The Quad Cities Market Update July 2021
What happens at a house showing? This important question has historically been eclipsed by others like, “How much should we list for?” and “How long will it take to sell?” However, COVID-19 has home many sellers considering showings from a different perspective, with extra attention paid to safety, convenience and current best-practices (think technology). Here’s what home sellers can expect when they’re showing their home, and how they can maximize this opportunity to yield higher offers and quicker sale.
https://blog.remax.ca/what-happens-at-a-house-showing/
There were 923 sales in The Quad Cities (KW, Cambridge & Guelph) for June, down 30% from May. The average time on market increased slightly to 14 days. The average sale price decreased slightly to $734,000. Happy sellers continued to receive on average 112% of their asking price which means that many homes still attracted multiple offers and sold over asking price. Going forward into July, there are 440 active listings which represents about 2 weeks worth of housing inventory.
Why are there so many price increases lately and what does it mean? As a result of the slightly cooling market, I’m not only seeing price reductions on properties that haven’t sold, as you might expect, but also price increases. Price increases are indicative of a change in strategy by the sellers. They likely listed their home for less than they were willing to accept, hoping for multiple offers and a selling price of well over asking price. When they don’t receive an offer that they’re satisfied with or any offers atall perhaps, they switch gears and price their home in the range that they’ll accept. The only problem with this logic is how can you expect to attract an offer at the new higher price when it didn’t sell at the lower price? In all honesty, it’s a desperate move that has little chance of success. Better to price your home right from the start and stick with a sound selling strategy.
Even though I make reference to the “slightly cooling market” several times, please remember that we are still in a seller’s market that should continue to cool sightly month by month for the remainder of the year.
Are you thinking of making a move in 2021? Put RE/MAX, real estate’s premier brand and my 20+ years of experience to work for you! Call/text/email/DM me and let’s get started with a free home evaluation and custom marketing plan!
Dean Manton Broker
RE/MAX Real Estate Centre Inc
519-716-4663
reasonstohiredean.com
#experiencecounts #20plusyears
