My Real Estate Blog

Well, real estate getting much more enjoyable. We are definitely off to a good start for 2009. There are 52 active single family homes in Oak Hill/Herndon 20171 - still a very low inventory number. 80 to 90 listings is a more normal number - just to get an idea of how low we are - a definite opportunity for the sellers who are market savvy. 7 new listings came on the market - none were reissued listings. One was a short sale - the others were normal seller sale homes. 5 homes got contracts - which is fantastic - our market is doing well when we are seeing 6 to 8 seller sold homes per week getting contracts. In looking at the homes, the homes were on the market from 4 days to 211 days. One was a foreclosure. The one that was on the market for 211 days, came on the market at $1,050,000 April 2008. The sellers went through several listing agents and then was on the market at $799,000 when they got a contract. At first glance, one would think "Wow, the market is really going down". This is not the case. It is more a case of seller greed or not being realistic. When the sellers came on the market in April, I showed the home. It showed poorly(run down)and it was never worth $1,050,000 in 2008. If the seller had priced their home correctly from the beginning and put the home in better shape, they would have got much more money. I would guess in the low 900s or high to mid 800s. Instead, they followed the market down. A tough lesson for sellers. I listed a home this week that was in great shape and it sold in 3 days - so sellers who think about their pricing and put their homes in the shape that they need to sell - profit. I did a lot of internet advertising and target mailings and had an open house on that home. We had 27 sets of people through the home. A number that compares to 2004 and 2005 open house numbers - so things are looking very positive for us for the 2009 spring market. I am not sure prices will go up but they will definitely stabilize - which is really what we need.

Posted by Angela Mitchell on January 24th, 2009 5:05 AMPost a Comment (0)

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