In February 2007 there were 164 closing in Cary.  As February comes to anend here in 2008, there were only 99 closed homes this month.  It doesn’t take a Masters Degree in Real Estate to see that the market has slowed down a little bit.  We could talk all day about the reasons for this down turn, but regardless of the reasons the fact remains that we are in a shifting market. 

More numbers for you; There are 616 resales (i.e. NOT including new construction) for sale in Cary at this very moment.  In the last 6 months only 645 homes have sold.  This means we have almost exactly 6 months worth of inventory on the market right now.  So if no more houses went up for sale it would take 6 months to sell off our current inventory. 

The question for today’s home seller is… Do you want your home to sell or do you want it to sit on the market and eat into your profit?  The key to a successful sale in a shifting market is to price your home ahead of the curve.  Pricing your home based on the market 6 months ago will effectively put your home in the “sitting on the market” category.  Being proactive and pricing your home to maximize the current demand will put your home in the “Sold” category.

By pricing your home above what the current market will likely pay, you face the situation of having to reduce the price later.  Now your home has been sitting on the market and you are pricing it where it should have been a month or 2 ago.  During that time period the market may have shifted even more and once again you are behind the curve or “Chasing the Market Down.”  Pricing your home appropriately in the beginning has become ever more important in getting the most money out of the sale. 

In order to ensure your home sells in the fastest time, with the fewest hassles, and netting you the most money, it needs to meet the following criteria.  Compared to your homes competition, it should rest in the bottom third of pricing and the top third in property condition.  By meeting both of these criteria you will ensure that your home is seen by the most number of buyers and will be first in line to receive offers. 

Don’t be surprised if a Realtor turns down as many listings as they are taking in this market.  Remember, we are looking for people that have a problem, the need to sell their home.  Listing a home that is overpriced in a shifting market does not benefit anyone involved.  The picture I have tried to paint is not a grim one, but rather a realistic view of our current market.  Because while the number of homes sold has decreased since last year, the average sales price has increased.  This means that home sellers who are pricing right and staging their homes are still getting their money. 

Brian P. Hourigan

The Hourigan Real Estate Team

an affiliate of Keller Williams Realty