During our typical holiday socializing last month, I cannot count how many times I was innocently asked the question, “So, Alyce, what’s the market like right now?” Followed, typically, by either, “Is it still a buyer’s market?” or “Is it still a seller’s market?” Interestingly, my answer to either would be yes, with an *… You see, my friends, while overall statistics and trends may indicate the state of real estate nation-wide, you must understand that the business of real estate is VERY local. Conditions within counties, cities, and even neighborhoods can have a strong influence on the state of any market. When a prospective seller tells me he/she has read it is a seller’s market due to low inventory (a true statement, in some cases), I must point out that it depends on a number of factors, including the price point, age, and condition of their specific home. For someone listing in a price point with a shallow pool of buyers, the inventory supply will be significantly higher than it will be for one listing in a price point with a high percentage of prospective buyers. Similarly, someone listing a 15-20 year old property that has not been updated might not be able to call it a “seller’s market” if their main competition is the new construction neighborhood down the road selling the same type of home but 20 years newer. The point is, there are a MULTITUDE of factors that will impact the time it will take to sell your house and the price you will command for that sale. Determining that sweet spot is very much a science and an art, and will be unique for each property. What’s the answer, then? Ask your favorite real estate professional (that would be ME, of course!) to do a comprehensive market analysis of your property and neighborhood. This is a complimentary service I provide, and is a great resource for you to have whether or not you intend to move in the near future. If I may help you with a CMA, or any other real estate questions, please contact me at your convenience…just don’t ask me if it is a seller’s market!
By Alyce Penry, talktotucker.com/alyce.penry