For the first time in several years, we are beginning to see the market in Ouachita Parish cool down a bit. When looking at a snapshot of residential sales for the months of April/May, homes have stayed on the market longer in 2008 than in 2007.
2007:
Number homes sold-289
Avg. days on market-108
Listings that Expired (Unsold)-10.43%
2008:
Number homes sold-210
Avg. days on market-129
Listings that Expired (Unsold)-14.50%
What does that mean for you?
If you are a seller, you MUST price your house competitively the first day it hits the market. You cannot wait to "see what kind of offer we get." Be ready to sell by having your home in top shape and priced realistically.
If you are a buyer, have your agent study recent sales. You must consider what has sold in the neighborhood in the past few months. You may be able to get a bargain, but don't count on it. Look at the sale vs. list prices to see what a reasonable offer would be. Don't insult a seller by offering $30,000 less than the asking price on a $150,000 house!
I study the market every day. If you need help understanding what is going on in the Monroe/West Monroe market, call, text or email me. I'm here to help.
Gayle Causey
318-614-5615
Gayle@GayleCausey.com
Keller Williams Realty
Monroe, LA 71201 USA
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