It's A Buyer's Market in Moses Lake

In a seller's market, when homes are priced right, the average DOM, or Days On Market, houses are on the market an average of 50-60 days. When the conditions are perfect, homes sell in just a few days or weeks. (When we bought our home, it was on the market one day, we made an offer that night, and our offer was accepted the next day!) So, I've tracked the DOM of all homes of all numbers of bedrooms, and all sales prices for Moses Lake, Ephrata, Warden, and Othello, from January 2006 through January 2008. Below is a chart of what the statistics show from our Northwest Multiple Listing Service. In January of 2008, the average DOM was 119. One thing, the DOM includes the window of time from the time an offer is accepted to the day it closes. That could be anywhere from 1-30 days, but it's typically closer to 30 days. (There are so many variables.)

What does this mean to you as a buyer? It means that it's a good time to buy because sellers who have had their homes on the market for a longer period of time have more incentive to sell their homes than they did when they first listed their homes.

What does this mean to you if you are a seller? It means that it's even more important now than ever to make sure that the price at which you want to sell your house is not inflated above the market value of your home. If you are getting ready to sell your home, make sure your real estate agent gives you 3-10 comparables of other homes in your neighborhood that have recently sold. This will give you the most accurate value at which to price your home.

If your home has been on the market for two months or more with no offers, ask your real estate agent to prepare a new market analysis of your home to get it priced at market value so it will have a better chance of selling sooner. This would be a wise decision of your financial investment for you and your loved ones.

Have a great week!

Connie Suehiro

Real Estate Agent

Gary Mann Real Estate

305 E. Third

Moses Lake, WA 98837

509-431-5804 cell (Call me for a free list of homes in your price range!)