As we have looked at La Plata County real estate transactions the last couple of weeks, we have noted the total number of transactions has decreased. As we have mentioned throughout the course of the year, the market is slightly slower than last year, which means we are seeing a change in the market. When the real estate market changes, it is our job to guide our clients in terms of strategy and planning to ensure optimum results.
Sometimes, when a market changes, we see homes stay on the market longer and inventory grow because sales are slower. This means buyers have more choices, and are able to do more comparison shopping. Oftentimes, we will see sellers lower their prices for buyers. As these changes occur, it’s important for sellers to be aware of the market and any changes that may need to occur.
One of the biggest mentalities for sellers to keep in mind is the desire to remain competitive. There are a handful of ways a seller can remain competitive in a changing market. First, the price of the home may need to adjust. If other sellers begin reducing prices, you will want to ensure your home is priced accurately. The market dictates the value of the home, so if the market changes, the price may need to adjust, as well. If your home is priced accurately based on the market now, but the market changes, the price may need to change. Another key component is to consider how a home shows. First impressions make a strong impact. A clean, de-cluttered home makes a long-lasting impression (beds made, dishes cleaned, etc). Also, taking advantage of every showing, regardless of advance notice, allows more exposure for your home.
All real estate markets fluctuate based on peak seasons, interest rates, inventory, the economy and other factors. The key to successful home selling is adapting as the market changes. We are always ready to review and analyze your market strategy to position our clients for optimum success. We will have an open house this weekend at 50 Long Hollow Lane on Sunday. Stop by and see us!