Is your house for sale?

By
Real Estate Agent with RE/MAX Shoreline New Hampshire & Maine

If you are you’re in good company.

Currently the Knoxville Area Association of Realtor’s Multiple Listing System (MLS) has 11,576 active residential listings and 1,743 condos which have all been for sale an average time of 108 days. That’s a very clear sign to me that we’re in a strong buyer’s market.

knoxville farragut tn homes sold
In the month of October there were 874 closed sales but there were also 2,106 new residential listings plus another 228 condos.

I’m not going to do the math but it’s pretty plain that only about 1 out of every 15 listings sold in October.

As a seller you’re goal is to be that 1 out of 15 that got an invitation to the closing table.

Because I’m in the Knoxville area real estate market on a daily basis I see lots of sellers with houses that are grossly overpriced for various reasons.

Reasons like:

  • “We really need the money.” Sorry, but buyers don’t care. If you want to sell now you need to have your house priced aggressively and in tip top shape to attract buyers that want to buy now.
  • “We can always reduce the price later.” Later is often too ‘later’. Buyers are looking to buy now and they’re buying that 1 in 15 house that they feel gives them the most bang for their buck. Buyers pass overpriced houses by and usually don’t come back.
  • “We’ll just try it at this price for a few weeks and see what happens.” Buyer activity for a new listing is typically highest while it’s still new on the market. After it has set a while buyers start passing it by because it’s stale. Usually a price reduction (a significant price reduction) is what you need to do to invite them back to take another look. Better to price it right from the start and get it sold.
  • “Buyers can always make an offer if they think our price is too high.” Sounds reasonable but buyers tend to look in certain price points and if you’re so high that you’re out of their price range they’re not even going to look at your house much less make an offer.

Here’s a link back to a posting I wrote a few months ago with 4 quick ways to make your Knoxville area house sell. Not guaranteed to work but it will get you a lot closer to that closing table than you are now.

If your house or condo is currently listed with a Knoxville area Realtor ask them to take you on a CMA (Competitive Market Analysis) field trip to take a look at your competition. Choose 2 or 3 houses similar to yours currently for sale and go visit them to see how yours compares.

Then get a list of what similar houses to yours have sold for in the past 2-3 months; 6 months ago doesn’t count anymore, that’s ancient history. You need to know what is going on with sales now. Have your Realtor call the listing agents for the house that just sold and ask them what they feel made it happen.
Remember, with only 1 out of 15 listings selling last month your listing needs to stand head and shoulders above the crowd to attract buyers.

You can take a look at current homes for sale at www.KnoxvilleHomeCenter.com to see how yours stacks up to the competition.

I’m available to answer any questions you may have by phone, email, or I’ll be glad to come visit you to talk about getting your house sold.

Posted by

Jim Lee , REALTOR®, Certified Residential Specialist (CRS)

http://JimLee.com  RE/MAX Shoreline

100 Market St., Suite #200, , Portsmouth, NH 03801 Phone: (603) 431-1111 x3801

Visit New Hampshire Maine Real Estate.com to search homes, get Seacoast area information, and find out how great living on the New Hampshire and southern Maine Seacoast really is.

 

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Rainer
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Bo Hussung
Bell Title /Triserv LLC - Nashvle, TN

Jim, and only if buyers were lining up to take advantage of these incredible deals.

It will happen in due time. Patienc is a precious commodity indeed

Bo

Nov 23, 2008 02:11 AM #1
Rainmaker
599,889
Jim Lee
RE/MAX Shoreline - Portsmouth, NH
Portsmouth NH Realtor, Portsmouth, NH

Whenever people are unsure or confused they tend to do nothing which is what most are doing now.

The bold few are reaping some incredible deals on homes.

Nov 23, 2008 02:38 AM #2
Ambassador
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Respect Realty LLC
Respect Realty LLC - Milwaukie, OR
Brokers - Oregon / SW Washington Real Estate

I think seeing the number that only 1 out 15 homes sold in the last 30 days really should hit home more than the average time on the market is 108 days. Hopefully you will get your point across that you have to stand out if you want to get sold!

Todd Clark, Helping Families Home - www.IFoundYourNewHome.com

Nov 25, 2008 07:26 AM #3
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Rainmaker
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Jim Lee

Portsmouth NH Realtor, Portsmouth, NH
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