What Should Your Strategy Be Today?

If your house is on the market, or you’re preparing to list, you should be aware of current real estate market conditions. Two key indicators are the inventory of houses for sale and the average number of days on the market.

Today there are approximately 1,900 active listings in Henderson County, compared with 1,500 active listings at the end of 2009. Roughly 80% of the houses are priced at $300,000 or less. Average number of days on the market is 185, compared with 150 days in 2009. For houses priced above $300,000, the average days on the market increases dramatically. We’ve used Henderson County statistics, but the indicators apply in Buncombe, Transylvania and Polk Counties, as well. Today’s sellers face even more competition, and houses are taking longer to sell.

How should these indicators affect your strategies for preparing, pricing and marketing your house? It’s not just a matter of more competition, the competition is more intense. Some properties on the market today are short sales, where the amount owed on the mortgage is more than the market value, or are foreclosed properties offered at bargain prices.

Here are some pointers:

•  Commit to selling and take an active role.
• Visit the competition for a reality check.
• Prepare your house to compete effectively by having a pre-listing home inspection.
• Consult with a professional stager who is trained to see your house through a buyer’s eyes. Stagers present your house for maximum appeal, enabling you to price it higher within your range and help protect your equity.
• Listen to your REALTOR®’s advice about pricing and marketing.
• Never test the market with an unrealistic initial listing price. Price your house to sell from the beginning to make the most of the first 30 days when interest is at its peak. The longer your house is on the market, the lower the eventual selling price. If you bought at the top of the market, your listing price today could be less than you paid, or less than you owe. 
• Help create dynamic pictures for internet and print marketing. 
• Maintain your house in showing condition, inside and outside.
• Cooperate with every showing opportunity.
  

Smart Selling Tip: With a larger inventory of houses for sale and a longer time on the market, today’s sellers must plan to compete and prepare for a marathon instead of a sprint.