One Of The Best Market Indicators Right Now Is How Quickly Houses Similar To Your Home Are Going Under Contract


One Of The Best Market Indicators Right Now Is How Quickly Houses Similar To Your Home Are Going Under Contract
By Scott Rogers • March 24, 2023
Are you getting ready to list your home for sale this spring? Are you trying to figure out how to price your home? Step one - as usual - is to look backwards, at past sales, to see how much buyers have paid for houses similar to your home over the past six (or more) months. But another market indicator that we shouldn't overlook is... ...how quickly houses similar to your home are going under contract. FOR EXAMPLE... If we look around at past sales and we find that buyers have recently paid $410K, $415K and $420K for houses similar to your home... ...we might plan to list your home for $415K or $419K or $425K. Let's say we're super optimistic and we're planning to list your home for $425K. But, then, if you're not putting your home on the market for a few weeks, we should carefully monitor similar houses coming on the market for sale. If we see... [1] Three similar houses come on the market for $420K, $425K and $429K, each of which go under contract in a matter of days... then we should be encouraged to stick with our plan of pricing your home at $425K. [2] Three similar houses come on the market for $410K, $412K and $415K, all each of which are still available for sale after being on the market for two weeks... then we might want to consider a list price of $415K or $419K instead of $425K. So, with pricing these days, we need to look backwards at past sales, but we also need to see how quickly buyers are contracting to buy houses similar to your home. Let me know if you're ready to start thinking through potential pricing (and timing) for selling your home this spring. 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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