Another side of the market worth considering is how many total properties are selling. Those numbers are down significantly. Total numbers of residential properties sold in 2009 are down about 37%. The break down between the types of properties fall in this way: the number of existing family homes sold during the first four months of the year are down 30%, number of new construction homes sold are down almost 47%, and number of townhome/condo sales sold are down almost 49%.
In a nutshell, this is a decent market for everyone. Buyers still have a lot of choices for homes and phenomenal interest rates available. First time home buyers may still qualify for up to $8000 in tax credits which does not have need to be paid back. That credit is available to buyers who close before December 1st, 2009. Fewer people are selling, but they are still getting close to what they were getting a year ago.
These statistics in both of these blogs are relevant to both buyers and sellers. They provide objective information which can help in pricing homes to sell as well as how to write offers which get accepted. However, remember each individual property needs to evaluated as to where it is priced as to market price.
For more statistics, or questions on how to maximize your strategy in today’s market, contact me at caroll@PropertyByReferral.com.
Avg. Sales Price: $176,000
Avg. Days on Market: 79
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