Current Market Time For All Homes For Sale In Tallahassee, FL
The primary purpose of this blog is to communicate information about the market of homes for sale in Tallahassee, FL.
Of course, we also provide a lot of information, stories, anecdotes, and advice on all aspects of buying or selling a home, but the primary focus is on the homes that comprise the Tallahassee real estate market.
This means that we produce a regular stream of information about the most popular neighborhoods and subdivisions in Florida's Capital City, and we also provide the most insightful analysis of what this means for people who are looking to sell a home or buy a home in the Tallahassee real estate market.
During the course of generating and reviewing all of this data, we often find discover an interesting and/or enlightening trend that is occurring that we feel compelled to share. Today's article was produced exactly this way, because we created an interesting view of the market that could provide enormous insight to people who want to sell a home in 2015.
Market Time Of All Homes For Sale In Tallahassee, FL
We have written about the topic of market time in real estate often in the past, and we know it is a statistic that is often abused and mis-reported by ignorant "real estate professionals" who do not understand why it cannot be accurately measured.
But there is a way that we can use a measurement of how long properties appear to have been listed for sale as a way to spotlight why so many home sellers are not doing what it takes to get their homes sold. By way of example, look at the following real estate graph:
This is a compilation of all current listings of homes on the market in Tallahassee, shown by the date their current listing company put them in the Tallahassee MLS. For those who truly understand how many times a property might be listed by multiple companies, I will advise that this does not consider their previous attempts to sell with other companies. But if they have stayed through multiple listing periods with the same company, they are included in this report.
So over the almost 2000 homes for sale in Tallahassee, FL, the majority hit the market in the last 18 months. But some of these have been on the market for more than five years!
Currently, we are seeing about 300 homes selling each month in the Tallahassee real estate market, and the median market time is less than 60 days, so obviously something does not make sense. Look at how many of the homes have been on the market for more than 60 days!
If the median time on the market is less than two months, home sellers who have been on the market longer than that are doing something wrong. Moreover, there have been more than a month's worth of homes listed for sale in the past month, so this means it is likely that all of the old listings are not going to sell with their current real estate company.
If you find yourself "on the market" for more than 60 days, you need to make a change. Either your home is overpriced, or your real estate marketing plan is not reaching the people who are likely to buy it at its current price.
So what do you do?
Advice For Home Sellers Who's House Has Not Sold
Either the right people know about your home and they don't want it, or the right people do not know about your home. Right?
We advise that it only takes 4 to 14 days to expose your home to 95% of the people who are most likely to want to buy it, so how is it you have been on the market for more than 60 days and you are not demanding to know what is going on?
Here is what I would recommend you do, in this order:
- Demand an immediate meeting with the broker of the real estate company which you hired to sell your home.
- Request that broker demonstrate to you the methods the real estate company has undertaken in order to get your home exposed to the "ready buyers" for your home.
- If you feel the real estate company has not done its job, either give them more time with explicit guidance on your expectations, or fire them. I suspect the latter would be a better choice than the former in most situations.
- If you feel the real estate company has done its job marketing your home, then you need to request a new market analysis to determine the real value of the home. Once you get this market valuation, decide whether or not you are wanting to move badly enough to lower your price. If you are, lower your price. If you are not, then take your home off the market and do not attempt to move until you can sell your home for the amount of money that satisfies your goals.
There are so many home sellers right now that are doing something wrong, and the probability of them selling their homes is very low. If you are in this group, do something about it today! Contact the broker of the real estate company which you hired and demand that your home be sold right away. The market is strong and your home should be sold.