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 Hi, this is Steve Westmark of Counselor Realty.  Thanks so much for watching my video blog this week.  This week, I want to talk a little bit about metrics and what metrics has to do with the sale of your property.  We receive reports, and of course when we go to do an analysis on your own specific home, we get down to very specific metrics for your own neighborhood.  But I want to show you some of the charts that we receive that shows what’s going on in the different price ranges.

So the first one is showing you the metrics of what’s going on in pending sales.  For instance, in the pending sales, you’ll see here that under the $120,000 price range there’s been a 43% increase in that area.  In the $120,000 to $150,000 range, a 17%.  But if you go up to the $1 million price range, there’s only been about a 4.5% increase.  And you need to know those types of things when you’re looking at positioning your property in the market.  

Where are the sales happening and where do you see more of the properties going off the market?  The next metric I want to show you is where we look at supply of the inventory that’s out there.  Interesting, before I was showing you how there was this huge increase in the sales that had happened under $120,000.  But you’ll note now that instead of there being a year ago 7.7 months’ supply, there is now only a 3.2 months’ supply.

That kind of means that in three months, if no more houses came on the market under $120,000, we’d be out of inventory.  To the other side of the metrics, it shows that at a $1 million houses or more a year ago, we had a 22-month supply, and yes, it’s dropped slightly.  But we’re still at a 19-month supply, which is almost two years.  That’s another metrics thing that we look at, and we get very specific to your marketplace when we’re looking and doing an analysis for you.

The next metric that I want to talk to you about is a metric of looking at traditional sales versus bank owned versus short sales.  Many, many months ago or years past, for the last three years, about 40% of sales were traditional sales and then the other mixes were the bank owned and traditional sale.  You will now see from this that we have moved up to, in the traditional sale area, 50% of the sales that are happening are in the traditional market versus you’ll see quite a drop in the lender owned from 45% to 36% and the short sales remaining right about 12%.

The last metric I want to show you is a great and positive thing that’s going on in the market.  That even though the inventory of homes that are dropping, the thing that we’re looking specifically to is when are the bank owned going to be less and less in our marketplace?  And you can see back in March of 2010 we had 4,000 properties for sale that were lender owned.  In 2011, we had 4,600.  And right now, we have 2,500.  That’s a 45% decline in lender-owned properties on the market.

This will help our traditional sellers going into this year and future years as we continue to see the metrics change in the foreclosed area of properties.  Thanks so much for watching this week.  Make it a great day.  Bye!

 

 

 

Pricing Your Home to Sell by David Knox!

by Steve Westmark

Click here to watch video on Pricing Your Home to Sell!

STEVE:  I’m bringing David Knox in, a very well-known consumer video person, who is on my website in fact.  And today, we’re going to talk about one of the videos that he does for me and it’s called “Pricing Your Home to Sell.”  David, what are the reasons why people should watch this video?

DAVID:  Right now, the market has gone through significant changes, as I think everyone knows, and it’s become very price sensitive.  So this video will address those critical issues and it’ll show you the silver lining of buying up in this down market.

STEVE:  Thanks so much for watching this video blog today and be sure to go to my website and watch this video.  It’ll be great; you’ll enjoy it.

 

Preparing Your House to Sell by David Knox!

by Steve Westmark

Click here to go directly to Steve's Consumer Video Library

 

Hi, this is Steve Westmark, Counselor Realty.  Thanks so much for watching my video blog today.  I brought David Knox in today to talk about his consumer video on preparing your home to sell.  David, why should a person watch this video and learn how to prepare their home?

DAVID:  Well, in the markets that we’ve been facing lately, inventories vary.  But there’s one critical thing that a homeowner can do to stand out from the rest.  And that is to improve the condition of the property.  It’s the one thing you as the homeowner controls.  And this video will show you how to appeal to sights, sound, taste, touch, and smell to make your home stand out.

STEVE:  Well, thanks David for coming in today and I appreciate it.  And be sure you go to my website and watch this great video on how to prepare your home for sale.  You know it’s a price war and a beauty contest.  Make sure you make yours a beauty.

 

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Photo of The Steve Westmark Team Real Estate
The Steve Westmark Team
RE/MAX Advantage Plus
14451 Highway 7 Suite 100
Minnetonka MN 55345
612-978-7777
877-SOLDING
Fax: 952-241-1600