"They're Baaack" and this time we are all a little more humble. Maybe the fear has subsided and caution is embedded in the minds of home buyers and sellers. Rural Dane County West has at least eight Multiple Listing Recorded recorded sales in the first 60 days of 2011. Possibly enough to show a trend which will influence the heart of our real estate season: the spring.
I looked at the sales of homes priced above $299,900 on at least 1/2 acre. As expected, owners made short work of the selling process once they adjusted their price to a price close enough to reach the holding tight buyers. An average first asking price of $507,925 dropped to $461,038 and then the buyers moved in, closing at an average sale price of $428,938. The 86% sale price to asking price is the big story and the question is "Why are we missing the value price by so far?" Expectations, denial of the relevance of the facts, wishful thinking, misreading the trends? I suppose the answer to why is complicated.
Wherever we look across the Dane County the story is the same, when the price is right, the buyer's bite...(OK, it feels like fishing season today) they, move in and are ready, willing, and able. The right price is probably a tremendous value to the consumer, or at least a value. The velocity of the process is terrific when the price is right. From 236 days on the market to 62 days between last price change and offer, it would feel like 2005 all over again if we could get the price right on day one. Buyers are able, as soon as the Sellers are willing and this year it looks like there is acceptance...so far.
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