Thankfully the Rochester area hasn’t seen a major decline in the market like other areas of the country. The market here has shifted enough to make sellers a little more nervous. The inventory is up and prices have come down slightly. But don’t worry, homes are still selling! According to MLS statistics of the first half of the year there were 1,091 listings that closed with an average sale price of $194,890 and an average days on market of 115 days. For the same time period in 2006, the number closed was 1,155 with an average sale price of $196,941 and an average days on market of 113 days. Not a huge change from last year. The average days on market can also be a little deceiving. There are many homes in the area that are selling under 60 days or even under 30 days. The main difference between those houses and the ones that are on the market for over 120 days is condition and price. The houses that are selling in this slower market are the ones that are in the best shape and are priced aggressively. Staging a home to show it in the best possible light has never been more important than it is now. One of the problems with being able to price a home to sell is that many people want to price it based on what they “feel” it is worth or what they “need” to get out of the sale. The problem with that is ultimately buyers control prices. A buyer doesn’t have as much of the emotional attachment to the home and bases the purchase price off of comparable homes, not what the seller “feels” the home is worth. Buyers also are not willing to pay an inflated price because the seller “needs” to sell for a certain price. If you are thinking about selling your home give us a call or send us an email and we can talk in greater detail about your specific situation. 

What a lot of people don’t realize is that now is a great time to move up to a larger home, since it is a GREAT time to buy.