Home Sales Failure Trend Still Falling March 6, 2010
Posted by Joe Manausa on Saturday, March 6, 2010 at 12:27:34 PM By Joe Manausa / March 6, 2010 2 Comments
Home Sales Failures is an important trend that we monitor at the Tallahassee Real Estate Blog, and is the percentage of homes for sale that "fail to sell." This would include all home listings that expired, canceled, or withdrew from the market without a successful home sale. The movement of this trend gives us an idea of whether it is getting easier or harder to sell a home in Tallahassee.
As we can see in the real estate graph above, the home sales failure rate continues to decline. Unfortunately, the current reading is still at 76%, meaning we can conclude that roughly 76% of the homes that came on the market over the past 365 days failed to sell.
Great Tallahassee Real Estate ResourcesDo you want to know more about the Tallahassee real estate market? It is not as hard as you might think keeping up with the movements in the housing market, you just have to know where to look. The following are some of the best resources that you can find on Tallahassee real estate:
- Daily Real Estate Blog (A Technorati Top 100): Tallahassee Real Estate Blog
- Current Housing Reports: Housing Market Reports
- Map Based Property Search Tool: MLS Property Search
- Foreclosure Reports: Lis Pendens and Foreclosures
- List of Distressed Properties in the MLS: Distressed Properties
- REALTOR® news and updates: Successful REALTORS®
Is this due to sellers not being realistic with what the market is doing? Are realtors listing home prices higher than markets trends indicate just to get the listing? I feel that you must price aggresively today to bring in offers. That is if the seller REALLY needs to sell. Perhaps many of the homes listed do not even stand a chance with all of the substititions available to buyers today. The bottom line is that we wind up with too much inventory.
That's pretty insightful for a "rookie." Historically, weak REALTORs overpriced listings in order to "win" the business from the seller. Eventually, with appreciating prices, the market value would catch up with the asking price. But home values are dropping today and this poor tactic does not work.
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