HelpfulBroker.com

That’s what we’re hearing from sellers everywhere in the tri-valley area (East of San Francisco, including the communities of Pleasanton, Dublin and Livermore, California).  People are focusing on what their home was worth two years ago or how much they’ve spent remodeling and improving their homes.  Well, now, the market has changed significantly and everyone is asking “where do we begin?”

Here is how to sell your home in this increasingly competitive market:

• Ask your Realtor how many properties are for sale in your area and how many have sold in the last six months.  if there are more than 2,000 homes on the market and 200 houses sold last month, that means it is taking approximately 10 months to sell a house or that there is ten months worth of inventory.  That’s pretty simple math, but few people looking to sell go through this exercise.  If you price your house comparably - average price - then you should plan on taking the average amount of time to sell your house.  In this case, ten months.  Plan accordingly - know the market - and make sure that you can afford to stick it out if necessary.  Pricing too high, lower than market, or other market factors may significantly change how long it takes for your home to sell.
• Invest part of your weekend going to open houses in the neighborhood, which should give you an indication of the competition and what you need to do to get your home sold.  Given the cost of carrying your home - paying your mortgage, taxes and insurance, plus the risk of any further depreciation - you can then intelligently answer the question of whether or not you should consider lowering your asking price.

The following statistics are based on listings, sales and off-market activity since June 8, 2007.

Based on these numbers, you might assume that the average time on market since June 8, 2007 is 1.66 months.  While this might mean you’ll sell your house very quickly, it doesn’t take into account the micro-climates in our changing real estate market.  In this area, for example, the current market indicators suggest that a property in Dublin, Danville, Livermore, Pleasanton or San Ramon will be on market for at least three months - possibly longer.  Optimize your chances for success by being prepared for the worst case scenario, pricing your home competitively, and using a quality realtor to help you with your marketing.

.Broker

- article brought to you courtesy of Michael J. Duffy, J. Rockcliff Realtors.  October 8, 2007