I continue to find it quite amazing that one-third of the homes that sell these days do so within 90 days of when they come on the market.  However, even with that startling statistic, many (most?) homes languish on the market.  There are, after all, 632 single family homes on the market right now in Harrisonburg and Rockingham County, and last month only 32 such homes went under contract.  That gives each home a 1 in 20 chance of being purchased in any given month.  Ouch!

So, with so many homes for sale, it is very important to make sure that you stack up well against the competition.  By competition, I mean the homes that buyers will also view when they come to view your home.  Sometimes these homes are in your neighborhood, sometimes they are just in the same price range but in a different area.  Put yourself in the mind of a buyer that might be considering a purchase of your home and then search online for homes that would meet their needs (including your home).

Sometimes....beyond just viewing these homes online, it can be helpful to walk through the competing homes.  As you are viewing each competing home you should consider whether you (as a buyer) would buy your home (given your list price) or the competing home (given that list price).  This context can help you to better understand whether you have priced your home competitively in the market.

One word of warning --- competing active listings could lead you astray!  You could have your home listed at $200k, go through five competing homes that are priced around $210k and be reassured that your list price of $200k is right on target.  However, you also need to check recently sold properties that would have also been competing with your home.  If all of the recently properties that recently sold were at prices around $180k, then even though active listings confirm your $200k list price, you still may be overpriced.

Pricing, positioning and marketing are tricky right now, with fewer home sales, and lots of inventory --- but they are more important than ever.  I enjoy working with people who like to dig into the numbers and get a good feel for an appropriate list price for their home.  If you're ready to start the research, analysis and discussion process, let me know.

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Recent Articles:

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Have any questions? Contact Scott Rogers at 540-578-0102 or scott@funkhousergroup.com