What's our market?

The housing market is changing. We're all hearing and reading about it and if you're buying or selling a home you're seeing it firsthand. At our sales meeting yesterday we talked about the changing market and what it all means. Here are some points:

• People are looking for value. They don't want to buy something they don't think is worth the price. If you have a house to sell, unless it is totally renovated and has some bells and whistles, if it's priced too high, it won't sell. I've seen that a lot. Renovations will be done poorly and the house will be priced high and sellers will expect to get top dollar. People know the difference between a good renovation and one that's just slapped together. If they don't think it's worth it, they won't buy it.
• Our current market has about three weeks worth of inventory.
• If you compare the number of active listings and the number of pending sales, if there are more pending than active, then we have a strong sellers market. If we have more active than pending, then we have a strong buyers market. From all indications, we are in a buyers market right now.
• If you live in Northern Virginia and you have a house to sell, it may sit longer than usual.

If you're getting ready to sell your home, think about what a buyer will want. Realtor Magazine has a list of renovation tips:

Tips for Selling a House That Won't Sell(January 24, 2006) -- Young buyers like a pretty house, so when a house won't sell, Mark Nash, author of 1001 Tips for Buying and Selling a Home, urges home sellers to make these simple cosmetic updates.
Expose hardwood floors and buff them until they shine. Nash, who sells homes in the Chicago area, says an increasing number of younger buyers dislike homes with wall-to-wall carpeting. ''It's amazing how often I hear from young clients who won't even look at a place unless it has hardwood floors,'' he says.
Remove antiquated furnishings. Many young buyers have eclectic tastes. Get rid of matched sets of look-alike furniture from the 70s and 80s then rearrange what's left to make the house feel more contemporary.
Take down your old draperies and light fixtures, including old-style track lightings. Nash says outdated lighting and heavy, elaborate draperies (the kind with swags and valances) are a turn-off to young buyers.
Remove wallpaper. Young buyers are unwilling to purchase any home that needs wallpaper removal it's just too daunting.
Repaint your walls. Nash encourages home sellers to stick with neutrals or calm earth tones, like a light sage green. Using bold tones can be very tricky, he cautions. "I call these commitment colors. Chances are good that your buyers won't like them as much as you do,'' he says.

Lots of stuff to take in and get a handle on I know. If you have a house to sell or you're thinking about buying, please give me a call or send me an e-mail. I can help you navigate the housing maze. Take care and make the most of your day. Remember you can rest when you die.