Don Merrifield Jr. ABR

Windsor Essex County Real Estate Market Report for June.

Total listings for the month of June came in at 1200. That is a 10% drop from the same month in 2007. Sales for the month of June 2008 were 502, a 6% decrease over sales for June 2007. That shows that although there were fewer sales there were also fewer properties to chose from. Residential pricing for the month was down almost $2000 over the same time last year with an average home price of $165,055. This shows us that it's still the lower end of the market that is selling with the higher priced homes still soft. Year to date the average price of a home is down just over $300 from last year with an avreage price of $163,861. Looking forard for the summer market I believe we'll see prices relatively steady except in the higher end homes where due to the number of properties on the market and not selling we'll have to see some softening of the sale prices. We've actually been seeing some multiple offer situations in the lower priced home sector. With prices very affordable for first time homebuyers and rates having dropped this year this sector of the market seems to be doing ok. If you home is priced right and in very good condition they're are still selling and as I mentioned even some multiple offer situations. Over the last few years due to the sellers market we were in you saw people buying whatever would work for them even if it needed work. That is not the case now. Especially in the first time homebuyer segment of the market if your house isn't updated and in good condition it's just sitting. Buyers have options now they haven't had for the last 5 years so now you have to be the nicest house at the lowest price compared to your competition. Regardless of the market we're in there are still just 3 things that affect the market value of your home, and it's not location, location, location. It's the market, price, and condition. The market we can't control, all we can control is the asking price and condition of your home. If your home isn't selling either improve it's condition or lower your price. Remember a professional honest Realtor will tell youo the truth right from the beginning. If you chose a Realtor based off of the higher price they said to list your house at be prepared for numerous requests for price reductions and your house to sit. Some Realtors will tell you what you want to hear just to get a sign on your lawn and use your house to pick up buyers and sell them other houses. While yours sits. Use someone experienced and who can show you the market data to back up their pricing. Good Luck. Enjoy the summer (If it ever stops raining??)