One of the biggest concerns for homeowners looking to sell is that they won’t be able to receive asking price, what they believe is a fair estimate of their home’s value. If you’re one such homeowner, the results of a recent HousingPulse Tracking Survey may be something to smile about. The survey, which was based off home sales in June, found that the average sale-to-list ratio was at 98.5 percent—the highest it has been in five years.
So what is a sale-to-list ratio, anyway… and what does it mean for homeowners today?
A sale-to-list ratio is a measure of how close homes are selling to their last listed price, expressed as a percentage. For example, if a home was listed for $100,000 and sold for $98,500, it would reflect the ratio of 98.5%. It’s important to note that this new ratio is for nondistressed properties only—foreclosures and otherwise unkempt homes will often have a lower ratio.
Now, such a high sale-to-list ratio is obviously good news for homeowners looking to get a fair price for their home. But this recent survey also shows us some added insight into the market, revealing that…
There is a greater demand for homes.
Less homes are on the market right now, which is why the ones that are for sale are going for amounts closer to the asking price—there’s not a lot on the market, so buyers are more likely to choose a home and pay what the owner is asking.
Homes are spending less time on the market.
Because potential home buyers are shopping around less, they are likely to buy the property they want in less time. In fact, the average time nondistressed homes spent on the market was 8.5 weeks—a welcome change for those who have struggled in the past to sell their home quickly!
It’s a good time to sell.
The factors above combined make now a good time to sell your Central Florida home, especially if you’ve been waiting for the best possible moment. The short time on market coupled with a greater demand for homes makes it much more likely that your home will sell at a price that’s fair for both you and the seller.
One of the best effects of the current market is that neither the seller nor the buyer has to deal with unnecessary roadblocks or a back and forth period of negotiations. When your home is priced based on a fair estimate of its market value (which it should be—today’s shopper is too savvy to go for unreasonably high prices, even if competition is low), it can fetch your asking price much quicker.
Do you have questions about buying or selling, or perhaps need advice on how to get your home sold for the best price possible? Please don’t hesitate to give me a call at 352-729-5597. I can help you at every step of the way, whether you’re looking for a home or trying to sell your current one.