Friday, May 9, 2008

The Importance of Pricing

In good times and bad, in buyer’s markets or seller’s markets, the number one influence on the sale of your Saline real estate is Price, Price, Price. Oh, sure, the three most important issues to most buyers (and sellers) are Location, Location, and Location. But unless you have a mobile home, there’s not much you can do to move the location of your home.

Having lived in Saline since 1985, I’ve seen the changes in price of most Saline real estate over the years. In fact, since 1996, I’ve kept records of the pace of sales activity in the Saline area. It’s what I call my Total Market Overview, or TMO for short.

Using the TMO, I can show you how, since 1996, we have moved from a moderate seller’s market, to a strong seller’s market, to a neutral market, to now – a strong buyer’s market. If you’d like to see the graphical TMO, I usually post it around the middle of each month.

Today’s market conditions – a strong buyer’s market – means the following:

There are many more homes for sale than there are buyers looking for a home. In economic terms, we have too much supply chasing too few buyers. Price has to come down until the extra supply is finally sold off.

So, getting the price of the house right is the number one influence on getting your Saline Real Estate sold today, and getting on with your life.

Here's a short video that makes the point:

See also:
What $4 gas means to Saline Real Estate
Curb Appeal
It’s the Big Sale!

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