Marketing your home in today’s market.

 

 

There are many ways of measuring market conditions. One of the more common methods is a simple comparison to the number of homes for sale verses the total number of homes sold for the past year. This provides us with a pretty good indicator of supply and demand as well as expected time on market. Below I have provided the results of this comparison based on a one year look back from April 24, 2010 with the results shown in inventory as a function of months of supply. Breaking the information down into price ranges will help you see what the market is like for your home. Of course, every home is unique. This is by no means all inclusive. The information provided was extracted from the Greater Greenville MLS and does not include homes for sale or sold outside the MLS. The first search was based on all closings with no division of type. The second column is the data for single family detached homes only and does not include condos/townhomes, lots, or mobile homes. I will try to provide an update to this at least once per month.

 

ALL NON-COMMERCIAL REAL ESTATE                     SINGLE FAMILY RESIDENTIAL

                                                                                                 ONLY

 

Price                          Months of Inventory                                  Months of Inventory                                                                                                              

                                               

 

0 – 100k                                              8                                                                9

 

100 – 200k                                        11                                                              11

 

200 – 300k                                        17                                                              17

 

300 – 400k                                        24                                                              24

 

400 - 600k                                         26                                                              26

 

800 – 1M                                           59                                                              66

 

> 1M                                       13yr 9mo                                                   14yr 6mo

 

The months of available inventory can also be considered the expected time on market based on the past one year history. It is this Realtor’s opinion that it is important not to read too much into these numbers. For instance in the 300 – 400k range of the homes that did sell: the average days on market was 133 and the median was 91, far below the inventory amount. What does this mean? It means that of the buyers that are out there; they are able to pick and choose at will. They are not asking sellers for improvements as a condition of sale. They are simply moving on to a house that is ready for them.

 

The point is, if you want to sell your home you must make it stand out from among the others. Staging, professional photography, and virtual tours may be needed to make your home stand out. Additionally, focused advertising is vital. Some homes are marketed well in free printed advertising while others need a national or international marketing plan.

 

Last, when your house is shown it needs to pop! Over-use of scented devices to cover cigarette smoke doesn’t fool anyone. Make sure it is spotless, clean all the windows and make sure there is good lighting in every room. Consider every closet and cabinet fair game for the buyer to open and look into. Closets need to be between a third and half full ideally with only a few of things on the shelf. Ask a professional if you’re not sure what to do. I'm glad you stopped by and would love to hear from you. I look forward to your call.