These are the number for Dane County, Madison, WI. Basically on the left you find a price range that you have a house listed for sale in then follow the chart to the right to see factual statistics of what is going on in the market. The column called 'months required to absorb inventory' is the factual data of how long properties that are properly listed in that price range are taking to sell in this market. Most of them are taking weeks and even months longer to sell in 2007 compared to 2006.
I post this regularly along with other facts and information on my website: www.tornowrealestate.com
The South Central Wisconsin Homes Inventory Watch
December 2007
| List Price Range Homes For Sale | Current Listed Homes 2007 | 2006 | Last 12 Month Sales 2007 | 2006 | Monthly Absorption Rate 2007 | 2006 | Months Required to Absorb Inventory 2007 | 2006 |
| $0 - $199,999 | 710.00 | 616.00 | 1525.00 | 1527.00 | 127.08 | 127.25 | 5.59 | 4.84 |
| $200,000 - $249,999 | 594.00 | 579.00 | 1332.00 | 1308.00 | 111.00 | 109.00 | 5.35 | 5.31 |
| $250,000 - $349,999 | 678.00 | 658.00 | 1168.00 | 1091.00 | 97.33 | 90.92 | 10.12 | 7.24 |
| $350,000 - $499,999 | 396.00 | 436.00 | 573.00 | 480.00 | 47.75 | 40.00 | 12.00 | 10.90 |
| $500,000 - $1 Mil + | 269.00 | 310.00 | 254.00 | 239.00 | 21.17 | 19.92 | 12.71 | 15.56 |
The Homes and Inventory Watch is showing a promising turn around in our current market. Homes in the 200,000-250,000 range are seeing about 1 month less time on the market than they did last year. Homes also ranging in the 350,000-500,000 seen the same amount of decrease. This is great! The amount of homes on the market should be leveling out now to the point where consumers will be more likely to start making home purchases again. It's not that they're not now but in my experience many Buyers are in the mode of 'I have to see as many properties as possible'. That means someone that may be interested in buying your home may have to actually see 30 more homes before they would make that decision!
More information at www.tornowrealestate.com
There is no doubt that we are in a hard market. Many people bought their homes just a couple of years ago and now are trying to sell for various reasons. What is the most common trend out there with homes selling vs homes sitting is unequivocally the price at which the home is listed. Many sellers do not want to come down on their price yet expect their home to sell as quickly as their neighbors home did. Anyone sitting with a home for sale and hasn't received a showing within the first 3 weeks is overpriced. It is a matter of fact that in this market if your home does not show in that time frame you are overpriced. The reason your neighbors homes are showing and ultimately selling is because they have priced their home correctly in this market. I must emphasize the part about this market. We are in a correction. Many homes that were purchased a couple of years ago were overpriced and now they are selling for the same price or less. Another big thing to watch is the fact that your home may not be comparable to the home next door or even up the street. Many different factors go into comparing a home to get a realistic price to sell it for.
Think of your Realtor as the middle man in a sense. The Market--->Realtor--->Seller Imagine the Realtor as the person who has to take all the statistics of the Market and economy into consideration and come up with a realistic price that your home will sell for. Anyone can slap a price on a home but if you truly want to sell it than you need a professional to compile the data. The best marketing plan in the world may seem trivial and as if it is not working all because a seller feels their home is worth more than what everything else that is comparable to it is selling for. An overpriced home tells everyone in the market that your are not a serious seller. Because of what is selling in the market and at what price it is selling at a Realtor will suggest a comparable price thus forcing the Realtor to present this data to the seller. My advice, don't hate the middle man for presenting the facts. Re-evaluate your current financial situation and decide what is right for you. Yes, to sell your home in this market you will have to take less than what you expected but if you are going to buy again afterwards you will be able to regain that loss by getting a better price on the next place.
For more information visit www.tornowrealestate.com
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