Richardson, TX is having a very interesting year thus far. I was comparing numbers year to date to 2006 year to date, and the numbers astonish me.
People keep trying to say that it's a buyers' market because houses are staying on the market for months and months, even years, and sellers will sell their homes for whatever you offer. Most of this comes from the National news, and some comes from those late-night infomercials. Many areas are in such a buyers' market that you can offer 20% of asking price and potentially meet in the middle or even more towards the buyers side after the homes have been on the market 6 months or even a year.
Here are the numbers for Richardson:
Original Asking Price: $191,242.17
Reduced Asking Price: $187,328.88
Sales Price: $183,079.59
List Vs Sales Price: 95.73%
Original Asking Price: $189,943.31
Reduced Asking Price: $185,606.63
Sales Price: $179,606.60
List Vs Sales Price: 94.56%
At first glace, you might think that Richardson is having depreciation going on because the average list and sales prices are lower. But that's what happens when you look at those numbers alone. What you don't see within those houses are that in 2006, the average home was a 4 bedroom home. In 2007, the average home is a 3 bedroom home. People will pay more for the 4th bedroom as the sqft is also larger, on average.
Also, even though we've moved into a very different market, you'll be amazed to know that the average days on the market in 2006 was 71 days, and this year, it's ONLY 64 days!!
With this, all I can say is price the home right, and it'll sell!! You need to price according to the current market, not last years market or 5 years ago. Price it to today, and you'll see results!
Remember, I work all of North Dallas County and Collin County including Richardson, Plano, Allen, Frisco, Carrollton, Garland, Rowlett, McKinney, etc... my car will take us anywhere you need to go!!
ARE YOU PACKED YET?!