Property Market Letter
“’Cause nothin’ lasts forever… Even cold November rain” – November Rain, Axl Rose
August absolutely rocked! Barrington Country metrics show that the average asking price for Single Family homes exceeded $790,000 with an average sales price peaking in August at $628,079 which is up from the low average in June of $508,931. Market Time improved down to 139 days which is the lowest all year, down from the peak in January of 228 days. So yes, August rocked! But what does this mean for you? With 56 homes sold in August and 134 new listings, if you’re selling, choose your list price wisely and have a marketing action plan carefully crafted with your broker. If you’re a buyer, ‘Lord have mercy,’ there are still some amazing opportunities out there, some are not in the local MLS and are “pocket listings” held back by savvy brokers to vet out some of the tire kickers; most of these are exceptional value properties and you should definitely ask your broker about these as well.
Why else did August rock? Well, I merged with Jameson Sotheby’s from the city and it happened more rapidly than I could have imagined. Having a couple of months under my belt as a top Jameson Sotheby’s Broker has allowed me to spend more time with Luxury Lifestyle clients. In fact, with proper pricing and an effective marketing action plan, I was able help five of my clients sell their homes within a 45-day period with an average list price of $883,500, including two homes in the $1.5 million range. I attribute some of this success to the fabulous support of my assistant Danielle, and the generous support of the Jameson Sotheby’s team. What really happened was that I had more time to effectively research and work with my clients to analyze the market trends and choose the correct range from which they were able to select the proper price to list their home within their motivation threshold and then execute a carefully prepared marketing action plan. I am happy to share some of my marketing action plans, if you’d like to see what I do, please shoot me or firstname.lastname@example.org an email requesting my “Pointdrive Marketing Plan.”
If your home is listed, and isn’t selling, it may be priced too high. So, how can you tell?
Is your home the highest priced home in your neighborhood? Sometimes this is justified but not always. As discussed in previous articles you must analyze everything: current market price by square footage, amenities, finishes, deferred maintenance and deferred updating. Then add and subtract to arrive at an adequate price range from which to choose, based on your level of motivation.
Have you had a lot of traffic online but few or no showings? This is a dead giveaway that you aren’t priced within striking range. Prospective buyers, in today’s market, will not show up unless they feel a property is a great value.
Did you hire your Real Estate Broker because they recommended a much higher price? It’s best to interview up to three agents and compare how they intend to arrive at a list price. Oh, and compare their marketing strategies. Do they spend as much time marketing their client’s homes as they do making sure that everyone knows that they are “Number 1” in something? For example, I was asked to put in a personal bio into Collections which will be shrink wrapped with CS Magazine; Instead, I chose to market my client’s homes, and steer those looking at the North Shore, to Barrington, by showing them how much more they can get for their investment here.
Are other homes in your neighborhood selling but yours is not? Do you find yourself saying “Jack and Jill’s home sold for $700,000 but mine is so much better; Why isn’t mine selling?” Don’t forget to look at all the items listed above as well as style, location (within the community) and upgrades. How are your open houses going? What does showing feedback indicate? These are all indicative of your home being priced too high for this market. If you aren’t ready to face the reality of all this feedback, or you don’t need to sell at the price your home will command in this market, take it off the market until you’re really ready. Have a candid conversation with your broker about all these things; You’ll be glad you did.
If you would like to discuss these details or your unique real estate needs you may call or text me at 847.508.7775 |or email email@example.com