A Hidden Opportunity to Sell Your Home

I’ve never experienced a real estate market like this since I’ve been selling real estate. Some might say it’s because I only have seven years in the business, but other realtors, some who have been in the business much, much longer, say the same thing. What’s so unusual? It’s the low number of listings on the market.  Now I’m not going to look at the last 20 years to prove my point, I’ll take my colleagues word on that, but let’s just look at the month of January from 2006 -08.

Source: NLAR MLS Statistic Report by Entry Date (January 2008)

What does it all mean

Listings are down 32% from a year ago. I think that’s because people see a chance to sell their homes for much more money once the oil industry moves back to town, so they’re hanging on. When big oil comes to town real estate prices soar, this time around home owners want to take full advantage of the opportunity.

Look at the total number of sales; they’re up 53% from last January, and the industry isn’t here yet, at least not in any big way. So there’s a LOT of buyers out there thinking the same thing, prices are only going to go up, and they want to get ahead of the market. Smart!

The NLAR report shows that the total sales volume is up 74%. That’s to be expected since the total number of sales was way up. A little math shows you that housing prices went up approximately 12% in January 2008 when compared to January 2007.

Hidden opportunity for sellers

I find this new situation interesting. We’ve not seen this before, savvy homeowners who’ve experienced one housing boon due to oil activity, deciding to hold out for the big bucks.

They’ve created a large hole in the market that a really savvy homeowner can use to their advantage. Inventory is historically low, and there’s a backlog of buyers out there who want a home now! If you have to sell in the next six months, this could be your best opportunity to sell quickly for top dollar.

Call or email if you would like to take advantage of this unusual market to sell your home now. I'm also available to answer any questions you may have about St. John's Real Estate.

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