Tuesday, November 3, 2009

DOES THE INCREASE IN SALES INDICATE MARKET STIMULATION?


We have seen somewhat of an upswing in the Real Estate market within the past month. While the First Time Home Buyer Credit is nearing its end this may have pushed the stimulus we are seeing today!


The normal property sale can take 1 month to close. With lower property prices and multiple foreclosures, these "bank owned" homes can be taking upwards of 2 months to finalize. We feel that because of this many properties did go pending (offers were made) in October.


There were 89 properties that were pending in October. The bulk of these went pending in the month while some have been pending since September. Out of the 89 properties pending 54 of them were $100,000 or less.


60% of property sales pending in October were less than $100,000.


While we can clearly see that the market has buyers, many of them are investors or landlords taking advantage of the lower prices. The market is going strong for properties under $60,000! The properties that are above that mark may have a more troubled time.


There are buyers in the $100,000 and up price range, but these buyers have many products to choose from. You must make yours stand out, capture their attention, be clean and polished, have manicured landscaping, and most important be clutter free. Buyers get their eyes caught in the jam. If they see more than what can be registered in their brain they will forget or loose interest in your property. Price is another factor in these buyers eyes. If your property is not correctly priced it may go unnoticed.


Speak to your realtor or Miller Real Estate to help you handle this current situation.

Remember at Miller "WE MEAN SOLD!"
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