Ada County, Market Statistics December 2009

The Ada County (Boise) market statistics for December 2009 released earlier this month show there are more contracts being written and submitted to sellers, but less of a percentage of them are making it to a closed deal over last year. The decline could be a symptom of various actions taken, but I’m going to narrow it down to two; a higher percentage of homes on the market are selling short, therefore less than what they owe on the home. Secondly, loans are that much more difficult to approve, including, but not limited to, strength of borrower and strength of appraised property value.

Also indicated by the numbers, if you’re home on the market is in the price range above $300,000, you’ll have much competition in selling. Only 12% of the homes sold in December were sold above $300,000.

As a professional that tours homes at least three times a week, let me give you a little unsolicited advice; make your home stand out! Have it groomed and ready to show at anytime; this means giving your tenants incentive to do the same! Ask them for specific times and days the property will be in perfect showing condition, no questions asked. Give them a goodie package with cleaning supplies, air defusers, and a basket of booties for prospects to wear while viewing.

Ask your real estate professional to give you weekly updated on the comparable homes in your area that have sold and price accordingly. Chasing the market is a no-win situation.

If you have any questions about the numbers you see or desire to hear more about to ready your home for sale, please don’t hesitate to contact me directly.

Tina Funkhouser
Group One
208.867.8595
tfunkhouser@group-one.com