If you haven't sold your property in two months....


If you haven't sold your property in two months....
By Scott Rogers • November 15, 2011
Click the image above to watch a 4 minute video from the Wall Street Journal (and Smart Money) about the state of the current housing market. From the video.... "As a buyer, if you're seeing properties on the market that have been there for more than two, three months, those properties aren't going to move. There's no real reason to make an offer on those properties. If a property can't sell in the first two months, there's a problem with that price. The price is not realistic for the market, the buyers aren't willing to take it. So, the only way that sellers are going to move their property if they need to sell now is you either are going to price it at what the average price is for your market, or, ideally, slightly below which will bring in more buyers and more attention. If your home is sort of on the market now for months, the chances are moving it at the current price are very slim." So, if we believe the above (two months without a sale = problem with price) then it's interesting to note the following about our local market.... 803 active residential listings (H'burg, Rock Cnty) 660 of those 803 listings are more than 2 months old Thankfully, 405 of those 660 listings have had a price change, but many have then gone another two months without selling. Perhaps it's not true for every property (two months without sale = wrong price) but that logic can certainly be applied to many properties. Receive Updates by Email Recent Articles: There Are Plenty Of Types Of Houses That Exist That Just Are Not Available To Purchase Home Sales By Price Range In The City Of Harrisonburg Are You Compromising On Aspects Of Your Next Home That You Can Or Cannot Change Later? How Much Slower Are The Winter Months In Our Local Housing Market? Rockingham County and New Home Sales Drive Surge in Area Housing Market Find The Balance Between Optimistic And Realistic Home Pricing Room Size Is Difficult To Understand Solely From Real Estate Photos How Much Would You Value Not Having To Prepare Your Home For Showings? One Out Of Four Homes Is Taking Longer Than A Month To Sell Consider The Cost Of Your Planned Renovations When Planning Your Offer
Have any questions? Contact Scott Rogers at 540-578-0102 or scott@funkhousergroup.com
Based on information from the Harrisonburg-Rockingham Association of REALTORS® or its MLS, for the period Jan 1, 2000 through Nov 22, 2024 (unless otherwise noted).
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