Data Choices

We compile. You decide.

Need Marketing Expertise?

See the video! Click the camera!

Whats Hot in North Idaho?

If you would like to be emailed anytime this report is updated simply enter your email address below and click the SUBMIT button. We may also send other articles and items that may interest you in the near future!

We thought it would be interesting to look at properties that have been listed since January 1 st of 2008 and find out if there was a pattern to the types of properties that had already sold this year. For our first batch of data we looked for properties that had sold within thirty days.

There were only 43 properties that had been listed this year and managed to close within thirty days. The average square footage on those properties was 1656, and the 3BD/2BA remained as the most popular. The most interesting stat we found, however, was that these fast moving properties all sold within two and a half percent of their original list price! We have often noted that in order for a home to sell it needed to be priced within three percent of its market value. However, in order to get a home to move in thirty days or less, it was necessary for the original listing price to be even tighter!

When we expanded our data to include any property that had been listed this year and had sold by April 9 th, 2008, we found 171 properties meeting those requirements. The square footage of these homes moved up to 1745 on average, with the 3/2 still being the most popular home. However the sold price as a percentage of original list price fell to 97.3%, at an average value of $242,531.

While it should not be surprising that a home must be priced properly to sell, it is a bit surprising that in order to sell quickly the home must be originally priced within two and a half to two point seven percent of its market value. This is an extremely tight range that would seem to require a highly trained Realtor in order to be able to properly price the home. The homeowners who simply list their home with the agent that offers the highest “bid” for the listing price is setting themselves up for frustration and failure.

How do you know if an agent can provide you with an accurate Competitive Market Analysis or just a guess at the market price? Ask how long it will take to complete a CMA on your home. If the answer is anything less than two hours then be very wary of the results. If the answer is between two to four hours then the Realtor may be conducting a competent CMA. Finally, if the answer is more than six hours then you need to ask why it might take that long.

Of course merely spending more time on a CMA doesn’t do anything if the agent is not qualified in the first place. However this simple question can help you narrow down the field of potentially qualified agents.

Data for this report was obtained from the Coeur d'Alene Association of Realtors and related organizations. Data is believed to be accurate but is not guaranteed.

Real Estate Home Blog Website Promotion Services Email Farming Services North Idaho News Homepage Optimization News Coeur d'Alene Area Real Estate Report Buy Real Estate in North Idaho Today!