Below are the Statistics for this week. Our inventory is almost identical to last week. Pendings are down. The Average price is below $200,000.
The accepted industry definition of a buyers market is one that has more than 6 months worth of inventory. We currently have slightly more than 8 months worth of inventory on the market. Compare that to some of the areas in the country that had the hottest markets during the last 5 years.
Las Vegas, Southern California, and Pheonix all have huge supplies of inventory. Their real estate market was booming just 2 years ago and now it is bust. Some areas of Florida have over 50 months of inventory.
We are only into the buyers market category by a couple months. That has some ramifications for buyers and sellers.
It’s a buyers market. That means that buyers have a lot of homes to look at. If they can’t come to agreement on yours, they can try the next buyer down the street. They are shopping price. No amount of marketing, open houses, or staging will help if you aren’t price right. Get the price right and it will sell.
It’s a buyers market…but just barely. That means that although a seller may come down to an attractive price, they aren’t going to drop by 40%. It’s a waste of your time, and everyone elses time, to make a ridiculous offer.
I do know of some great homes on the market right now. I showed a brand new 3 bed, 2 bath, 2 car garage ranch this weekend priced at less than $160,000. And I think the builder will come down from that. Give me a call, I’d love to help you get a great deal on a home. (907) 373–0999