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I see this all too frequently in my market area. The same house listed on the market for long periods of time, off and on again with a different Real Estate Agency, at the same or almost the same asking price as the Agency that had it listed before. I call this the “Magic Ball Effect”; “the magic ball, goes round and round”…. This leaves Seller’s wondering what is wrong, is it my house?; is it the Realtor?, etc. But even more troubling is that is leaves potential Buyer’s wondering “what is wrong with the house if it hasn’t sold by now, must be something serious” and potentially, these Buyer’s will never go look at your house.
I will explain why I believe this happens shortly, but first let me explain how the large majority of today’s typical home buyers locate their potential new home…..the Internet. Everything a Buyer needs to know can be found online; The actual home listing, tax records, deeds, liens, prior sales, renovation and permitting information, how much similar properties have sold for, etc., and they can located this all for free before even contacting a Realtor. Only 10-15 years ago a potential Buyer had to contact a Realtor to help them find listings….this is no longer the case. So what does this all mean? It means that most of the time the Realtor doesn’t have a buyer already lined up in their pocket looking to buy your house. It means the Realtor is hoping a serious buyer will see your house online and contact them to view it. So, now you know how the majority of Buyer’s navigate the real estate market today. Those same Buyer’s also know that your home has been bouncing from Realtor to Realtor with little or no reduction in price…..and they aren’t biting.
So now, how do we fix this problem? Nine out of ten times the original problem is pricing. We love our home…we think OUR home is the BEST home on the block….much better than Fred’s next door. I have new purple shag carpeting….I LOVE purple…and shag….who doesn’t? You need to ask yourself “do I really want to sell my home or am I just testing the market?”. If you really want to sell your home then let your realtor (preferably me) do an accurate Market Analysis. Separate your feelings from the equation; you may have spent money on improvements on flooring, cabinets, paint, etc. and those can add value, but not always “dollar for dollar”. Listen to your Realtor (again, preferably me) and try to come to a compromise on pricing….everyone involved on the selling side of the table wants to get the most money possible for the house. Don’t fall into the “magic ball” trap because more often than not in the end the house ends up selling for less than you could have sold it for originally if it was listed at a more realistic price from the beginning. Call me anytime for a complimentary accurate market analysis on your home!
Happy Selling…..Debbie 🙂
If you are even remotely thinking of selling, there is no better time than the present. Interest rates are still relatively low and there is a shortage of listings on the market in Southern York County. The buyer’s are out, despite the weather, and the supply of available homes on the market is historically low. All the economic indicators are pointing towards another possible interest rate hike. When rates go up, buying power decreases, see below:
When a Consumer’s buying power decreases due to higher mortgage rates, some are less likely to buy a house and as a result home values can decrease due to the drop in demand. So, for the moment the housing inventory in Southern York County is slim and interest rates are still historically low, but with the possibility of continued rate increases in the not so distant future things could change dramatically. I am always willing to answer any questions you may have regarding buying or selling and will be more than happy to provide you with a complimentary Market Analysis on your home.
And remember, nobody sells more real estate than RE/MAX! Debbie Morse, 207-451-3016
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Just as suspected, the numbers are terrific! Have a look and see how the State of Maine did as a whole as well as each County individually. Please feel free to contact me with any questions!
It’s official, once again RE/MAX Realty One has dominated the York County real estate scene with over $62 MILLION more in sales in 2016 compared to our nearest competitor! With interest rates potentially increasing and buyers with very little to choose from, now is the time to list your home! Furthermore, if you are looking to buy, consider doing it sooner rather than later due to potential rate increases.
The real estate market in the Northeast is well on its way to a recovery and in some cases even surpassing expectations after that nasty bubble burst in 2008. Below are the most current press releases from the National Association of Realtors as well as more local Realtor boards describing the recent numbers with regards to existing home sales. In New Hampshire in particular listings are in great demand which bodes extremely well if you are considering selling your home. Even though it is cold and wet the buyers are out and ready!
National – Existing-Home Sales Forge Ahead in November
WASHINGTON (December 21, 2016) — A big surge in the Northeast and a smaller gain in the South pushed existing-home sales up in November for the third consecutive month, according to the National Association of Realtors®.
November existing-home sales in the Northeast hiked 8.0 percent to an annual rate of 810,000, and are now 15.7 percent above a year ago. The median price in the Northeast was $263,000, which is 3.3 percent above November 2015. *
Maine – October home sales up 5 percent; prices increase 2.67 percent*
AUGUSTA (Nov. 22, 2016)—Despite rising interest rates, home sales across Maine continue at a healthy pace, according to Maine Listings. Last month, Realtors reported 1,639 sales of single-family existing homes—an increase of 5.0 percent compared to October 2015. Prices continue to rise; the median home sale for October 2016 reached $192,500, a rise of 2.67 percent. The MSP indicates that half of the homes were sold for more and half sold for less.
New Hampshire – NH Monthly Indicators*
New Listings were down 6.0 percent for single family homes and 3.2 percent for condo properties. Pending Sales increased 14.6 percent for single family homes and 21.9 percent for condo properties.
Single Family Activity Overview 2 Condo Activity Overview 3 Closed Sales 4 Median Sales Price 5 Dollar Volume of Closed Sales (in millions)
The Median Sales Price was up 5.9 percent to $248,750 for single family homes and 8.1 percent to $189,900 for condo properties. Months Supply of Inventory decreased 36.4 percent for single family units and 26.7 percent for condo units.
So, what does all this mean? It means, if you are thinking of selling, now is the time! Listings are in short supply and if you list your property now you will have less competition than you will in the Spring when listings tend to flood the market. If you are considering buying now, you may not have the largest selection to choose from but you will not have the flurry of buyers competing for the same property as you will in the Spring.
Whether you are considering a purchase or a sale, RE/MAX Realty One and I can help. Give me a call direct at 207-451-3016 to assist with any of your real estate needs!