Gainesville Home Sales Trends and what they mean for the real estate consumer
Posted under: Market Conditions in Gainesville
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August 22, 2009 6:51 PM |
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Gainesville Home Sales Trends
Breaking down Gainesville MLS statistics, an analysis of Gainesville home sales from January through July for the past five years brings into stark focus the market's decline. So far this year 746 homes have sold in Gainesville, down from 867 in 2008.
In concert with the slide in the number of Gainesville homes sold, Gainesville home prices have declined as well. The median price of Gainesville homes sold in 2009 is $185,804, down from $212,100 last year.
"According
to housing industry analysts with the National Association of
Realtors(R) (NAR), sales of foreclosures and other distressed
properties continue to downwardly distort the median price because they
generally sell at a discount relative to traditional homes. The median
is the midpoint; half the homes sold for more, half for less," according to an August 21, 2009 article in Earth Times.
What this news means for buyers of Gainesville real estate:
Yippee for you! With high housing inventories and low mortgage rates, this is a GREAT time to buy Gainesville real estate!
First time homebuyers have the added benefit of the $8000 tax credit
(or 10% of home's purchase price, whichever is less). Free
money...what more could you ask for? Although there's been talk of a
tax credit for 2010 nothing has been decided. In order to be eligible
for the 2009 first-time homebuyer tax credit,
you have to close by November 30, 2009. Given that it takes an average
of 45-60 days to close, time is running out on this offer.
What this news means for sellers of Gainesville real estate:
- If you don't have to sell now, don't.
- If you are looking to sell your home in order to move up into a larger home, just keep in mind that the financial beating you are likely to take on the sale of your home will most likely be offset by the deal you will get on the home you plan to purchase.
- If you DO plan on selling in this market, here are a few things to keep in mind:
- Price it competitively from the get-go. With the glut of housing inventory for sale, the strategy of pricing your home "a little higher but we'll come down later if we have to" is a REALLY bad idea. The most traffic you will get on your home is when the listing first hits the MLS. If buyers think it is overpriced, they may not even visit your home. Since there are lots of homes on the market to choose from, buyers do not seem to have a problem deciding to move on to something else instead.
- CONDITION IS EVERYTHING. Get rid of clutter....books, magazines, personal photos, knick-knacks and the like should be packed away and put into storage. Avant-garde paint jobs should be neutralized....ditch those chartreuse and crimson walls in favor of muted natural shades. And those long-forgotten, halfway-finished "honey-do" projects around your home? Finish them before you list your home for sale.
- What you think your house is worth isn't nearly as important as what a ready, willing, and able buyer thinks it is worth. Don't be insulted by lowball offers....for the most part they just open the door to negotiations. Focus on your end goal....where do you want to be when the sale is complete? Then take a deep breath, hold that vision in your mind, and head back to the negotiating table. If you do not get what you want, but still end up getting what you need....that is considered a win for sellers in today's Gainesville real estate market.
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