West Pasco Real Estate Blog

I get questioned by Sellers all the time whether an open house would be a good thing or not.  The truth is that open houses in a decent market are there, not just to sell your house, but to fish for buyers.  Is that a bad thing?  Not at all, however, I truly believe that if I'm doing the right thing with my advertising, my signage, my info box, that I don't need to sit in your house for 4 hours hoping that someone who is qualified (i.e. has money and/or credit) and is suited for your home meanders by.  That doesn't mean that an open house will never sell a home, we've certainly been successful with open houses, however, our best success was during the booming real estate years. 

I believe the best time market to hold a house open is a seller's market.  With so many signs out there right now, and Realtors jumping through hoops to get you to notice their listing, buyers are yawning and moving on.  So hold the house open if you want to, but I think there are more productive ways of spending a Sunday afternoon.  If open houses sold homes, I'd be holding one open right now . . .

In this crazy real estate market, lots of people have been shying away from buying real estate or investing.  Meanwhile, there are some deals to be had!  You have to be smart about it and use a good Realtor (hmmm, I could help you if you want), but due to the soft market, people who have to sell are selling.  Real Estate is now and has always been a long-term investment.  How long term depends on you.  In this financial climate, you should expect to hold your property for at least 2-3 years to realize a profit.  Longer is better.

What have you done for your Retirement?  If you've got 20 years before you retire, you can buy a rental, have it paid off in 20 years and have a nice little monthly income when you retire.  Do this with more properties and you can multiply your income.  How much is up to you. 

Foreclosures on the horizon.  We're just seeing the tip of the iceberg - there will be lots of foreclosures coming up as people who for various reasons (ARM loans have increased, insurance increased, Value decreased) are giving homes back to the bank.  Banks are making deals to dump these properties.  Short sales are running rampant -- you have lots of options that we can discuss.

    Okay...let's do the numbers.  As of  Monday the 23rd, the number of active properties in West Pasco stood at 5928.  This is a big number.  September 2005 saw this number at around 1650.  The average list price for these active homes is about $240,000.00.  By comparison, the properties that are currently under contract have a list price around $197,000.00.  As in any market, buyers look for the better deals.

    Another indicator of the market health is DOM (Days On Market).  The average active property has been on the market for 102 days...without selling!  The properties that have a contract on them have been on the market for 87 days on average.  They are better priced so they are on the market less days!