On Point Ashley Jarvis Remax Advantage
staff - April 6, 2016 2:30 pm
Salina is very much in a Seller’s Market right now! For a population of about 50,000 people, there are currently about 139 active listings for sale and 129 homes that are currently under contract.
In a town of 50,000 people this is an extremely low number of homes available. Average sale price for a home in Salina is right about $130,000. A healthy market would be from 5 to 7 months of inventory. Salina is currently at 15 days of inventory in the price range of $75,000 to $150,000 homes!
This means if there are not any more homes that hit the market, Salina would be out of homes for sale in 15 days. This IS a SELLERS MARKET!
One dangerous practice is that some home owners will contract with a Real Estate agent but they won’t list it on the active market. They’ll ask their agent to keep an ear out for a potential buyer while they try to find a home that they want. The dangers in this is that sellers miss out on the opportunities of multiple offers that could be potentially over the asking price and letting other real estate agents know that the property is available because, 80% of home buyers are represented by other real estate agents!
Agents have designated relationships in Salina primarily; what that means is that a Real Estate agent is going to represent either the buyer or the seller. Many buyers don’t realize that a buyer’s agent is basically free to the buyer. When someone lists there home for sale, it pays both the buyer’s and the seller’s agent.
Currently, average days on the market depend on many things; marketing and pricing aggressively has an effect. Average days on the market is usually about 90, Salina is currently averaging 30-45 days on the market.
Pricing your home is a slippery slope; if you price it right, it will sell right away. If you price it too high from the beginning, you may miss out on potential buyers that will look past your home. Even if you come back and reduce your price, buyers rarely come back by. A price reduction often raises a red flag with buyers making them think there maybe something wrong with the home.
For questions or more information on listing your home or buying a home contact ReMax Advantage Realtors at 785-825-5200 or visit him online at SalinaSold.com.