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10 Tips for Selling in the Fall
by Michele Dawson
With fall marking its entrance, kids back in school, and the holidays just around the corner, home sales tend to slow down during this time of year. If you're selling, it means you need to take extra measures to make your house stand out above the others on the market in your neighborhood. Sellers in some regions of the country will have to work harder than others. "The market is somewhat neutral," said real estate agent John Savignano, of Southborough, Ma. "Market time is increasing while inventory is also creeping upward." In areas like Sacramento, buyers are gaining the edge. "Going into October, the Sacramento region is starting to see some price reductions," said Realtor Jimmy Castro, of Sacramento, Calif. "Buyers may have the greatest advantage by getting into a home in the next few months. As the price peak seems to be passing, now could be the best time to find a newer home at a reasonable price." However, some regions are experiencing a strong sellers market. "The Richmond Area real estate market remains to be a sellers' market," report Ed and Nancy Turner, Realtors in Richmond, Va. "The area has experienced phenomenal double digit growth for the last three years. There does appear to have been a slight up-tick in inventory and days on the market in parts of the Metro Area, however all indications are that the market continues to be healthy." David Lereah, the National Association of Realtors' chief economist, said home sales remain in historic territory. "The level of existing-home sales in July was the third highest on record," he said. " The national median existing-home price for all housing types was $218,000 in July, up 14.1 percent from July 2004 when the median price was $191,000. The median is a typical market price where half of the homes sold for more and half sold for less. NAR President Al Mansell of Salt Lake City said the rate reflects supply and demand. "Housing inventory levels improved in July, but they're still quite lean by historic standards," he said. "If the supply of homes rises, it should reduce competition between buyers and take some of the pressure off of prices. Even so, we expect home price appreciation to remain above normal over the next year." So, if you're preparing to sell your house this fall, think about:
Published: October 4, 2005 Use of this article without permission is a violation of federal copyright laws. Related Articles: |
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