I know you are probably scratching your head and thinking, “What in the world is Susan talking about now?”. Well, let me explain:
If we looked at the housing market to see how many houses are currently for sale in the Augusta Area and treated it like a product on the shelf of our favorite store, the Absorption Rate would tell us how many months our current supply would last! Let’s say we have 120 perfect widgets and they are beautiful but they are a little pricey and we only sell 10 a month. Guess what? That means we have a 12 month supply! Okay, so now you are thinking, “Just how does this apply to Augusta and selling my home?
“Here it is! Currently we have 4,382 residential properties for sale in the Greater Augusta Area. Wow! Over the last 12 months, (and I ran my report from March 15 to March 15), 4,256 homes or residential properties sold. I am thinking this is fabulous! Wrong!!! After doing some math, based on that current data we have an 11.6 Month supply of houses! This is based on the current amount of houses for sale, and can change depending on homes sold, taken off the market or new homes added to the current inventory!
So, what does this mean for you exactly. It means we are still in a Buyer’s Market. You as the home seller must present the Best Product for the Best Price. You must price your home and you must determine how much time you have to sale. I’m not saying give your home away, but keep the BIG picture in mind. Don’t price your home to high at the start so you can sell it and move to your new home. With a little staging and having the right Realtor helping you understand the market, your home will sell in less than 11 months.