What's my home worth? How can a person make sense of the information available to make a good decision?
Imagine you call me wondering if I'd be interested in listing your home for sale, and wondered about the process;
- I will ask you about your reason for moving? job change, family status change, neighborhood interest, want to build?
- I will ask you how soon you'd like to move? 30 days or less, 3 months or less, 6 months or less, don't really need to move
- I will ask you what condition your home is in? (5) excellent, (4) pretty good, (3) average for the neighborhood, (2) needs cosmetic work, (1) needs structural work (roof, siding, windows etc)
Your answers to those questions will help identify your stage of readiness to sell;
- motivated to sell
- just testing the selling market, would like to sell, but don't have to
Our Real Estate market in the city of Billings and about a 100 mile radius has slowed down since it's peak in 2006. The actual number of homes that successfully sold in 2010 was down 44% from 2006. The motivations for buying have changed a bit, more people looking for a good home that will serve the needs of themselves and their families rather than an appreciating asset. It's hard to predict the future, but the recent past is a good view to help with current market conditions.
So what's an Absorption Rate? This rate is helpful in giving a picture of how long it would take to sell all of the homes on the current market. A Real Estate Appraiser will look at the most recent past within a mile of the subject home (sometimes further and longer for rural properties). The seasonal conditions can make a huge difference on showings and offers in our climate. Too hot, too cold, much better somewhere inbetween!
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