My New Blog

    As a REALTOR, many friends ask me how the real estate market is doing.  I answer, if you are shopping for a home and don't have anything to sell then you can get a deal.  The bottom is here in Lexington SC and buyers are taking advantage.  In Prescott Glen,  there are currently 13 homes on the market with an average days on the market ( DOM ) of 115 days.  Not bad but the range is from 6 to 406 days.  So some have sat there for more than a year.  The well priced home should sell between 4 to 5 months or sooner in this market.  Three homes closed in the last month which is good but at a great discount, a $15,000 to $29,000 reduction from the original list price. Ouch. The avg listed $/sqft $89 and the avg SOLD $/sqft $84.  That is 5.6% discounted from the list price.  During a normal market, 2-3% off the list price was acceptable.   I don't know specifics of  any these closings but from experience, in addition to these major price reductions, the sellers had to change carpet, repaint the entire home, or other concessions. 

Take Away - Real estate is GREAT if you are a buyer but challenging for a seller.  If you need to sell your home during this time,  you need to set up realistic expectations for yourself on the final sales price and the length of time it will take to sell  your home. Your ally right now is time.  This is a great time to build up the features of your home with small upgrades that you can appreciate before you sell.  Use this time to clean out the garage, repaint some rooms, etc.  You get the idea. The real estate market is dynamic and unique in every area and neighborhood so consult a local REALTOR® when you plan on selling your home to get the full picture.