It can be very difficult to explain why patience is so important in this market. But it is. It’s true that most sellers want a quick sale, and four months on the market can feel like forever. A couple weeks ago we held our quarterly Open House Blitz, a two-day marathon of open houses, and the comments from buyers resonated with us, because it speaks to the timing of our market.
On a few of our listings, buyers indicated that they had been watching the house on the market and were hoping to get their current home sold so they could make an offer. Until then, everyone will play the waiting game. This is normal in our market, and not a sign that anything is wrong.
That said, some homes are priced for a very quick sale - typically foreclosures. This month, we saw the TRADITIONAL SALE home in The Pointe that was listed for $269,000 hit the market, and cars lined the street to get in. Everyone has been wondering, and the answer posted on MLS recently: It sold for $297,500 with $7,500 in seller concessions (i.e. net sales price of $290,000.)
Let’s do a quick breakdown of the nature of our ACTIVE West Savage housing inventory: There is 1 foreclosure on the market, 5 short sales and 15 traditional sales. That equates to 29% of our market being distressed. This number has come down quite a bit since early spring. PENDING inventory equates to 1 short sale and 5 traditional sales. Recent SALES (this Update) contain 2 distressed sales and 1 traditional sale (the one we just discussed in The Pointe.)
Our West Savage absorption rate is 6.63. That means if zero new homes come on the market, it will take 6.63 months to sell our existing inventory.
Comments