When I prepare a market analysis for a property, I also prepare an absorption rate report. This will tell the home owner what to expect if they price their home in different price ranges regarding days on the market, as well as, the price range that is most likely to sell. This report even shows the percentage of homes that have sold.
The last three properties I have listed the absorption rate was showing 15 out of 100 homes will sell in 180 days in their areas. This was reflective of the markets near downtown and on the southside of Des Moines. The 85 properties left on the market is what is driving the days on the market up.
This would explain why so many homes are sitting on the market and why the newer listings are selling faster since they are fresh to the public. The key is the price range for any seller. If you want your home to be in the percentage that sells quickly, then your home must show better and beat the price of the competition. This absorption rate does improve in other parts of the metro area. As one Realtor commented, each area will reflect differently in market time and price. It will be affected by the number of foreclosures or short sales that are in the neighborhood, as well as, the perceived popularity of the area. I hope this helps.
Realty Xperts LLC
4230 Fleur Drive, Ste 2
Des Moines, Iowa 50320
Serving Iowa since 1994, licensed to sell real estate in Iowa
The NCF program is defined by the specific neighborhood in which the house is located, the buyers credit score, owner occupied property for a minimum of 5 years, and a few other requirements. If you would like to know more details on the program you can call the NCF office directly at 515-246-0010. Or contact me for further information. This is an awesome program that offers great opportunities the Des Moines neighborhood and the Des Moines buyers.
Danielle Kelly, REALTORÂ®
CENTURY 21 Signature Real Estate
515-599-0221 Cell... more
I would say alot will depend on the state laws where you live, with that said an attorney consoltation would be highly recomended.
The key questions I saw were that you had to dig to find these isues, many electrical upgrades use the old original rires in the walls and attic also many states say home owners the occupy there home do not need permits to do repairs fdor their own homes only if a outside company is doing the work.
The sellers disclosure is to their knowledge so depending on how long they owned the home they may have never had a need to go into the attic to ever find what you have meaning that may have been their prior to them owning this home and simply have no knowledge of it
Good Luck and I would assume with the shocking issues the home inspector should have noticed something wrong with his tester for outlets I would ask what he noted thru out the home too... more