Andrew Wetzel's Musings

June 15, 2019

Summer is Coming: What are your Real Estate Plans?

Everyone knows that Spring is the best time to sell Real Estate.  It came and went.  Were you planning to make a move this year?  Every year around June and October I see and hear the same thing again and again and recent history was no exception.  Many sellers take their homes off the market, apparently adjusting their plans:  some delaying them until Fall or next Spring, others perhaps giving up entirely.  That is obviously their choice but I always wonder why so many owners decide to remain in a house they were willing to leave.  Many of those properties remain off the market, unavailable to see and buy.  What is the cost of not selling or delaying your plans?  Let me offer a few thoughts.

Some owners think they cannot achieve their financial goal so they give up even if only temporarily.  Price is NOT always the issue when a house sits on the market unsold.  I have seen and helped many frustrated owners by simply adjusting the marketing.  I use the term “Google search” to demonstrate this point:  buyers and their agents must be able to find YOUR house in their search results.  Unfortunately many MLS listings are inaccurate or, frankly, so pathetic that people cannot identify all of the houses that match their needs.  Even worse, the listing agent may not realize what is really going on and ask for a price reduction when one is not needed.  How much does that cost?  How does that impact your plans?  Keep in mind that if the MLS is inaccurate, the Internet will likely be wrong as well.  Sellers should look at their MLS printout and search for their own house online!

Buyers are out looking every day of the year, even if only online.  While there is no guarantee that your house will sell if it is on the market, it will not sell if it is not.  If buyers and agents cannot find a house in their search results, they will not know it is available so they will be unable to schedule a showing and it will sit unsold.  Sellers who keep their houses on the market when others do not will increase their odds even though fewer buyers may be looking at any particular time of year.

I fully understand that selling Real Estate can be inconvenient even if a property is vacant.  Agents you do not know bring buyers they may not know (and who may not be qualified to buy) into your house and look at your stuff.  They come when they want, perhaps late, and impose on your lifestyle.  Showings are a must but we can do a better job managing them.  It gets worse if you have a lot of activity with no offers or low offers but showings are a vital part of the selling process.

The two busiest selling times are Spring and Fall.  Of course the reasons people buy their first or next home are varied but these are the best times in terms of inventory level so frustrated sellers often take their homes off the market until the next “best” time comes which is also when they will have the most competition.  Why not start now?

When June arrives many of us assume the market will stop so they think about vacation and wanting to enjoy time with their families.  Many sellers do not want to deal with showings during these months which is a shame because a house can sell any day of the year!

Whether you are thinking about selling for the first time or if you have taken take time off, I encourage not to wait too long to resume the process.  The earlier you start the better.  My suggestion, if you have not already committed to an agent, is to call me so we can discuss the market, your house and your plans.  I will give you honest advice with no obligation.  If you plan to buy another home I can also provide information about areas and houses that may interest you.  All I suggest, respectfully, is that you make a decision that works for you.  I can help you now or in the future, whichever works for you!

HIRE WISELY:  There is no time for inexperience, empty promises or false expectations! 

We are not all the same!

Bright MLS May 2019 Housing Report

Bright MLS has released their Housing Report for single family homes in Delaware County PA covering year-to-date statistics through May 2019.  If you would like more information about this or any other County in the Delaware Valley, please contact me or visit AndrewWetzel.com.

As with all Real Estate statistics, two things are true.  First, individual zip-codes can vary significantly from the County.  Real Estate is local and results can vary from neighborhood to neighborhood and block to block.  There is no “national” Real Estate market so, if you are thinking about buying or selling, please contact me for details about your areas of interest. Deciding the right time to make a move is a personal decision involving a number of variables.  The Internet can provide information and data but I have the experience, training and education to provide knowledge and insight.  I can also provide current information and keep you informed about the evolving market.

Second, all Real Estate statistics involving sold data is stale.  A sale may be settled or closed today but the real question is when was the offer negotiated?  Sale typically take 45 to 60 days to close so the market may be different today.  Current information is important!

As far as the report, 2196 properties have been settled this year with a current average “selling price” of $282,000 and a “median” selling price, meaning that half of the sales were higher and half were lower, of $237,000 compared to 2384 settled last year at a then average price of $260,000 and a median price of $210,000.  Both prices have trended up while the number of settled properties is down 7.9%.  However, the number of pending properties is up 4.7%, suggesting that some buyers delayed making offers or settling them compared to last year.  Inventory levels are much lower than last year which affects demand and pricing.  Again, there is a wide range of results within the County.

Which number is more meaningful, median or average?  We can debate that but what really matters is how your property or one that interests you compares to those appraised and settled with similar location, features and condition.  Appraisers rely on nearby settled properties so average or median pricing loses some validity but may provide insight for both the short term and the long term.

What about the properties that did not sell?  Many came off the market and still remain unavailable.  Houses may get showings without generating offers unless buyers think they are priced within the range of their perceived “worth”.  While sellers set the asking price, buyers determine the value.  If a market has a lot of inventory, some buyers will not even consider houses priced high compared to the rest of the market.  Most property listings whose contracts are canceled or allowed to expire have asking prices considered high for their market and/ or they were poorly marketed, meaning that some buyers and their agents may not have known that they were “For Sale” because they were not in their search results.  While sellers may be open to negotiating their price, they may never get the chance if  buyers do not know their house is “For Sale”.  Of course there is more to this than time permits.  I will happy to discuss specifics with you.

The overall economy continues to do well with some adjustments here and there.  Are you or someone you know thinking about buying or selling?  There are always opportunities out there.  As with the stock market, it is very difficult to pick the best time to make a move.  All you can do is get the best information, determine what is in your best interests and then start the process.  I am a phone call or email away and getting started is easy.

HIRE WISELY:  There is no time for inexperience, empty promises or false expectations!

We are not all the same!

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