What’s Real in Real Estate?

What’s reality?

A higher value sale in the Miller Group Realty (MGR) target market was recently recorded. The MLS indicates it went under contract in only 11 days at 100% of the asking price. That’s pretty remarkable given the near shut-down of the housing market beginning mid-March due to the Covid-19 virus.

Detailed research, however, reveals a different story; i.e., the property had actually been on/off the market four times over the past 11 months, required 247 days to go under contract, and finally sold for 80% of the original list price.

The disparity between the MLS reporting and reality prompted MGR in 2018 to undertake the development of Seller Days On Market (SDOM) reporting to provide a better perspective into the continuous, ongoing effort involved in selling and to segment the results by various price levels and based on whether or not price changes were required to attract an acceptable offer.

The following are just two of several illustrations created and published by MGR to highlight certain facets of the 2019 resale market for the higher value Walton homes in the four elementary schools of East Side, Mt Bethel, Sope Creek and Timber Ridge.

2019 SDOM Change No Change Price Chart

2019 SP to OLP Chart

Many buyers and sellers planning a move simply rely on family, personal relationships and/or referrals to find an agent. Interviewing agents with a record of selling homes in a particular area is a good idea and can expand the search for the right agent. However, an agent with an exclusive focus on an area, type of real estate, and price range may provide the best candidate.

Contact Brady to discuss your particular interests.

MGR focus:

  • Higher value homes (generally $600,000+)
  • Walton High School homes in just four elementary schools
  • Resale listings (not new construction)
  • Single family detached homes (not condos/town homes, multi-family, lots/land, rentals or commercial properties)

MGR Vision, Mission, Goal, Results

 

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