Know Thy Housing Market, especially Now!

by Pete Belcastro.
How can a seller determine when is best to put a home on the market?  This topic came front and center on “The Real Estate Show” recently and we need to elaborate more.
Fall is here and winter is approaching.   Is it a good time to try and sell a home?  While the first instinct is to say no, but upon further review it’s not that simple.
Terry Rasmussen and Judith Foltz, two John L Scott agents with more than 50 years experience behind them believe Fall and Winter are indeed good times to list and sell.  Their experience says people looking to buy and list now will continue as inventories remain low and that causes prices to climb.

But, at JLS, agent can break down the inventory challenge into price categories, making it easier for sellers and buyers to study the market and make better decisions.  Overall, there is a 2.3 months supply of inventory.   If you break it down by price category and neighborhoods it reveals a different story.
For example, if you list a luxury home, ($750,000 and above) there is a 22 month supply of inventory, whereas if look in E Medford between $100,000 and $2000,000 the inventory is .73 of one months supply.

Knowing this information helps both buyers prepare better offers and sellers need to know the inventory challenge in determining sale prices.  Its an intricate balancing act but knowing individual price point and inventory challenges makes it easier to reach your goal.   Ask a John L Scott Agent about this as you see the market in a whole new and smarter way.  Contact Pete via email    petebelcastro@johnlscott.com