Those who follow our blog will notice that we like charts and graphs. Why? They take an otherwise meaningless list of statistics and organize it into a tidy picture that is immediately understood. This chart shows the 2011 sales of residential single family homes in Richland, West Richland, Pasco, & Kennewick, divided by price range.
How does this apply to you? The first thing you’ll notice is that if you’re selling a house for under $350,000, you’ll have a far greater number of potential buyers (93% of the market). In fact, more than HALF of the home sales in the Tri-Cities were priced between $100,000 and $200,000. Fewer homes sold in the higher price ranges, but there were also fewer on the market. Keep in mind there are higher priced custom built homes that don’t get listed on the MLS, so they aren’t included in the chart.
The bottom line is that whether you’re in a lower price range with more competition, or a higher price range with fewer buyers (and custom built competition), you need to price your home competitively to attract potential buyers. The best way to know your price range is to call us for a free market and neighborhood analysis; we’d be happy to tell you the current value of your home. Nick Kunde and Valerie Kunde, (509)845-4570.
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