So, you want to sell your home?
Has area 63 in Gwinnett County moved into a Buyers market? If so how does this effect you as a seller? Let's walk through the data as we explain.
From this chart we can see the amount of new listings that came on the market and the amount pending (under contract) week by week. The week of May 22nd had 80 new listings with 45 going under contract. In the week of June 18th, there were 63 new listings with 32 of those going under contract. Starting in July the gap between new listings and pendings starts getting wider. The week of July 2nd, 64 homes came on the market with 19 homes going under contract. Week of July 9th, 67 homes came on the market with 15 going under contract. Then last week July 16th, 52 homes came on the market with 4 going under contract.
What does this mean? This data shows a slow down of buyers competing for homes. With less buyers competing and more inventory, buyers can now be pickier and sellers are having to reduce their pricing in order to stay competitive. This creates a buyers market.
It's important to price ahead of the buyer's market. If you as the seller find yourself in a market with falling home values, you can end up chasing the market down, because home values are always falling faster than their price reductions. Make sure to price competitively, the first 30 days are critical. A property generates the most interest when it first hits the market. The number of showings is greatest during this time if it is priced at a realistic market value. Starting too high and dropping the price later misses the excitement and fails to generate strong activity. Many homes that start high end up selling below market value.
So, you want to sell your home? Get your Free Market Analysis that will place you ahead competitively!
Not sure yet, interview us and we will show you our process in getting your home sold. Check out our experience map of homes sold and set up a time to interview us Here