Selling Real Estate in 2010

     Believe it or not, we are not in a "bad" real estate market.  What we are currently experiencing is a unique real estate market.  Every market is different, but they do all go through ups and downs, buyer & seller markets, and fast & slow times.  There are a lot of homes selling in the NRV currently, granted not with the same magnitude of 2006. but none the less  All types of homes are selling, some more than others, but this is more than I can say for some other areas across the country.  Statistically speaking, a $100,000 home is more than likely going to sell much faster, than say, a $400,000 home in Christiansburg.  Another well supported stat -  if you have 2 identical homes, one located in Blacksburg & the one in Pulaski (for example), the Blacksburg home is just going to be more valuable.  Obviously, the university, along with location and other things, give Blacksburg that extra boost.

     Those are common trends we normally see, but there are some new trends emerging out of the woodwork.  Buyers know they are in a buyer's market, and like any rational person, are trying to get from it the maximum benefit possible.  The game has changed, and buyers have home field advantage.  This goes without say, but sellers are clearly left with a slight disadvantage.

     Leroy Houser, a real estate broker & trainer, held a seminar last week on our current buyer's market.  There are a few dynamics in play, and we need to mold our strategies around those forces.  Buyers are looking for either: (1) Opportunities - move in condition, priced to sell, & on the market less than 30 days,  or (2) Deals - priced 15-30% below market value, on the market more than 90 days, may be distressed, in foreclosure, or a "fixer upper".  There is one other category that a home can be in, Everything Else.  If a home is not in the first 2 categories, it is probably going to take a good while longer to sell, or even not at all.*

It is a competitive sport out there, and you need to bring your "A game".  We used to look at comparable home sales in your neighborhood in order to price your home fairly, while still netting the most profit possible.  Now, we are looking at what the others homes did not sell for.  This is a good indicator of the price points you should not expect, and probably avoid.  You definitely need to clean & advertise your home, but when it comes down to it, price is usually the most important factor.  The homes that did not sell were in the Everything else category.  Let's learn from our history & mistakes, so to not make the same errors again.

Personally, I am 100% sure that the economy will get strong & prosperous again.  What I am not too sure of is how long that will take.  We will all have to wait and see, but the numbers say we are improving.  Nothing ever stays the same in life, good or bad; everything changes.  We just have to ride out the storm.  I see clear skies in the distance.   

 *Reference: Margaret Galecki :)