the number one most commonly asked question I have been asked, from I think, every buyer I have ever had the privilege of representing.
Market time - what is it really ?
Experts have said "a balanced market is "90 days".
Balanced being the inventory of homes for sale and the pool of buyers out shopping, are in balance.
I don't know if I agree, but I also would not argue that point either.
I prepare sellers for 30 - 90 days based on market conditions, comparable sales and the condition of their home.
30 days is the ideal and maximum market time that will create a win-win for all parties.
The buyer asks "how long has the home been on the market and would not think twice if their agent tells them under 30 days. I stress to buyers anything under 30 days, is new to market.
The seller benefits with a sale in the first 30 days, with another 30-45 days of inspections and escrow. 60-75 days is enough real estate for most sellers with the stress of keeping a home "show ready", the nerve racking buyer's home inspection and the reality of moving. Let's not forget most sellers are also becoming buyers as their home has gone under contract. Now they are selling a home and buying a home in a span of 2 -3 months. The stress can and will elevate. Of course !
For market time to exceed 30 days is when days, weeks and sometimes months will be a factor for everyone involved. The truth is, the first (best) buyers through the home, decided this was not the home. Why ? - Price, condition or both.
The seller is now having doubts about the original asking price, and "will my house ever sell".The market time continues to tick, the buyers are now asking "how long has this home been on the market?", and are no longer looking at asking price, but I wonder what they will take.
30 days on the market plus another 30 days in escrow, is enough stress for most home sellers.
A realtor will discuss this in greater detail and work hard with sellers to understand the value of their home priced for a 30 day sale.
Around our house we have a motto "everything sells", just how much market time are you willing to invest ?
Sellers market time is to a seller, is what the loan process can be for the buyer. to be continued !
That might be the number one most commonly asked question I have been asked, from I think, every buyer I have ever had the privilege of representing.
Market time - what is it really ?
Experts have said "a balanced market is "90 days".
Balanced being the inventory of homes for sale and the pool of buyers out shopping, are in balance.
I don't know if I agree, but I also would not argue that point either.
I prepare sellers for 30 - 90 days based on market conditions, comparable sales and the condition of their home.
30 days is the ideal and maximum market time that will create a win-win for all parties.
The buyer asks "how long has the home been on the market and would not think twice if their agent tells them under 30 days. I stress to buyers anything under 30 days, is new to market.
The seller benefits with a sale in the first 30 days, with another 30-45 days of inspections and escrow. 60-75 days is enough real estate for most sellers with the stress of keeping a home "show ready", the nerve racking buyer's home inspection and the reality of moving. Let's not forget most sellers are also becoming buyers as their home has gone under contract. Now they are selling a home and buying a home in a span of 2 -3 months. The stress can and will elevate. Of course !
For market time to exceed 30 days is when days, weeks and sometimes months will be a factor for everyone involved. The truth is, the first (best) buyers through the home, decided this was not the home. Why ? - Price, condition or both.
The seller is now having doubts about the original asking price, and "will my house ever sell".The market time continues to tick, the buyers are now asking "how long has this home been on the market?", and are no longer looking at asking price, but I wonder what they will take.
30 days on the market plus another 30 days in escrow, is enough stress for most home sellers.
A realtor will discuss this in greater detail and work hard with sellers to understand the value of their home priced for a 30 day sale.
Around our house we have a motto "everything sells", just how much market time are you willing to invest ?
Sellers market time is to a seller, is what the loan process can be for the buyer. to be continued !
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