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What Kind of Showing Was I?

by The Mike Parker Team

One of the most frequent calls from homeowners to their agents is about the listing’s inactivity due to the lack of showings.  The homeowner commonly believes that the home is shown only when a buyer walks through the house with an agent.

Today’s buyers are more sophisticated than in the past due to the abundance of information available to the public on the Internet.  There are seemingly inexhaustible sites with homes for sale, valuation estimates and virtual tours.  There are extensive mapping sites with satellite images, traffic conditions, entertainment, shopping and other points of interest.

There are actually three legitimate types of property showings.  A knowledgeable buyer can view a home for sale online and make a reasonable determination of whether the home will fit their needs.  Occasionally, buyers will drive by a home to get a feel for the home and also the neighborhood which might cause them to eliminate any further examination or consideration.

The third type, the physical showing, certainly gives the buyer the opportunity for the closest scrutiny but is generally reserved for properties that have passed the inspections of at least one other type of showing.

Sellers should be aware of the different types of showings and that a sales agent’s job is to help the buyer find the right home.  The listing agent’s job is to market the home so that the right buyer finds it either through their own efforts or that of the buyer’s agent. 

Northern Kentucky Market Update Oct. 8, 2007

by Mike Parker
Market Update for 10/08/07
 
 
Active listing for Single Family, Condo/Townhomes and farms – 4221
Sold since 1/1/07 = 4736
Market data as of 10/08/07 at 11:30 AM EST
 
The above data show that there is 8.24 months of supply of homes for Northern Kentucky using the Absorption rate. The absorption rate is figure by dividing the numbers of months into the amount of homes sold. Take that number and divide it into the number of homes for sale (Active) that will give you the number of months on the market by supply.
4736 divide by nine and ¼ months= 512 homes sold per month average
 
4221 homes for sale divide by 512 homes per month sold average = 8.24 months of supply
 
NAR (National Association of Realtors) says that anything under a 6 month supply of home is a Seller’s market and anything over is a Buyer’s market. As you can see we are in a Buyers market, you just have to listen to the news or read a newspaper and they will tell you that.
 
The last two weeks have seen a small increase in showings. Buyers are just darn right picky, they got a lot to choose from, they are in no hurry and they feel if they don’t get a steal, they got cheated.
 
I look for the market to stay like it has to late fall ‘08, showings will continue till near Christmas and then we will have the Holiday slow down.
 
What is selling homes today!?!?!
PRICE! PRICE ! PRICE! And excellent top notch CONDITION. Buyers now days are lazy in that they do not want to do any work, they want the home turn key, just move in condition. They have no time, usually both parents are working and running the kids around or busy with social and work things, people just don’t have time any more to fix things up. Want to get your home SOLD?  Work on the price and have that home in top notch condition.  
 Any questions about the market feel free to call of HUFF Realty at 859-647-0700 or email him at Mike@MikeParker.com

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Photo of Mike Parker - CRS Real Estate
Mike Parker - CRS
HUFF Realty
60 Cavalier Blvd.
Florence KY 41042
859-647-0700
859-486-3300