If you want to sell your house, price it right. As we all know we are in a buyer’s market. Therefore, the competition is keen. There are currently approximately 265 homes on the market in the Springville/Mapleton area. Last month 37 of those sold. That is slightly less than 14% of the homes currently on the market as listed with the MLS.
For those that sold, the median time on the market was 90 days. The longest time on the market was 315 days, nearly a year of waiting, showing, and hoping for a sale. The shortest time on the market was 8 days. What is the meaning of all these stats? If you want to be among those that sell within ninety days, you must have your home priced at or below market.
You don’t want your home to be known as a “white elephant.” The longer a home sits on the market the more chance that it will get that moniker. My experience has shown me that sellers will get more money for their home if it is priced within the market range in the beginning rather than shooting for a price above the market.
Today’s buyers are generally well-versed on the market conditions. They want to see everything before they make a decision. Only the best priced homes will draw their attention. If they see a “for sale” sign in your yard month after month, the first thing they think about is price. It must be over priced or something else is wrong—condition, floor plan, lack of amenities, etc.
Even though the market is starting to make slight improvements, it will take several years before we get back all the lost equity of the last three years. Prices have started to stabilize. We have increased sales of approximately 4% during the last quarter compared with 2010. That is an encouraging sign.
Sales are expected to continue to rise during the balance of this year. Pending sales (those that haven’t closed) were up by 41% in June. The first six months of this year, sales in Utah County were up by 11% over 2010. All this bodes well for home owners wanting to sell. To get your home priced within market, contact your local Realtor and get a free Competitive Market Analysis.
“The real measure of our wealth is how much would we be worth if we lost all our money.” Benjamin Jowett (English Scholar 1817-1893) Until next week keep smiling.