Property Market Letter
“Do You Wanna Build a Snowman?…”
– Disney’s “Frozen”
Barrington Country’s property market dynamics are much stronger Q3 2013 over Q3 2014. The average price per square foot of properties sold in the Barrington area is up 5.7%. The average number of days a sold property has been on the market is down 3.6%, and the number of properties under contract for the same time frame is up 15.4%. While these dynamics are strong, the number of properties for sale is up 32.9%. In Q3 2013 there were 836 homes for sale vs 1,111 Q3 of this year. During the same period the number homes sold is down 6.1%. With inventory up and the number of homes sold, down, the economics show us that price, presentation and promotion are the best ways to get your home sold in this market.
Pricing can be a scary proposition for most sellers and you should consider many factors and variables not merely an agent’s “CMA”. The above metrics must be considered as well and then put through the filter of your motivation for selling within a certain time period. Upon arriving at a logical, fact-based price, we must add for amenities and features while subtracting for updating and deferred maintenance. This is a delicate dance and must be monitored in a candlestick fashion range, just like you would analyze a stock. Oh, and don’t forget to price it just below market to get showings and interest; again just like the Bid/Ask you are familiar with when you sell stock in this dynamic market.
Presentation is the factor that elicits the greatest emotional response from every home owner and every prospective buyer. No one is immune. The new real estate paradigm shows us that, at least the first four showings of a home are online at SothebysRealty.com, HFSIR.com, myhomeresearch.com, realtor.com, Zillow, Trulia, or the myriad of other search sites out there; this is why it is imperative to present the home by sharing the home’s stories in an engaging way. I coach all of my agents to interview each home owner to best capture the “Essence” of the home. We need to remind a potential buyer that lives were lived in this home. Stories convey how a new family might enjoy this home with their own family. “What is the coziest place in the home?” “What is the favorite window?” “What will you remember most about this home?” These are just a few of the questions we ask so that we can present the essence of the home through photography, videography and the written word. The essence interview helps us view the home through the filter of love and respect.
Promotion is how we convey the essence to the world and lay a global trail of bread crumbs online and in print to lead families who are seeking this
specific lifestyle to the door of their potential new home. In addition to promoting every home with proper architectural and artistic references, Sotheby’s International Realty promotes every qualified home, in all price points, online through The New York Times, The Wall Street Journal and James Edition, just to name a few. We have been very fortunate locally because one of every four homes we submit is featured as “Home of the Day” or “House of the Week” on each of these sites. Now that’s promotion.
A few factors to consider:
(1) Keep your home on the market over the holidays, there is far less inventory and those who actually look, are serious buyers.
(2) It is okay to live in your home while it is listed for sale, but try to keep it uncluttered and by all means don’t over-stage.
(3) Lifestyle trumps everything; capturing this and effectively communicating your home‘s essence through all media is paramount to an effective home marketing campaign.
(4) The market metrics, through your Broker, sets your home’s price range; the home owner sets the listing price; while the buyer sets the selling
I wish you all the best in finding solutions to your real estate needs and wants as well as health and happiness through this Holiday Season. –
If you would like more details you may download my report at hfsir.com/HomeMarketingOverview. If you would like to discuss these details or your unique real estate needs call or text me at 847.508.7775 |or email firstname.lastname@example.org