This was a 30 day market update that I sent to one of my current clients. At the end is a video that describes Market Absorption.
As promised, here is a quick review of the market with regard to your property. We’ve been listed for 30 days, this is typically when I’d recommend a price adjustment if there haven’t been any offers, or prospects who have come back for a second look.
There have been 13 sales of homes listed under $799,999 since we listed on 10/10. Please review those properties with an eye to comparing them to your property:
There are 47 available single family homes that are listed under $799,999:
The absorption rate in this price range is under four months (47 available, 13 sales in the last 30 days) – this is is a normal market – there are enough buyers for the current inventory (watch the video below to for an explanation of this term). Yet we aren’t getting the volume of showings that I’d expect. I recommend reducing the price so that it is under the $700,000 price point, bringing it into a range that will attract a buyer who does not want to spend over $700,000.
Have a question about your home and how to position it in the market for the best results? Of course you know that we are happy to help. Click here to send us your message and we’ll get right back to you.
