Blaine Real Estate Market Report for February 2008

The following is a quick analysis of the Blaine real estate market by Michael Eisenberg of Fairhaven Realty.

• There are currently 253 homes for sale.
• Homes are priced from $115,00 - $3,500,000
• Average Asking Price is $474,738
• Average Days on Market are 128 days (or about 3 months)
• Median Asking Price is $329,900
• Median Days on Market are 82 days
• 3 Homes went Pending this week
• 17 Homes sold in February
• Average Listing Price $249,644
• Average Sold Price $240,326
• Average Days on the Market 137
• Median Listing Price $257,060
• Median Sold Price $249,950
• Median Days on Market 100

As you can easily see there is quite a large discrepancy between the average price for a home presently on the market a $474,738 and the average sold price last month of $240,326. It looks like the $3,500,000 home is still skewing that average price quite a bit.

Buyers: Interest rates are still low making now is a good time to get in the market. There are plenty of homes to choose from and lots have been on the market a long time so there are some motivated sellers out there who need to sell their homes.

Sellers: There is still a lot of competition right now and if you don't want your home to sit on the market without an offer here are a few bits of advise:

• The most important thing you can do is price your home right, have your real estate agent do a CMA and price your home aggressively, that is in the lower range of similar homes if you want a quick sale
• Hava a pre-inspection done to your home and fix any problems
• Give your home curb appeal
• Offer a Home Warranty if it is an older home
• Get rid of clutter, start clearing out your things, even if you have to put them in storage.
• Think about staging your home, get advise from a staging professional or at least your agent.

If you would like some info about Blaine real estate or living in Blaine visit my website at BellinghamProperty.com or give me a call.