Lets brain storm about buyer’s market definitions for CMA’s or if you are talking to sellers or buyers remember to call them competitive market analysis or market analysis. I know you’ve heard me say there are so many homes ON the market and a few homes IN the market. So here’s a low down on the current status of homes and properties today on the market and in a market. When you review Actives (for sale listings), Pendings/sti (listings with offers), expireds(listings that didn't sell) and solds (sold listings)remember these things. Actives- homes that haven’t sold especially if they have been on the market over 2 weeks, they are like the new expireds in a buyers market. These are homes that are just on the market. you have 2 choices right now as a seller! you can price a property to sell or price it to sit! STI/Pending- Homes that have offers (smart enough to price it to sell and to work it out) These are the homes/properties that are IN the market! When using pendings and STI for pricing make sure to look closely at there market time- if there market time is 30, 60, 90 or more days- I bet they didn’t sell for full price! Solds are Past history- Not reliable for pricing (maybe within last 1-2 months) not further- sold are past history! Expireds- (never never land listings)- were just on the market- taking up space polluting the market. So hopefully this low down has shead some light.. Just keep in mind we want homea that are priced IN the market we don’t want home and properties that are just ON the market. Let’s sell some houses and move some families! challenge of the week- sending 3-4 thank you cards a day.
Toril nice post. Unfortunately there are a great many "listing" agents out there that go out and "buy" listings by simply telling the poor homeowner that they can sell their home for an unreasonable price. Then after 30 or 60 days they tell them they need to lower the price. Now after 6 months or more after the property is shop worn they are finally at a price that would have sold the home at the beginning.
Toril: Great take and use of words. You are exactly right. In today's market there are only a few that are IN the market. Wish everyone would think about this before listing.
Toril, I really like how you differentiate between houses being "on" the market and "in" the market. I'll keep this in mind as I go on listing presentations. I never understood why an agent would want to take a listing that has little chance of being sold in a reasonable time. Having your name rider on a listing for months and months seems like negative advertising to me.
Hi Toril,
I agree with Valeries Statement , good use of the words! I like the way you put it too!
I will have to use that statement at my next listing appointment to demonstate the importance of proper pricing!
Thanks
Tom Davis
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