There are some homeowners that have been waiting for months to get a price they hoped for when they originally listed their house for sale. The only thing they might want to consider is… If it hasn’t sold yet, maybe it’s not priced properly.
After all, 14,767 houses sold yesterday, 14,767 will sell today and 14,767 will sell tomorrow.
14,767!
That is the average number of homes that sell each and every day in this country, according to the National Association of Realtors’ (NAR) latest Existing Home Sales Report. NAR reported that sales are at an annual rate of 5.39 million. Divide that number by 365 (days in a year) and we can see that, on average, over 14,767 homes sell every day.
The report from NAR also revealed that nationally, there is currently only a 4.7-month supply of inventory available for sale, (6-months inventory is considered ‘historically normal’). It’s even less here in San Diego!
This means that there are not enough homes available for sale to satisfy the buyers who are out in the market now in record numbers.
Bottom Line
We all want top dollar when we’re selling our homes. The problem is, the market and buyers have a voice in the price that we eventually sell at. Sometimes, we need to let the forces of supply and demand help us determine fair market value for our homes. In a low inventory market like we’re in now, if it hasn’t sold within a month or two, perhaps it’s time to dropping the asking price to a level that is more in line with the market.
