April 22, 2009

1st Quarter Stats - Davis County, Utah

I have had several people ask me recently how the market is doing and if we are seeing any improvement. In the chart below, you’ll see 1st quarter comparisons of 2006 thru 2009 of standard single family homes in Davis County, Utah. Although this chart does not include condos, their numbers mimic these pretty closely.

1st Quarter Comparisons 2006, 2007, 2008, 2009 (Davis County)

As you can see, numbers moved in a positive direction from 2006 to 2007 and have declined since then. New listings are down 22% from last year with only 33% of the listed homes selling. With interest rates as low as they are and with all the programs for first-time home buyers, if you follow the advice below, there is no reason your home shouldn’t sell.

Here are some MUSTS to help your home sell in this market:

Price your home competitively- Price your home according to comparable homes that have sold within the last 6 months. DO NOT price them according to homes that have not sold and are still active on the market. Especially in this market, a buyer does not want to pay more for a home than what it is “worth.” When a buyer walks through a home, they will compare it to the other homes they have seen. Be sure yours is priced so that they feel it’s not just a fair value, but a good price.
Location of your home- If your home’s location is not the most desirable (next to train tracks, power lines, freeways, busy roads, etc.) you have to lower your price to attract buyers. Remember, you can’t change the location of your home; however, you can change the price and the condition of the home and property. If your home is well maintained and the price is right, it will sell.
The condition of the home- When buyers tour your home, they make a subconscious decision to buy or to walk away within the first 5 seconds. To make your home appealing, have nice curb appeal, a clean well kept home, a pleasant smell when they walk through and remove the clutter throughout. When considering a “pleasant smell” avoid perfumes and lean more towards a clean smell.

If you would like to see these statistics on other counties or individual cities in Utah, please email me at brad@BradSearsTeam.com or call (801)597-1406.

Posted By: Brad Sears