House Trends 7/8/2019
House Trends
House trends I have noticed. I send out emails everyday with houses for clients that are interested in purchasing a home. I also get those same emails so I can also see what’s changed in the marketplace from day to day.
Reports, Reports and More Reports
One of those reports is around my house that I send out to a couple of my clients. The email updates include the new listings, the listings that have come back on the market and the listings that have reduced the price of the house.
3 Days
I’m going to use 3 consecutive days to point out some obvious trends.
Day 1
Day 1, Out of 6 listings, 1 was a new listing, one was back on the market, after being under contract. The other 4 had their price reduced.
Day 2
Day 2, Out of 10 listings, 4 new listings, 1 back on market and 5 prices reduced.
Day 3
Day 3, Out of 9 listings, 4 new listings, 1 price increase and 4 prices reduced.
Price Range
The price range is $200,000 to $1,500,000.
House Trends
The reason I point out those numbers is it tells of current house trends in residential real estate. What I can make is an approximation, for every 1 new listing there are 4 to 5 price reductions and a house that was under contract comes back on the market every 7 days.
Delve Into It
Let’s delve into why I think these trends exist.
Sellers and Buyers
Sellers are used to a seller’s market and buyers don’t quite know if it’s still a seller’s market or if it’s changing into a buyer’s market. On the lower end of the market it’s still seemingly a seller’s market and if the house is priced correctly it may result in a multiple offer situation. If it’s priced to high, it becomes one of the price drops or a back on the market after the buyer has dropped out for whatever reason.
On The Higher End
On the higher end of the price range, I do notice the same houses on the market for months with numerous price drops or price corrections. If a house is just listed and it’s above a million dollars, I don’t hesitate to offer $50,000 less than the asking price and if its been on the market for more than a month, I don’t hesitate to offer at least a $100,000 less than the asking price and the sellers will definitely negotiate.
What Does It All Mean?
What does this mean for both sellers and buyers? Having knowledgeable Realtors on your side can protect both buyers and seller’s in one of the most important financial decisions of a person’s life.
Knowledge Is Power
The more knowledge, the better the deal!
