November and December are traditionally months when the real estate market slows down to a crawl. All of the “just-looking” folks are too busy during the holidays to shop for real estate. If someone is out looking at homes at Christmastime, normally he or she HAS to buy something right away. In Rutherford County’s current Buyers Market, those kinds of people have plenty of options available to them.
As they have been all year, total closed residential sales in Rutherford County through November, continue to lag about 30 percent behind 2007 numbers. Across the board, November 2008 is running behind the same month in 2007; total pended listings are down 22.4 percent; total closed listings are off 36.9 percent; and total new listings are 22.4 percent less.
In November 2007, the Rutherford County residential real estate market had an average of 2,698 homes on the market each day. That translates into about a six-month supply of houses with the average closed home selling 70 days after going on the market.
Fast forward to November 2008. The average number of listings per day was 2,407, down about 10 percent from 2007. However, with this year’s slower moving market, that still translates into 7.69 months of inventory active in the residential real estate market. The average days on the market for November 2008 was 70 – exactly the same as in 2007.
What gives? Aren’t we supposed to be in a horrible real estate market? How can homes be selling just as fast now as they did last year? That answer is the silver lining to the dark cloud that’s been hanging over home sellers this past year.
If you have a home to sell, you can expect to sell it in about 70 days if you are realistic about what is required to sell a house in this market. When you list, you must realize that not only is your home in a price war, but it is also in a beauty contest.
The market is short on buyers. In November just 205 buyers chose from an average of 2,407 listings. Do you think those buyers chose a home that was overpriced? How about one that needed repairs? They probably even avoided homes with nasty carpet that offered a carpet allowance to prospective buyers.
Here’s the key: if you are selling your home, price it as aggressively as possible. Make sure the house has great curb appeal. Get the inside looking flawless and spotless. In today’s Buyers’ Market, only the best of the best make the cut. If you want to be that home that gets chosen, your house has to stand head and shoulders above the rest in both price and appearance.
Choose a Realtor with intimate knowledge of the market who can help you realistically price your home to sell. This is no time to list your house with the first agent who simply tells you the price you want to hear. Make your real estate professional show you comparable sales and market data that supports whatever price you agree upon.
Take your price blinders off. What you “want” or “need” to get from the sale of your house has absolutely zero bearing on what the market will bring. Price your house where it would have sold in 2006 and it will still be on the market in 2010.
We believe that we are the best-equipped team in Rutherford County to help you get your home sold in today’s ever-changing market. A different kind of market requires a different kind of real estate company. To see the difference, click here.
