Marty Millner
Selling a house for more than $1,000,000? Facts you need to know for selling in Upper Makefield.
Selling In Tough Times
I don’t think that there is anyone, who does not know that the real estate market is challenging for sellers, right now. The question for anyone selling a home in Upper Makefield , is whether you are aware of how tough it really is?
As of the end of December, there were 134 single family houses on the market in Upper Makefield. This compares with 138 at the end of November, and 128 at the end of December, 2007 .
Further, there were 100 homes that sold in 2007, and they sold at 93% of the asking price. In 2008, 71 homes sold, and they sold at 91% of the asking price.
Basically, that means that inventory was up from 2007, and unit sales are off. All of this translates to a 22.6 month supply of homes in inventory, compared with 15.4 months, at the end of last year. All of these statistics, are fairly typical of the local market, in general.
Times Are Tougher For 1 Million Plus Homes
Here is where it really gets tough.
In the over 1 million market, of which there are many in Upper Makefield, the statistics are much worse. Currently 63% of the houses on the market in Upper Makefield, are priced over a million. In that specific market segment, sales are even slower. At the current rate at which upper end houses are selling, it would take more than 7 years for the inventory of those houes to sell.
That is pretty sobering, if you are trying to sell a house that is on the market for more than a million.
The Solution
How do you sell, given those forebodding odds? I will go into much greater detail, in a future post, but basically it requires extremely aggresive pricing, and comprehensive marketing.
Sellers need to be sure that their house is priced correctly, shows as well as possible, and is exposed to the market in every way possible way.
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