Market Update For Our Sellers

Karen & Todd send our sellers an update on market conditions every two weeks. Here is an excerpt of that e-mail.

This past weekend was busy here at Buckley Jolley and the trend has continued early this week. This is a bit of good news for our seller clients. The activity level is increasing up which is translating into more sales in the county.

The February sales statistics were just released and the number of sales was up 19% from February of ’07. We are cautiously optimistic about this news. I have attached this document for your review. As you see, the other side of the news is that the average sale price in the county is down from $212,900 in ’07 to 198,056 this year. This does not come as a surprise to us as we found price lags behind sales quite a bit. We are certainly not out of the woods yet.

Looking closer at the stats we see the foreclosure closings and short sales are a HUGE percentage of those increased sales. It looks as if foreclosures are continuing down the pipeline also. Last Friday alone, there were 26 foreclosure notices in the Press & Argus. If those owners are not able to catch-up on their payments, those properties will be bank owned in about 7 months and will be hitting the market shortly after that. To help reduce the number of foreclosures in our area, we have started a new division of our company. You can read all about that thru the following link:

http://www.livingstonliving.com/2008/03/buckley-jolley-real-estate-team.html

What to expect in the weeks to come? When the snow melts, more buyers start looking for homes. Also, more homes come on the market. So there are more people looking at your home and there is also more competition for your home.