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How do I find info on " supply of houses" in my homes area. Can this affect listing price etc.?

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April 28 2012 - West Raleigh
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Sheri has provided an excellent responce.  The supply and demand in any segment of the market is reflected in what is called the "absorption rate", referring to the number of homes in a price point or neighborhood that are currently on the market, under contract and sold over a period of time.  As an example if there are 9 homes active on the market, yet only 3 have sold in the past 6 months, you have a low absorption rate as it will statistically take an 18 month period to sell the current inventory of 9 homes.  Conversely, a situation of 3 homes on the market and 9 sold in the past 6 month would be a much higher absorption rate.  The amount of inventory in any market segment or neighborhood will certainly have an effect on your days on market as well as your price.  The two questions buyers automatically ask any Realtor are "What's the Price?" and "How long has it been on the market?".  A resource that local Realtors use (but not readily available to the general public) is the TARR Report (Triangle Area Residential Real Estate Report).  The appraiser/editor of the report offers (by subscription) a wealth of statistics that correlates listing price, days on market & months worth of inventory to % of original listing price likely to be obtained and much more  To briefly summarize: the more homes in direct competition with yours, the longer the likely days on market will be which heightens the importance of pricing correctly (which to most sellers means pricing lower than what they may have hoped for in order to get a sale). If you have further questions, feel free to contact me directly.
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April 28 2012
A local real estate professional can help find the supply of houses in a certain price range and area.  How that supply affects the list price is going to be determined by what is actually selling and has recently sold in an area. Low supply can help support a list price on the higher end of the market value spectrum but is not a reason to inflate a list price because the appraisers will still need comps to support the price a buyer is willing to pay if the buyer is getting a loan which most in W. Raleigh are.  Each neighborhood and house style can require different comparable sales to determine the best list price but an experienced agent can help get you the best net price in the shortest possible time.  It appears you have a town home with a garage which has many comparable sales to use.  I think you will find some consistency among the sales prices of similar units.  I have lived in and sold homes in W. Raleigh for the past 17 years so I know the area really well.  I'd be happy to meet with you and share information on what the best list price for your home would be.  Just feel free to contact me here through Zillow. 
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April 28 2012
 
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How do I find info on " supply of houses" in my homes area. Can this affect listing price etc.?
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April 28 2012 | 2 answers
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