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It’s going to take me 95 WEEKS to sell my home in New Milford CT?

October 30, 2010

95 week absorption rateIt’s going to take me 95 WEEKS to sell my home in New Milford CT? Calculating what is called the “absorption rate” for New Milford CT tells me that at the current rate, it will take 95 WEEKS to sell what is currently on the market.

95 WEEKS? How will I ever sell my home in a reasonable amount of time?

There are 284 “active” homes on the MLS at this time. There are 26 homes which are “under deposit”, the time when inspections are being done, contingencies are being met. They may or may not make it to the next part of the sale process. At the present time there are 23 homes in the “pending sale” status. Contracts have been signed, they are waiting to close. 14 homes sold since October 1. Putting these numbers together tells me that the “absorption rate” for New Milford CT is indeed 95 weeks.

What does that mean if you want or need to sell your home in New Milford, CT? There are buyers out there, although we have seen a slow down for the 2 months. What is selling? Of course we have a few foreclosures that are selling here. Out of the 26 homes under deposit, only 2 are listed as foreclosures. Of the 14 homes that sold since October 1, only 2 are foreclosures.

House sold 06776 New Milford CTPricing is key to selling in this market, unless of course you have years to wait. Pricing a home according to condition and location is a must. The “let’s just throw it on the market and see what happens” time is over, dead, buried and gone.

Next, getting your home ready to sell. Clean it up, clear it out, take care of deferred maintenance. If you cannot do any or all of these things then you must … LOWER THE PRICE.

95 WEEKS? How will I ever sell my home? It is possible to sell your home in New Milford, CT in a buyers market. Read a few of my other posts about selling your home in New Milford, CT.

Selling Your Home in the Litchfield Hills, Price Your Home Accordingly and Time to Sell, What do I do?
The Spaghetti Technique
ebook: Selling Your Home in a Buyers Market

If you are thinking of selling your home in the greater New Milford CT area, give me a call. I will discuss the value of your home in today’s real estate market and my marketing technique. Let’s see if working together we can’t lower that market time by a year or so!

Please note, the information I use to calculate the absorption rate is taken from CMLS (Greater Fairfield County Multiple Listing Service) which is the main one used here in New Milford. The second MLS, CTMLS, is another multiple listing service which does overlap in this area, however I did not use that data. This may cause the rate to rise or fall just a bit.

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