It’s a new year and by all indications, it’s going to be a good one. In the last few months we’ve found ourselves in several multiple offer situations and we’ve seen more and more properties closing at a higher percentage of the listing price which we believe is a direct result of sellers adjusting their prices to attract more buyers. The greatest challenge is for sellers in the $500,000- $750,000 price range. That price range has 64 months worth of inventory compared to 12 months for sellers in the $200,000-$300,000 price range. This is entirely consistent with the trend here over the last few years with the lion’s share of sales occurring in the $150,000 to $350,000 range. For buyers, this is important information because if you’re considering buying a home in that “sweet spot”, there is less inventory, more demand, and they typically sell around 95% of the asking price compared to 90% or less just a year ago. It’s still a buyers market but that doesn’t mean it isn’t competitive and buyers with the best offers and best terms win out in multiple offer situations. For sellers the best strategy is to price a home accordingly based on the condition, the location, and the overall market.
Land sales continue to limp along. Last month there were 7 land transactions compared to 8 that same time period last year.
If you have been on the fence about selling your home, contact us for a FREE market analysis. We can show you how to price your home and what you need to do to attract today’s buyers. Buyers, ask us about how to receive regular updates on listings that fit your personalized criteria.
If you’d like to receive our monthly e-newsletter with the latest market information and things going on in the Transylvania area, just drop me a line at Carol@ClayTeamRealEstate.com.