Here are the MLS STATISTICS for the last 24 hours (as of 9:05 p.m.) This chart speaks for itself but if you want to review a post in which I explain the numbers go here.
If you're reading my post on stats for the first time then the most important thing you need to know is that these statistics show a market that is totally out of balance in favor of the buyers. For example: in a balanced market the ratio of price increases to price reductions would be close to equal.
For every 1 home that went pending or contingent 4 homes came on the market.
Many of the sellers who are making price reductions have already had their homes on the market for 99 to 120+ days.
If you need to sell a home it has to be priced right. Homes that overpriced from the beginning become market-worn and stale. Buyers ask how long a property has been on the market and the longer the property has been on the market the greater their incentive to make a ridiculously low offer. Dated listings are stigmatized and become more difficult to sell as time wears on.
Bottom line, this is no time to be "testing the market". If you need to sell or want to sell in this market, which has a huge inventory of unsold homes and stale listings, start right by pricing right.
Call me today: 559-301-1647
I will provide you with a free Comparative Market Analysis and help you with a marketing plan to GET YOUR HOME SOLD.
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