One Chance To Be NEW.

One chance to be NEW. Similar to, “You Get Only One Chance To Make A First Impression”.

Deciding to sell is a big deal. It is also exciting and fun to share your plans.

Once the public hears a house is for sale, from quite conversation with neighbors, friends, a FSBO sign, through services like NextDoor.com or the all-out full-blown publication on consumer home search websites and MLS, a baseline, for better or worse, has been established. This becomes THE first impression and first shot at being new inventory for buyer consideration.

Recovering from a False Start can be a challenge and in my experience almost always results in a lower net at closing and more days on market. (see below)

I associate the term False Start with two conditions.

  • Broadly speaking, anything that adds to the days on market and/or reduces the net at closing, and
  • More specifically, a listing that ends without a sale (expired / withdrawn), a sale or pending listing that incurs price reductions in order to attract an acceptable offer, and an active listings that has been on the market longer than the average amount of time.

Efforts to recover from a False Start may include one or more of the following activities.

  • Reduce the price
  • Withdraw the listing or let it expire in order to re-list to appear “new”
  • Change the description/remarks
  • Change the photos
  • Offer buyer and/or agent special incentives
  • Change and/or stage the house to address buyer/agent feedback (i.e., new paint color, new carpet, etc)
  • Schedule additional Open House and/or Caravan days
  • Spend additional advertising dollars (marketing to buyers and/or agents) on social media, print material, etc.
  • Contact surrounding neighborhoods (by phone and/or mail)

It is my personal experience that these actions, beyond the first two, have a very low return for the effort (the proverbial needle in the haystack) and generally produce more benefits for the agent than the seller.

Deciding to sell is simple. Preparing to sell with the objective to net more in less time takes careful planning and execution because there is just one opportunity to be truly NEW and have the buyer come away with a positive experience.

Avoiding False Start conditions produces a huge win for the seller. Here are some facts based on hours of YTD 2018 data gathering using my area of focus (the higher value Walton High School single family detached resales in just four elementary schools (East Side, Mount Bethel, Sope Creek, and Timber Ridge). Find more stats by elementary school and price range on MillerGroupRealty.com.

 

SP-OLP% Price Range Summary 11-25-18

A gradual decrease in the SP/OLP% is experienced as the List Price increases; however, the SP/OLP% is significantly higher for those that go under contract without incurring price reductions.

 

SDOM Price Range Summary 11-25-18

Shown above is the drastic difference in terms of Seller Days On Market when price changes are and are not involved. Sellers listing their house at the right price have a totally different view of the market than their counterparts. At the end of the day it is not about the “market” but starting at the “right price”. (The Miller Group Realty SDOM more accurately reflects the seller’s true effort to sell in contrast to the often quoted Total Days On Market stat which falls short of more accurately recording the events when more than one listing is used to produce a sale.)

 

Seller Fatigue Price Range Summary 11-25-18

The above chart illustrates the percentage of sellers that become “spectators” rather than true “participants” in the race to actually transfer title to a new owner. Spectators are those that go on the market and fail in their efforts to sell because either they were not serious about selling or are ill advised before or during in the process. Participants are those that actually cross the finish line…close on the sale!

 

False Starts Price Range Summary 11-25-18

Not surprising is that the number of False Starts increases as the home value increases. I owe this dynamic to the challenge of identifying the right price for luxury property. Deciding to sell is simple. Selling with the dual goal in mind to net more in less time requires someone with keen local knowledge, significant experience, and a business model and approach to selling that provides the best opportunity to sidestep the False Starts to achieve this delicate balance.

 

I welcome an invitation to discuss these findings in more detail. The best way to reach me is via mobile number 678-933-7780 and Brady@MillerGroupRealty.com.

Walton High School Sales Price Record

The $720,521 average resale sales price last month for Walton High School homes in East Side, Mount Bethel, Sope Creek and Timber Ridge Elementary Schools breaks the $700k barrier for the first time as shown in the following chart which compares 2018 to the single highest month in 2008 – 2017.

Walton HS Avg Sales Price 2008 - 2018

School Search Matters

Real estate websites offer various search capabilities. Those used by agents are the most robust; however, many standard and semi-automated reporting aggregate data by city, county, or a region referred to as an “area”. Most consumers are limited to searching by map, zip, city or what some may term “neighborhood”. Who knows what goes into the algorithms of the online valuation models such as Zillow’s Zestimate.

The ability to search by school is invaluable because attendance lines don’t follow typical classifications or “natural” boundaries like roadways or rivers.

Here are examples of the dilemma faced when trying to get real estate market information for Walton High School in East Cobb.

  • County is too broad, as it is just 1 of 16 high schools in the Cobb County School District.
  • Zip is better but only about 40% of the homes in 30062, 30067 and 30068 are zoned for Walton
  • MLS Area is worse than using ZIP codes as only about 25% of the homes in Areas 81, 82 and 83 are assigned to Walton.

The Walton High School reputation is a major contributing factor to home prices. Being able to dissect the market by high school is key.

It is our commitment to the area and focus on the higher value Walton High School homes that enables us to personally produce the stats on MillerGroupRealty at the elementary school level for various price ranges.

Contact us when moving comes to mind. We promise you’ll be Moved By The Experience.

Stats 7-31-18 East Cobb High Schools Avg Sales Price

 

It’s That Time of Year

It’s almost that time of year when the school year is over, and for some that means preparing to make that long anticipated move.

Here is a high level view of the current Walton High School real estate market as of 4/26/18. I chose $600,000 for this illustration because the higher value homes are our particular focus in just four elementary schools. Continue reading “It’s That Time of Year”

Walton High School Home Sales

Real estate is a common topic of conversation at almost any social gathering, possibly because it is frequently reported in the news, more people own versus rent, and it seems someone in the conversation is planning to buyer, sell or invest in real estate.

These numbers may surprise many who live in East Cobb and specifically those with an interest in Walton High School single family detached homes in East Side, Mount Bethel, Sope Creek and Timber Ridge Elementary Schools. We specialize in this area because it is where we live and clients benefit more when we can implement our Best Home Marketing approach to selling and also be hyperlocal. Continue reading “Walton High School Home Sales”

The Walton High School Seasonal Trend

Probably not surprising is that the Walton High School seasonal trend has remained fairly consistent with the number of Active Listings hitting lows in the January/February time frame and rising to their highest levels in June/July. (Note the difference in the summer period is about 2x the winter inventory.) Continue reading “The Walton High School Seasonal Trend”

Walton High School Oct ’17 Stats

Walton High School Oct ’17 Stats are now available at Miller Group Realty, including a detailed breakdown by elementary school (East Side, Mount Bethel, Sope Creek, Timber Ridge) and price range. Continue reading “Walton High School Oct ’17 Stats”