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Monday, January 21, 2019

How to Tell if Your Home Is Overpriced


Many home sellers worry that their home is overpriced. Here are a few different ways to tell if it is. 

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Today I’m going to cut to the chase and answer a great question that came from one of our home sellers: “How do I know if my home is overpriced?”

In order to answer this question, I want you to assume two things first:

1. Assume that the seller has done as much as they’re going to do to improve the condition of the property.

2. Assume that the Realtor with whom the seller is working with is in the top 1% and that they have a huge marketing budget and plenty of experience.
If you go three weeks without a showing, your home is definitely overpriced.
If the above is true, the next way to determine if your home is overpriced is by listening to the market. 

The best ways to do this is by looking at the number of showings and the days on market. When we put a home on the market, we expect at least five showings in the first 10 days to two weeks. Then, we expect another five showings in the following two weeks. This means that we’re looking at a minimum of 10 showings in the first month. If you don’t have an offer in those first 30 days after 10 or more showings, then you know for a fact that your home is overpriced.

The second way to tell is if you go three full weeks without a showing. If you list with an average agent and this happens, how do you know it’s not the marketing? That's why the two items I listed above are essential in order to use the criteria I gave you.

If you want to talk more specifically about your situation or you have any questions about real estate, don’t hesitate to give me a call or send me an email. I look forward to hearing from you soon.

Tuesday, January 8, 2019

The Truth About Today’s Market Conditions


What’s happening right now in our market? Are we in a bubble? Find out with this quick update. 

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One question that seems to be on everyone’s mind lately is, “Are we in a bubble?” In my opinion, no, I don’t believe we are.

A bubble, by definition, is what happens when favorable market conditions are nearing an abrupt end. So while our market is at a high point, this alone does not indicate a bubble. 

In fact, real estate activity is projected to slow as we progress into 2019. This kind of gradual adjustment points to a market shift—not a bursting market bubble.
Our market still holds amazing opportunities for buyers and sellers alike.
The current state of interest rates definitely supports this. While rates have been on an upward trend, going up three times in 2018 and set to rise again this year, they are still historically low. 

In addition to this, other market statistics also reflect signs of good things to come. Homes are appreciating more slowly and taking longer to sell, and inventory is on the rise. Each of these developments indicate a slow shift in favor of buyers. 

Overall, our market still holds amazing opportunities for buyers and sellers alike. 

If you have any other questions or would like more information, feel free to give us a call or send us an email. We look forward to hearing from you soon.