June 15, 2009
Selling Your Home in Today’s Real Estate Market

If you’re considering selling your home, what do current market conditions mean to you?

The Advocate and the Daily Report have accurately reported that the number of homes sold in East Baton Rouge Parish is down significantly. In May of 2007 there were 605 homes sold in the Parish. In May of 2008 there were 487 sales. This May there were 360 sales. That’s a decrease of 40% compared to 2 years ago and a decrease of 26% compared to last year.

All things considered, home prices have held up well. In May of 2007, 2008, and 2009 the median price of a sold home was $158,000, $175,000, and $174,000 respectively. But, there is a lot going on behind the scenes. Some further investigation confirms my daily experience.

Homes that are accurately valued at $220,000 or less and professionally marketed are continuing to experience strong sales. The good news is that’s over 50% of the homes in East Baton Rouge Parish! As the home’s value rises, the length of time it takes to sell also increases. And, once you reach $400,000 it is slow going. (Please note: in some higher price ranges there have been no sales. The number of months supply is not meaningful and therefore is not reported.)

Because of the supply, it is reasonable to expect price reductions on higher priced homes. I see this happening with greater frequency and believe that there are real opportunities for buyers in today’s market. Even if your home sells for less than you would like, if you plan on trading up you stand to gain by greater savings when you buy your next home.

So, what do you do if you want to sell your home? Call a Realtor. You need in-depth knowledge and understanding of today’s market to sell your home for its highest value in a reasonable length of time. Next, be really honest with yourself. The same factors that have always influenced home sales – price, condition, and location – continue to apply. Go see the other homes in your neighborhood that are available for sale. Drive by the ones that have sold recently and ask yourself, “how does mine compare?” Talk to a Realtor about the types of improvements that would be helpful in selling your home and do those things you can reasonably afford to do. Price your home realistically and execute a professional, well thought out marketing plan.

I hope you find these insights helpful. If you are considering selling your home, please give me a call. I would be happy to meet with you and develop a strategy to help you reach your goals.