Usually when the media reports an increase in the median price, they say that “prices are going up”. But technically it only means that there were additional sales of more-expensive houses.
| NSDCC Feb. | #Sales | Median SP | Median DOM |
| 2011 | |||
| 2012 | |||
| 2013 |
The speed at which homes are selling is remarkable.
Half of the homes sold last month only took 3.5 weeks to find a buyer? And that is based on when the listing agent reports it, which is typically at least a day or two after it happens.
Inventory remains low and ample buyers are waiting. Sellers can expect to sell in the first 1-3 weeks, unless your price is more than 10% above comps.
A question for for you o real estate fundi (wise/old/knowledeable person). If sales are taking +- 3 weeks when priced with the comps what is the trade off when priced above comps? For example if priced 5% above comps what is the approximate selling time, and at 10% above?
do not try to get greedy in the market. if you price yourself ay 10% above comps you could wait awhile for the market to catch up. In the meantime people will see the house not selling and wonder whats wrong with it. It could end up hurting in you in the long run.
bulls make money, bears make money, hogs get slaughtered!!!