How's the market? I'm asked this question at least 6 times a week, and I can honestly say that I've yet to give the same answer twice. "How can that be', one might say. Well, it stems from a fact that most people already know, yet readily forget. That is, that all real estate is ultimately local. So when one hears that sales are down, or maybe that prices are slipping, the "gut" reaction may be to decide that it's not a good time to sell a home. An easy decision, right? Yet it may not necessarily be the right one. Market conditions are dictated by what's currently happening in your subdivision, in your neighborhood, even what's happening on your block! The macroeconomic, well-intentioned headlines you may read or hear do not necessarily apply to your situation.
For example, I had a homeowner say to me last week that they would put off selling their home because of the "glut" of homes on the market, as reported by our local newspaper. Through an in-depth analysis of the supply and demand trends in the neighborhood I was able to unequivocally demonstrate not only that homes in their area were selling at 94% of their asking prices, but also that they were selling considerably faster then the rest of the market. Needless to say, we brought the home to market and have had multiple showings since!
In short, when you ask a real estate agent "The $64000 question", take note of how the they answer. It'll give you some insight as to how they work...
