Pricing Your Home for Sale

The reason that inventory has dropped so much is not because of demand.  It's because many sellers gave up.  This is not a good reason.

This has created a lot of pent up supply of homes that is not currently on the market.   Any hint at price improvements will be met by an onslaught of new listing inventory, which will squash any price recovery.  This includes bank owned properties too.  Therefore, sellers need to be serious and compelling with price.

Homes in the Charleston real estate market that actually sell average about 95% of their final LIST price.  What this really means is that buyers don't put offers on homes until they are within 5% of what they're willing to pay for them.

For buyers, a 1% change in interest rate will produce a 10% change in your purchasing power.  It's good to note,  although the Federal Reserve Chair Bernake has pledged to keep the key note rate down, this does not necessarily correlate with where mortgage interest rates are headed. While prices are down, and interest rates are down, it's a great time to buy.

Until next time,

Lisa Thompson, Realtor
843-270-2221
Lisa@LisaThompsonrRealtor.net
http://www.realestatefromlisa.com/