For years our primary audience has been lenders, developers and brokers in the new house market. Many of you use the reports to insure that you know the health of the areas and price ranges in which you are active . Well, the game has shifted, to say the least.
Our information can be critical in helping to get through the hard times. You may not like what the data is telling you but it is helpful to have hard facts with which to make decisions rather than hope or conjecture.
This information is equally useful to retail sellers and their agents.
- The obvious: Make sure the property is ready to retail. It must be clean and the yard needs to look well kept . Street appeal or eyewash is critical. Prospective purchasers must have the desire and the perception of value to want to investigate (go inside). Signs needs to be well placed and attractive.
- In the past many banks simply have not put the effort into this that they should, It dramatically limits the potential buyers, and with “flip/rent ” speculators largely out of the market,your property must be appealing to normal retail purchasers who can get financing.
- In our report look at the area/price range summary in the front, to see how the “competition” is doing. If their inventory is selling faster than yours, it is time to get more aggressive on price. Now is not the time to sit and hope. If your property is not getting the sort of traffic it should, the price is too high. You can blame it on the market and that is true, but the market will not be getting any better soon, no matter what the federal Government does. See Caution Rough Time Ahead.
- Where are you in the value chain? Is your house the “best” that buyers can get at that price? Check our report on how many others are on the market at that price in an areas, new and used and objectively compare your house with the others.
- In particular pay attention to houses that have SOLD THIS MONTH. Things are changing so quickly that looking at sales even from a few months ago may be very misleading, and looking at the other houses that have not sold may give you a false sense of what something is worth (because no one has yet bought it).
- If you are in a new subdivision, be sure to check out the subdivision reports to see how the subdivision is doing as a whole against others in the area.