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8 New Laws to Sell Your Home for 11% More – 8 Market Knowledge

The second most popular question from consumers I get is…’ How is the real estate market”.  If that agent cannot answer these facts, their market knowledge is just not there.

Here is what I mean:

o Good news is right now inventory is still very low at 1198 residential properties Active on the market in El Paso Teller and Elbert counties, as compared to a year ago..1462..19% drop in inventory, sales are up from a year ago, that means an increase in prices.

o In fact, in the past 30 days over 1432 homes have gone under contract in this market.  That means there more demand than the supply of homes resulting in a market that is more favorable to home sellers.

 The average sales price is just under $385K

 Average DOM 31 days, we sell typically 4 times faster

Agents should also be able to articulate the ‘so what’ about those statistics.  An example would be that currently:

• Buyers often have to compete to get homes
• But sellers should still caution from overpricing

o In this hot market buyers will think there is something wrong if it stays on the market unsold after 30 days…in most price ranges below $500K

Here is why it is important for home sellers to hire an agent that has good market knowledge:

o If a seller’s agent recommends a price too high it could sit on the market and buyers might think there is an issue with the home.

o If a buyer’s agent does not understand the market they could recommend their buyer makes an offer that is not competitive – resulting in the buyer not getting the house

And what about Interest Rates, how do they affect the market?

o Mortgage interest rates are at a record low level but they do fluctuate daily.

o We can recommend some great lenders that can give you the best rates.

o As a buyer, low rates are great because it means a buyer can afford a higher-priced home for the same payment.

o As a home seller, low rates are great because more buyers can afford higher prices.

If you would like to receive a FREE report on the 10 Questions to Ask Before You Hire an Agent or call Platinum Accredited Real Estate Professional Barb Schlinker at 719 602 6200