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| Jan. '07 |
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Welcome to 2007 and Happy New Year from Chicago Title! Clearly, 2006 was a year of transition in our real estate market and it's always important to review key sales information in order to continually educate your clients with the most recent sales statistics. In this month's newsletter, we have provided you with the Year End Sales statistics for 2006 by zip code. In addition, we have included a calendar for all Area Caravan's in San Diego County. Finally, for your review an informative article on the mistakes a Seller can make by trying to price their house with a "cushion". Enjoy!
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Sellers Could Lose Waiting for Buyers to Make Offers
One of the biggest mistakes sellers make in a buyers market is trying to price their houses with a "cushion" in the asking price for negotiation room. In the current market where most sellers find themselves, it's all back to price, condition and location.
Pricing the house from the start is the first offensive strike the seller possesses in his arsenal. The best way to determine price in our market is to start looking at two categories of real estate: solds and actives.
Properties that have sold in the last 30 days provide you a picture of what price range pulled in offers 60 days ago. By looking over those properties, you'll know if you're headed in the right direction with your price. Then, after seeing what's pulled in offers, look at where the competition is priced -- and price lower than the lowest price. If the trend is headed downward over the last 12 months the motivated seller will get in front of that price trend and sell for less than everyone.
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