I know I’ve been delinquent on getting out this housing update, so let’s get right to it.
If you remember the Atlanta housing first quarter statistics, the market experienced 70% of all listings failing.
Ultimately what we’re trying to depict is the correlation between pricing your home properly in the market versus letting it sit on the market for a year. If you’re going through the process of getting your home ready to go on the market, keeping it spot-on clean and ready for showings and running out of the house everytime there’s a showing, then wouldn’t you rather sell than have it just sit?
You don’t want to just throw your home on the market and hope.
We did see some improvement as sellers and agents are starting to better understand the market. As a general rule, we always say that buyers see a Buyer’s Market 6 months in advance and seller’s finally realize it’s a Buyer’s Market about 6 months into it.
In the second quarter of 2008 in metro Atlanta, for every 100 listings, 64 failed to sell. Thirty-six did sell, but 17 required a price reduction.
The end result, only 19 out of every 100 listings were priced properly and as a result sold at 96.8% of list price and within 41 days. The other 17 required longer to sell due to mispricing, taking 124 days to sell and sold at only 88.5% of list price. And the other 64, well, they’re still sitting on the sidelines hoping to get in the game.
Hopefully, what you can take away from this, is homes that are priced properly are selling and they’re not sitting on the market. However, too many properties are still being priced based on comparable sales from 2006 and 2007 and just as before, I hate to break it to you, but we’re in 2008 right now.
If you’re ready to get an honest assessment of what your home is worth, feel free to contact us and we’ll be glad to sit down with you and discuss how we can get your home sold, even in today’s market.
But clearly the key to getting your home sold is working with a local experienced Realtor, knowledgeable about the Smyrna Vinings community, who can help you to price and market your home appropriately.
[tags]Smyrna Homes, Vinings Homes, Housing Market Update[/tags]
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