This of course is the big question. The real estate market is constantly changing. The first step of course is to “pick” your market. Even within Ave Maria Town, the various neighborhoods and locations are distinct, and may be affected differently depending on trends and conditions. Generally, once you have your market picked out, it is important to take into account currently active, pending, and recently sold properties. Another important factor in determining market value of a neighborhood is to take into account the number of months supply, which is a simple but critical calculation. It is the number of active listings in a particular area, divided by the number of closed sales for the past 12 months, multiplied by 12. Generally, a “balanced” neighborhood typically falls within the 6-12 month range. If it is less, you can often expect your home to sell faster at a higher asking price. If your neighborhood is over supplied, you will often have to price your home more competitively. An added outside factor to this equation is the amount of new construction taking place in town.
It is crucial for your Broker to have the knowledge and understanding of the ground level information as to which homes sell for what and why. Data analysis is important, but what sets Ave Realty apart from other Broker’s is our ability to form the picture as a whole. It is with this understanding that not only can we look back historically, but also look ahead prospectively in our attempt to anticipate the market with cutting edge analysis and our feet on the pavement. Call us today for a consultation.