Real Estate Market: Where Does the Price of Your Home Rank?

In today’s market, the listing price is one of the most important factors to consider when placing your home on the market. The price of anything in the world is based on the ratio between how many people want to purchase the item and how many of the items are available. Real estate is no different. With demand remaining relatively flat  and inventory skyrocketing, prices will continue to soften. The Lee Ann Miller Team can help you determine the month’s supply of inventory in your marketplace.
A good guideline to use:
  • 1-4 months inventory = a sellers’ market with home prices appreciating
  • 5-6 months = a normal market with stable home prices
  • 7+ months = a buyers’ market with home prices depreciating
Another factor that can alter the listing price is the ‘shadow’ inventory. This is the distressed properties which will be hitting the market in the near future.
The second most important factor, is the condition of your home inside and out. Cannot stress enough how important this is. With 90% of people starting their home searches on the internet, your home needs to look pristine and uncluttered. The Lee Ann Miller Team can also assist you with this.
If you take both factors to heart and have your home in tip-top shape when it hits the market, chances are it will not last long! Even in this market.
Contact us to today to review the supply & demand for your neighborhood.
 

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