7 Steps to a Successful Property Sale
Understanding current market statistics is the first step in achieving a successful sale on your property. When you know the statistics for your neighborhood/subdivision, it is easier to make a fact based decision on whether the time is right for you and your particular set of circumstances. Will you be able to meet your deadlines (days on market), will you net enough from the sale to meet your needs (sales in the area), etc
1. Understand current market statistics
2. Assess the current value of your home
3. Set the right price
4. Calculate the bottom line
5. Prepare the home for sale
6. Create an advertising and marketing strategy
7. Review contracts and common practices for your market
The key indicators in analyzing the market statistics are: number of homes currently on the market, number of homes under contract, average days on the market and months of inventory. These indicators predict supply and demand, which are the critical determiners of price and the speed of sale.
The number of homes on the market represents the supply side of the equation. The question you need to ask yourself: “Is this number increasing or decreasing?”
The next factor to take into consideration is the demand side or the number of homes that are “in escrow” or “under contract” which represents the current buyer activity in the marketplace. These are homes that have received an accepted offer and are on the way to closing. The question is: Are current trends showing number of pending sales increasing or decreasing?
Other questions: Are current trends showing the number of days on the market increasing or decreasing? What is the current absorption rate (months of inventory) and does it indicate a buyer or seller market?
Other things to consider are: How many Homes are Expiring (not selling), Average Listing Prices, Average Sales Prices and Days on Market.
Our RE/MAX RESULTS website offers sellers and buyers current real estate market statistics for StL neighborhoods zip codes. It is a resource for you to watch what is happening in your neck of the woods prior to your consultation with your agent. To use this resource simply click on the RE/MAX Results website. Then choose a county and a zip code to learn the number of closed sales, average sale price, average sale price per square foot, average days (+++) currently on the market compared to five years previous.
(These numbers are updated around the middle of each month.)
The median sale price of single family residential properties on the Missouri side of the St Louis Metropolitan area for the year 2018 was $180,000. The median list price was $189000. Time frame is from January 2018 to December 2018, in Missouri, the property type is residential and represents sales and results are calculated from approximately 52000 listings. (All information herein has not been verified and is not guaranteed. Copyright © 2019 MARIS. All rights reserved.)
The next article will be 7 Steps to a Successful Sale Step 2 – assessing the value of your home.
U.S. Housing Market Conditions
