MARTIN'S REAL ESTATE BLOG
How the Wrong Pricing Strategy Can Cost You Thousands
As you’re probably aware, the list price you set for your property has an impact on how quickly it sells — and how much you earn on the sale. What you may not realize is just how significant an impact it has. Consider the following examples. Example 1: You price your property well above its current market value. As a result, many buyers don’t bother to see it because it’s outside of their price range. Those who do see it are confused by the high price tag, (and may even be suspicious.) They may wonder, “What’s going on?” In this scenario, the home will likely languish on the market for weeks or even months. You might even have to lower the price dramatically to reignite interest. Example 2: You price your property just a couple of percentage points lower than what is necessary to gain the interest of qualified buyers. That might not seem like much of a problem. How much can a couple of percentage points matter? Those points matter a lot. On a $400,000 property, pricing your home just 2% lower than necessary could cost you $8,000 on the sale. That’s a serious amount of money!
NEWS, JUNE 19TH, 2015:
Hi Everyone. Here's what's going on in Regina Real Estate right now. So far in June we ave sold 231 homes in the city, with an average list price of about $317,000 and average sale price of roughly $300,000 (both houses and condos.) Last year, in June we had sold 276 units all together, but keep in mind that today is only the 19th, so I'm confident we will catch up. Interestingly enough, though there's a lot of speculation that things are slowing down, even if we don't sell another house for the rest of June, we are only about 13% behind last year in sales. However, the major difference is in the amount of active listings. Where at this time last year we had roughly 1375 active listings, today we have 1637. That might be why some seller are feeling the pinch. There's just that much more competition. The condo market is still the most affected, as typically this time of year we have 200-300 condos listed, where this year we have nearly 500, not including builder inventory. That's a substantial difference. It will be interesting to see what happens during the summer months, as typically during July and August, the market tends to cool a bit. I'll keep you posted! Please like my Facebook page for more updates, and chances to win prizes (there's some cool draws coming up in July! Stay tuned!)
NEWS, JUNE 3RD, 2015:
Hi everybody! Here's a quick update on what's happening in the RE Market as of today: There are 1170 houses for sale in the city. 87 of those are conditionally sold. Average asking price is $357,952 and the average on-market time for these homes is 56 days. The condo market is a bit slower, with 453 units for sale, at an average price of $284,758 and average 69 days on the market. In May this year, we sold 233 homes and 45 condos, with average prices of $339,072 and $268,134 respectively. So far in 2015, we sold 933 homes, and 175 condos, with average prices of $329,635 and $272,413. That's a total of 1108 sales. At the same time last year, we were at 949 homes sold at an average sales price of $342,988, and 258 condos sold at an average of $282,234 (A grand total of 1207). Hope you're having a great week!
NEWS, MAY 21st, 2015:
Hi everyone. Here's a quick market update: currently there are 1169 homes and 456 condos for sale in Regina. So far in 2015 we have sold 821 single family homes for an average selling price of $330,583 and at an average list price of $341,945. That's roughly a 3.38% difference. By comparison, by this time last year, we had sold 859 homes, with an average list price of $341,043 and average sale price of $350,568. That's a difference of 2.75%. Average days on market so far this year are 40, while last year it was slightly lower at 37.
Condos: in the City we have sold 146 units year to date with 55 days on the market. The average list price was $279,686 and the average sale price was $270,788. That's about 3.23% less than asking price. In 2014 we had sold 236 condos by this time, and the average list price was $286,042, and average sale price was $278,847. That's only 2.54% off the asking price. Average days on the market were also lower at 45. So if you put all that together, then prices in the city have slipped by about 4.5% in the last 12 months, while the units sold have dropped by about 12%. Hope you're having a great short week! Cheers!
NEWS, APRIL 21ST, 2015