The 2015 spring market is upon us. In Folsom & EL Dorado Hills combined we saw 202 homes listed in the month of February. This is the time to remind ourselves that they call it a ‘market’ for a reason.
These first sellers of the year usually have a solid plan. They decided to list and get ahead of the market. They prepared their home and put their best foot forward. The reviewed the comps, they planned their strategy, they decided it was time …… and then a funny thing happened…
In a moment, the landscape changed. Competitors pop up and buyers are presented with more choice. You see inventory builds in the spring because ‘new listings’ far surpass ‘sales’ and each month their is a net gain to inventory.
The challenge for sellers as well as their agents is to REACT. You see, we all agonize over choosing the right listing price. Who doesn’t try to make the best decision with the information available. Having a great plan is essential, but reacting to ‘the market’ is just as important to a successful sale. When agents and sellers communicate, and react to the change in competition, they have a much higher chance for success.
And for those un-willing to re-evaluate based on new information?
For the 15 month period above for Folsom & El Dorado Hills;
Total ‘New Listings’ 2,896 | Total ‘Sold’ 1,944 | 33% of the homes DID NOT sell.