Economist believes that home sales will continue to rise. However, with today's market so competitive, setting the right price is critical.
Housing analysts have revised their forecast and are predicting existing home sales volume of 4.68 million units for 2009.
According to Lawrence Yun, NAR chief economist, the increased activity can be attributed to both newer demand from first-time home buyers, and a seasonal rise in interest from repeat buyers. "Most of the sales are taking place in lower price ranges and activity is beginning to pick up in the mid-price ranges," he said.
An April survey revealed first-time buyers declined to 40 percent of transactions, implying that more repeat buyers are engaging during the home-buying season. The amount of Buyers looking at homes increased 14 percentage points from a year ago. "This is consistent with our forecast for home sales in the latter part of the year to be 10 to 20 percent higher than the second half of 2008," Yun said.
So Sellers, you have an excellent opportunity to sell your home this season. That is if you have the right pricing strategy in place from the start. Studies show that the longer a property stays on the market, the less the seller will net upon the sale. Therefore, it is very important to price your property at a competitive market value at the signing of your listing contract. Many home sellers make a mistake by implementing the 'let's try it and see' pricing attitude. But testing the market can be dangerous. A property receives its best exposure during the first three to five weeks on the market.
If your home is priced right from the outset, you maximize your opportunity of reaching the most qualified buyers. Buyers who have seen most available homes in their price range are waiting for the right house to come on the market. This is why a well priced home often sells quickly once it is put on the market.
Marjorie Taylor is a licensed Real Estate Broker and community leader representing Homes in St. Augustine for Watson Realty Corp. She is passionate about helping clients buy and sell Homes in St. Augustine and Homes in St. Augustine Beach, Florida.
904-591-9121
www.TheBestAgentInStAugustine.com
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