"I will list my home in the Spring time." Why this is the worst thing a Seller can think in 2010!

By
Real Estate Agent with Long and Foster Realtors

      Recently Long & Foster Realtors held a regional sales meeting here in Southwest Virginia. Alexander Boone of Boone and Company spoke to the attendees. Mr. Boone brought several important issues concerning the Roanoke market to light is his presentation.

      The first was the average sales price for Roanoke, VA. in 2006 was $209,000 while the national average was $221,000. Fast forward to 2009 and the national average has dropped to $173,000 while Roanoke is now $188,000, meaning that Roanoke now exceeds the national average.

      There is opportunity in the real estate market right now. The current market offers excellent affordability, low interest rates, and free tax credits for buyers and sellers from the federal government. The government has kept interest rates low but that program expires at the end of March, as well as the tax credit program requiring buyers to be under contract by April 30th.

      March 1st is the 2 minute warning if you are planning to sell or purchase a home in 2010.  A recent market segment profile of the 24018 area code showed that 20 houses sold in the $100,000-125,000 range with an average of 104 days on market. 47 houses in the $125,001-$150,000 range sold in an average of 87 days and the last segment of study the $150,001-$175,000 showed 68 sold with an average of 73 days on market. With an average of 87 days to sell a house in these typical first time buyer price ranges and 97 days between today and April 30th the urgency to get a home listed by a Realtor is obvious.

Comments (4)

Andrew Mooers | 207.532.6573
MOOERS REALTY - Houlton, ME
Northern Maine Real Estate-Aroostook County Broker

Get the place listed as soon as the seller knows they want a sale. You can delay possession but never ever stop marketing full tilt, full throttle with everything in your real estate arsenal. The season to sell real estate is year round. Not just late spring, summer, early fall. People move around and if you are not on line when they start their search, it is like winking at a girl in the dark. You are the only one in the room that knows what is going on.

Jan 23, 2010 02:06 AM
Scott Guay
Berkshire Hathaway Home Services PenFed Realty - Ocean Pines, MD
Associate Broker. Ocean City and Ocean Pines MD

I had a seller 2 years ago before the big drop in prices in my area that wanted to wait till spring.  We listed in October and went to settlement Dec 24th.

Jan 23, 2010 02:10 AM
LeRoy Houser
LeRoy Houser Seminars Inc. - Chester, VA

Thanks for the information Water.  Over the years the best time to Buy or Sell has for the most part been the Preesnt Time-Now!  Seldom have we ever had low interest rates and low prices at the same time, and it may be a while before we see it again.   

Jan 23, 2010 02:20 AM
Todd Clark
eXp Realty LLC - Tigard, OR
Principle Broker Oregon

The bad part for sellers who think this way is most sellers think this way and if there are 100 homes on the market vs 50 homes now, which ones do you think are going to sell for more? That is right, the ones with less competition.

Jan 25, 2010 05:02 AM