Chasing the Market!
Ok, you priced your home just a little high earlier in the season. After all, you didn’t want to leave any money on the table. And maybe you waited a little too long for that first price reduction. Well, your home did have a lot of activity those first few weeks. Now, here it is September and your home is still on the market. Still no offers. Or even worse, an offer early on that you realize now, you should have taken.
Let’s try to figure out how you got here. When you look at the seasonal market trends, it is plain to see the highest volume in closed sales as well as the highest sale prices are in June and July. These are closed sales. It takes around 45 days for a house sale to close. These numbers represent sales contracts that were written in April, May and June.
Bottom line, by July sales prices are dropping. We won’t see these statistics until September. That’s when we get the numbers in from August, that represent the sales that were signed around in July. This information is of no value. How can you respond to the market when the statistics are so dated by the time you get them? You can’t. Fortunately, these market trends are very similar year after year. You can’t respond to the market but you can easily predict the market.
The important thing to take from this is that if they have their first price reduction in July, you are already chasing the market. Periodic, incremental price reductions will keep you just above market until you hit the bottom. This will be sometime in October or November or maybe even in December.
See more information on the Spokane housing market at: 
Spokane Real Estate.
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