Everywhere we go people want to talk about it: "What's going on in the housing market? Is it really as bad as the news reports say?"
The quick answer is NO, but we are definitely experiencing a buyer's market here in Oldham County, Kentucky (just north of Louisville).
According to the Louisville Multiple Listing System statistics, comparing single family home monthly sales in 2007 to monthly sales year-to-date in 2008, the average sales price fell from $288,664 to $270,749. The Listing-to-Sales ratio was 96.69% in 2007, and year-to-date this ratio has decreased to 95.73%. The average months of inventory has increased from 6.69 in 2007, and presently there are 12.46 months of inventory. This reflects how many months it would take to sell out of inventory at the current month's rate of sale. The average days on the market has gone from 87.3 days to 95.0 days.
So what strategy can we suggest if you want or need to move this Spring and Summer? The key is simple: Price it Right! Your home simply must be priced to move, and it must be in great shape. If your home outshines your competition and is priced just under your competition, it WILL sell.
Jacki and Jerry Shafer of The Shafer Team and Keller Williams Realty Louisville East are Oldham County residents specializing in Oldham County real estate sales.
For more information about how to price your home to sell, please visit The Shafer Team's website: www.TheShaferTeam.com
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