It's amazing how many times I am on a competitive listing appointment in the Northville Real Estate market, or for that matter any Michigan Real Estate market, and I pull out the market stats for that area and the seller has never seen them before.  For whatever reason, most agents know nothing about their market statistics. 

My question is how can a sales professional properly price a property without knowing in which direction the market is heading?  How can you price a property in todays real estate market and not know the following statistics?  I feel it's my duty as a sales professional in the Northville Real Estate market to inform people as to what the statistics are so far this year.  The numbers don't lie...  Without the numbers, a seller cannot make an informed decision.

In October 2006--29 Homes SOLD in Northville, In 2006 Year To Date 298 Homes SOLD

In October 2007--25 Homes SOLD in Northville, In 2007 Year To Date 299 Homes SOLD

In 2006 Avg $/SF was $141/SF and Avg Sales Price was $435,805

In 2007 Avg $/SF was $129/SF and Avg Sales Price was $395,341

Currently there are 397 Homes for sale in Northville and approximately 7% of the inventory is selling each month.  What does all this mean?  From 2006 to 2007 we lost approximately $12/SF in Northville.  The exact dollar amount lost is different depending on the size of your home.  Obviously the bigger your home, the more you potentially lost.  We are averaging a loss of 1% a month in home values in Northville.

The moral of the story is if you have had your home on the market for a long time, you are losing money, month after month whether you adjust your price or not.  If your home isn't on the market and you're thinking about selling, time is NOT on your side.  By waiting until Spring you will have lost another 5%-7%.  If all Realtors used the same techniques we would all get the same results wouldn't we? 

Seven of my listings went under contract just in the month of October!  Call me today to see what I'm doing so different to get so many homes SOLD this year.  I have already helped 67 people get their home SOLD this year.  You can also visit my Northville real estate section of my website at www.markzproperties.com or call me at 248-675-6908

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