I am going to give it to you straight. According to the data on our MLS for McKinney, Texas (Year to Date as of July 2010), 1074 homes have sold. What do I mean by sold? I mean the sale has actually closed and funded and the homes have new owners. On average those sold homes were on the market for 69 days. The average sales price was $226,735.
Currently we have 1,012 homes on the market. That is almost as many homes as have been sold over the last year. That is 6.3 months worth of inventory.
I have this conversation with prospective sellers quite often. They tell me how much money they need for their home. Sadly, buyers don't look at home values that way. I tell them that it doesn't matter how much they ask for the home, it is worth what it is worth. Pricing the home too high doesn't mean that it will sell for more it means that it will stay on the market longer and maybe not sell at all.
I hate to be the bearer of bad news. I don't make the rules, the buyers do and so do the appraisers and the larger economy. Factors like employment rates and the stock market influence home prices and sales too.
If a certain amount of money is "needed" from the sale of a home my best advice is to wait until the value of the home goes up and then sell it.
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