Sunday, November 18, 2007

November 18, 2007

Current listing inventory - 226 active listings in Owatonna as of today. Average days on the market has risen to 167 days (that's 5.6 months gang). The number of pending listings has dropped to 30 houses. This number has not rebounded as well as we would like to have seen and is of some concern. Average days on the market for pendings is up to 140 days. There have been 361 properties Closed since 01-01-07, with an average days on market time of 111 days. We are again seeing the gap continue to grow between the days on market of the Active vs Closed listings.

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.

A few more tips this week for home sellers:

  • Keep the grass cut and the weeds pulled during the growing season
  • With winter almost upon us make sure the driveway and sidewalks are shoveled and any icy spots are sanded and salted.
  • Now that it is getting dark ealry, make sure to have ALL lights on inside & outside for all showings.
  • Put a rug in your front entry for shoes and boots as we enter into the snow & slush season.
  • Put up some outside holiday decorations & lighting to increase curb appeal.
  • Keep in clean, with the average time on market now almost 6 months, the tendency is to let the cleaning slide a bit after several months, keep your home sparkling.

You can view our complete Home Sellers Guide or you can always call or e-mail us any real estate question you might have. 507-390-2121 or

Interest Rates have remained stable at 6.125% on November 18, 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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