WHAT ABOUT THOSE COMMUNITY COUNCILS?
Lately, I've been going to community council meetings in Ventura. I go to network with folks for my real estate business. The benefit I received by going was acquiring first hand knowledge of the effect of truck traffic on the Ventura Freeway and Simi Freeway caused by the widening of the port at Port Hueneme, the need for an additional transportation tax in Ventura County, and how several people are joined as a community at Bell Arts Factory shaping the future of areas around the Avenue. All of the citizens that were present were caring individuals that volunteer their time to make improvements in their section of the world.
Have you ever thought you had a point to make, but, weren't too enthusiastic about going to City Council to express yourself. Do you want first hand information from city, state and county officials about events that are going to affect your neighborhood and be heard when you input your concerns? I'm encouraging you to consider getting together with your neighbors to create Neighborhood Councils. Contact me if you need more information and I would be glad to direct you to the right group for information on how to organize.
WHAT’S THE IMPORTANCE?
What is the importance of Days on Market of properties that just sold and how does it relate to positioning and pricing of your home? There are a few things to look at while estimating the price of your real estate property; including location, condition, market economics, recent activity and days on market.
It is important to know how long your property is likely to be on the market. Days on Market of previously sold homes are strong indicators of your selling success. This indicator helps to paint a clear picture of what today’s buyers are willing to pay for a home like yours in a typical market.
TO CALCULATE DAYS ON THE MARKET
To determine the average days on market, we take the most recent sold listings, add together the days on market (before each listing went pending) and divide that total by the number of listings. In extraordinary circumstances, properties that have been on the market for more than 6 months are tossed out of this particular equation to get a more accurate indicator of success.
WHAT IS THE COMPARISON?
Which is more important? Is it the average days on market or the number of days on market of each listing? If the average days on market was 16 days and you’re a seller whose home has been on the market for 17 days, you will have fallen into the lower 50% of homes that sold over the previous month. This is an indication of either the need for a price change or a different strategy.
HOW BUYERS LOOK AT DAYS ON THE MARKET
When buyers see extensive days on market, they figure the seller is desperate to sell because the home is still on the market or they believe there might be something wrong with the home that caused other buyers to pass it up. Both of those assumptions, however, can be wrong.
HOMES CAN LINGER ON THE MARKET FOR THE FOLLOWING REASONS
• Overpricing (the most common reason)
• Little seller motivation
• Unavailable to show due to property condition or tenants or
Finally, it is important to examine if your home has unusual characteristics, or is in a higher price bracket. It could mean there’s no one qualified to buy it. If your home is in these categories, you may be in for a longer wait.
Remember that every neighborhood is unique. Days on market are considered an important indicator for price positioning.
To find out more about how Days on Market has an affect on the value of your property, please call Pat at (805) 451-3977.