In Northern Wisconsin's Vilas and Oneida Counties we have been hard hit by the past 18 month market slowdown and have alot of work to do to show our Sellers how we can get their homes sold in this current market. Pricing will be the key in the next 18 months and a good agents' job is to price their Seller's homes realistically to SELL, as well as, to show your Seller's how you have come to the numbers you are at. Price tags from the booming markets in years prior need to become a thing of the past if our Seller's want to move on in this market. So, in Northern Wisconsin pricing will be the key if you want to sell you home in 2009.
Our most recent numbers show that in Vilas county our volume from 2008 to 2007 was down an average of about 40 percent. There were 736 units sold in 2007 and only 430 units sold in 2008. Our average price also fell by about 20% with our average sale price in 2007 being around $150,000 and our aveage sale price on 2008 being around $120,000. We are better off that many states in the union but still far from where we would like to be.
These stats coupled with the medias obsession with foreclosures has created a "deal or no deal " mentality in the buyer. They want a deal or what they perceive as a deal or they will not make a deal. We are that Banker on the phone trying to meet both the sellers expectations of what they want/need in order to sell and the buyers feeling that it has to be a great steal in order to purchase.
For the above reason buyers are scouring the interent looking for new listings, new reductions, and new foreclosures so that the average well priced listing just doesn't appear as desireable unless you, the agent, can show the value there. The best approach is to try and get your listings 3-5% below current market price , we are able to exclude the foreclosures in our market, and then buyers will see the value. The good news is that they tend to not dicker in pricing if they feel it is marketed well. Pricing competitively will be be key to motivating buyers to move NOW and take the risk to buy. It will also begin to create a demand in our marketplace.
So if your thinking of selling start preparing now , read this article for some helpful hints click here, and call a local expert, TODAY..
Remember dreams are what we sell in the Northwoods!
Julie Paez, GRI, REALTOR, Coldwell Banker Mulleady. Click Here to visit my website for all home selling information.