Dealing with homes in inventory is critical for mobility programs. Manager of Home Sale Inventory David McMurtrie has more in this Relo Tip Tuesday.
One of the most important ideas is to have a pricing strategy that gets the home sold quickly and for the least amount of loss to the corporate client. Let’s take a look at what goes into pricing.
First, while the real estate market speaks of appreciation and depreciation, the reality is that the markets are in constant flux. If a home has appreciated four percent over the last year it is unlikely that it appreciated at one percent a quarter. Rather, it is more typical that it would have had constant peaks and valleys throughout the year. And while it is important to follow macroeconomic and real estate data, the truth is the only data that really matters is what’s going on in that neighborhood while the home will be on the market.
There are two critical pieces of data to evaluate when any home comes into inventory. First has anything changed locally since the appraisals were conducted on the property? If a major employer has announced a plant closure in the area this will require an entirely new strategy to get that property sold. Second, how large is the buyer pool? A $250,000 home in a rural area could prove to be far more challenging than a million-dollar home in a major metropolitan market.