Average
list price
Average
sales price
Percentage
of listed homes that actually sell
List
to sales price ratio
Average
days on the market
What
is happening in your area? Are home sales brisk, or a
bit on the slow side? Are there factors such as new businesses
or factory openings/closings that are affecting your market?
The
value of anything, including houses, is determined by
the supply and demand. If there are lots of sellers and
few buyers, prices tend to go down and houses take longer
to sell. This is referred to as a “buyers market”. On
the other hand, if there are many eager real estate buyers,
but few homes for sale, prices will rise and houses will
sell very quickly.This is a “seller's market”. Your area
may be at one extreme or the other, but most likely is
somewhere in between.
Next,
take a look at your neighborhood. Compare your home to
others based on criteria such as style, size, number of
bedrooms and baths, garage, basement, pool, view, lot
size, etc.
You
should soon get a good feel for what price your home should
bring given the current market conditions.
Remember:
Keep your emotions in check and just look at the facts!
“But
where in the heck do you get all of this information?”
All
of the information about closed sales is public record,
so you could obtain it from your local city or county
records. Contact Park Avenue Realtors for current market
information for your area. |
