Wednesday, November 21, 2007

November 21, 2007

Current listing inventory - 222 active listings in Owatonna as of today. The inventory has snuck down a bit this week. Average days on the market has remained stable at 167 days (that's 5.6 months gang). The number of pending listings stayed at 30 houses. This number has not rebounded as well as we would like to have seen and is of some concern. There will be a large number of closings at the end of next week as we again reach the end of the month. Average days on the market for pendings is up to 141 days. There have been 363 properties Closed since 01-01-07, with an average days on market time of 112 days.

Folks we have said it before, but it bears repeating. You have to be realistic with your pricing , when bringing your home on the market. In addition, your home must sparkle & shine or the price must reflect the fact that there is work that needs to be done. DO NOT TEST THE WATER FOR A FEW WEEKS WITH A HIGHER PRICE. There are sharks and piranhas out in that water and you will not like what happens if you come on the market at the wrong price.

You can view our complete Home Sellers Guide if you are looking for more tips on selling your home. We also have a For Sale By Owner Manual available in print, if you are interested in selling your home on your own, that we would love to provide you with as well. Give us a call 507-390-2121 or

Interest Rates have dropped slightly to 6.000% on November 21, 2007.

Check out our Market Absorption Chart. It shows the market activity by price range and can assist you when pricing your home for sale.

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