The calls are starting to come in with sellers looking to get their homes listed starting in April.  As with all of my listings, I am brutally honest about our market conditions.  People are hiring me to sell their home, not just list it.

Here is what is occurring in our local Willamette Valley area

Average Sales price:

The average sales price so far this year is $231,049, down 7.6% from last year's $250,205.  What this means for you as a seller, is that it doesn't matter what your neighbor got last year, you probably won't get that this year.  Prices are declining.

Home Sales Closed:

In January and February this year, 801 homes closed on the market.  That is down 39.4% from the same time frame last year,and in fact is the lowest since before 1997 when data is easily available on the MLS.  What this means for you as a seller is that you have to be the best house with the best price.

New Home Construction:

New home sales were down 21% last year.  They are continuing on the same pace this year.  New home construction prices are essentially flat from last year.  Pending sales averages are 13% off of the average active sale list prices.  What this means for sellers with newer homes, is that you may be upside down in one of these if you did 100% financing.

 Percent of Sales Price to List Price:

Currently we are at 93.85%.  What this means for you as a seller is if you home is listed at $100,000, you can expect to get $93,850 for it.  South Salem is the hardest hit with this pricing adjustment and is hovering at 90.6% sales to list price.  Sellers, please don't think this means that you can raise your price by 10% in order to negotiate down.  Buyer's won't come.

Sellers of today need to decide if you really want to sell.  This is not a market to put your home "out there" and see what happens.  Buyers are looking for motivated sellers. If you are not motivated, be prepared to waste your time with your home on the market.  I still hear sellers saying "I don't want to give it away," but the market dictates whether or not that is the case.  For some of you, you may have to give it away to get it sold.

If you need more specific market information, please feel free to call or email me with your specific area, and I will provide you with a more detailed report.