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An important statistic that any good Fraser Valley Realtor should be considering, and making you aware of, is sales to active listings ratio.
This key statistic defines the type of market prevalent in an area. A real estate market is considered to be a seller’s market when this ratio is 22% or higher. A balanced market is between 22% and 18%. Anything lower than 18% and it is a buyer’s market.
For January of 2008, only 13% of properties available in the Fraser Valley sold and that number is dropping as the listings increase. This makes the Fraser Valley real estate market in it’s current state a buyer’s market. It sure didn’t take long for things to change and it is going to take a lot of demand to burn off this built up supply.
The other key statistic that your Realtor must consider and divulge is “Days on Market”. Simply, this means that any property that sold, sold in “X” number of days. For February 2008, the average “Days on Market” for the Fraser Valley real estate region is 59.
These number are general and may or may not apply to your specific situation. So what should you do as a seller to increase the odds of selling your property?
The best thing you can do to increase the chances of selling your property quickly is to price your property smartly. Your property should be priced to attract most qualified buyers and be able to stick in their minds.
You should also hire a Realtor that really understands your market. Your Realtor should be able to present the market data to you and describe clearly what kind of market is prevalent.
With only 13 out of 100 properties selling within 60 days, you also need a Realtor who is an effective marketer. With 80% of home searches starting out on the Internet, is your Realtor capable of marketing your property to this large number of potential buyers?
If you would like to know more about selling in a buyer’s market, send me a message or give me a call at 604-767-4841.
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