July 2011 Update on Gerstle Park Home Sales

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Summer has arrived and the farmer’s market is in full swing: active and lively.  Real estate seems to be buzzing along too.  There have been the usual higher number of listings come onto the market in the Gerstle Park neighborhood--as you drive around you can see the signs indicating that number.

You may want to know what is happening to all those sales, so we have attached the current list of local listings: active, pending and of course, closed sales since mid January. 

A quick glance of the attached document you can see the sales prices of closed listings, but what is important to note is the number of days it took for these homes to sell.  In Gerstle Park, the average days on the market for closed sales is 87 days for this time period.  Currently, there are 12 active listings on the market and five of them have been on the market for 87 days or longer.  What does that mean?  Well, typically, if a listing is priced well (at or close to the actual market value), it will sell quickly, in less than 30 days.  If not, the home will sit on the market.  Typically, after a price reduction to a price close to the actual market value, the home will get an offer – close to the new list price. 

What is important to understand is that in most cases, there is a cost associated with not pricing a home correctly to start.  Professional real estate agents who provide accurate pricing information and advice accompanied by thoughtful marketing strategies and plans can help you sell your home while maximizing your proceeds.  The first two weeks are crucial in a marketing period; after that, you have diminishing returns.  Make sure your home is ready to hit the market and do it well the first time out.  You will be glad you did!  Good luck, and please contact us if you would like more information.