Why Pricing Is Important Heading Into The Summer

Location location location is supposed to be the mantra of the real estate world, but price price price ought to be the bible.  Historically the summer months are the most active for real estate here in the New River Valley, as the graphs below show (data compiled is from Blacksburg, Christiansburg, Radford and Montgomery County):

Days On Market for residential single-family homes, April 2007 – April 2010

Days on Market for Condos and Townhomes, April 2007 – April 2010

The winter always seems to slow things down a bit, but as we leave April and had into the summer, inventory levels have dropped each year, to their lowest point of that year.  And July seems to be the month when things start to trend back upwards to longer times on the market.

So sellers, if you have a property in a good location, that’s great.  How you stand out in regards to your price might be even more important.

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