Decisions Decisions

Deciding to buy or sell can be a spontaneous act or one well planned in advance, and in either scenario there is no shortage of choices to be made.

The 2020 real estate market has been unlike any other when it comes to the impact of the pandemic on the seasonal trends. As spring unfolded, which traditionally escalates the activity, buyers faced the question of whether or not to venture out to look and would-be sellers were reluctant to go on the market given all the health concerns and uncertainties.

The unusual slowdown began Week 14, hit the low point Week 21, and then shifted into high gear Week 35. The downward trend that normally develops in late summer has not yet materialized even as we approach the holidays.

In the midst of the pandemic the path forward was as clear as driving through a torrential rain limiting visibility of the cars ahead and even the center stripe.

In hindsight, late May (instead of usual early spring) would have been a good time to list a home for sale, and still is, as inventory remains extraordinarily low compared to the past 10 years.

On the flip side, buyers had similar concerns; e.g., is it safe to venture out to see vacant as well as occupied homes, what about near term and long term employment disruptions? Buyers that waited for more certain times now find most of the good stuff gone and less desirable or possibly overpriced homes remain.

Working with a Realtor with local market knowledge has always been a good idea, for both buyers and sellers.

Given the limited inventory a Realtor specializing in a very specific area may bring additional value to buyers as the need to discover off market property escalates. And, the break with the usual market cycle may lead homeowners who desire to make a move to hire a Realtor with a particular knowledge of their area and price range to gain the needed confidence and comfort needed to proceed.

Brady Miller has a very specific audience and client-centric business model.

The audience is the single family detached residential resales, generally priced $600,000+, in four Elementary Schools of East Side, Mount Bethel, Sope Creek and Timber Ridge that feed Dickerson and Dodgen Middle Schools and in turn Walton High School.

  • For buyers, the goal is help secure the deal or ideal home on the first attempt in the least amount of time.
  • For sellers, the objective is to prepare them and position the property such they have the best opportunity to net more in less time.

The Miller Group Realty (MGR) business model is one that places a premium on client interest ahead of transaction volume and pursuing a metro-wide practice involving condos, townhomes, multi-family, land, lots, commercial property and leasing/rentals as a generalist. There are no distractions associated with time intensive new construction listings or conflicts arising from the buying, renovating, and selling of investment property for self interest.

Having an exclusive focus on a specific audience, working were he and his family lives, and engaging fewer (2 or 3) clients at a time translates into a better overall experience.

Thanks to Ashley McBroom Photography for this awesome family treasure!

Contact Brady without obligation to discuss your particular situation, and visit http://www.WaltonStats.com to view weekly, monthly, and quarterly MGR curated stats that include higher value price ranges down to the elementary school level.

Walton High School Higher Value Market

A couple of interesting points to make after collecting and viewing the most recent Walton monthly data for single family detached resales.

The normal shape of the line chart representing the number of Walton Active Listings in all price ranges changed in 2020. The typical cyclical trend is represented by a steep increase early in the year, peaking early to mid summer, and then slowly declining through the remainder of the year. This year’s activity still had the mid-year bell shaped curve one would expect however it never reached the early summer highs of previous years. The later half of 2020 thus far has shown the same general rate of decline although reaching a low not seen over the past four years. The same narrative applies to the higher value ($600k+) Walton market.

New construction Active Listings (that includes under construction and to be built) numbers were fairly consistent from Oct ’16 through Oct ’19. Since then the number of Active Listings have been declining.

Comparing the number of Active Listings (inventory) for the month of October, going back to 2015, it appears that seller’s of higher value ($600k+) homes had a more difficult time attracting buyers. Specifically, about 65% of all Active Listings in Oct ’20 were over $600k compared to the fairly consistent 45% experienced in the previous five Octobers.

Where to look if planning to make a Walton purchase in East Side, Mount Bethel, Sope Creek or Timber Ridge:

  • under $600k in Mount Bethel and East Side
  • $600s in East Side and Sope Creek
  • $700s in Mount Bethel and Sope Creek
  • $800s – $1m in East Side and Sope Creek
  • $1m – $1.5m in East Side and Sope Creek
  • over $1.5m in Sope Creek

Buyers not finding their ideal Walton home should approach Brady to discuss their situation. Perhaps his exclusive hyperlocal focus can best prepare the buyer to make a successful offer on a new listing as well as to identify potential off market properties.

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. Continue reading “What’s Real in Real Estate?”

Inventory Shortage??

Housing inventory shortage is the conversation of the day, and has been for a while. It seems to be an oxymoron that sellers seem to feel anxious that houses are just sitting and clocking more and more days on market, while buyers bemuse that there are few choices due to the lack of inventory. What gives?

I decided to take a look at the number of Active Listings in my area of concentration – the higher value homes in Walton High School. As of today, 7/9/19, there are 113 resales (not new construction) of detached (not attached, land, lots, rentals) homes on the market priced at or above $600,000. That seemed like a lot so I went back in time to compare that number to prior years.

This chart shows the results. It’s no surprise to see that July 2009 had only 33 Active Listings. The housing market was so bad at the time that only those with big motivation decided to sell or at least attempted to sell.

Walton Active Listings 10-yr History

It appears that everyone seemed to think the recession was over in 2010. Note the increase from the prior year and that the July 2010 inventory was the same then as today (113).

In retrospect, while Realtors and buyers would like to see more homeowners offering their house for sale, our current level of inventory is better (higher) than it has been for years.

Back to the issue or feeling that the market has gone dry. Stats are likely to show (subject of another post) that Right Pricing (an original list price that attracts offers without the need for reductions) is more effective than starting high. Are there fewer buyers in the market today at this price point, or are there fewer buyers willing to overpay?

Selling a house is not rock science. Experienced and novice agents alike perform this exercise every day of the year. The challenge is to set the right environment to give the seller the very best opportunity to net more at closing, in less time.

Visit Miller Group Realty online and spend a few minutes with Best Home Marketing to begin to appreciate why I may be best positioned to represent the interest of those with higher value Walton High School homes in the elementary schools of East Side, Mount Bethel, Sope Creek and Timber Ridge.

Higher Value Walton High School Home Resale Stats

MillerGroupRealty.com is the home for higher value Walton High School home resale stats by price range in Dickerson Middle School and Dodgen Middle School and the four elementary schools of East Side, Mount Bethel, Sope Creek and Timber Ridge that feed them. The local MLS provides a number of market metrics but system design does not support the level of detail that is so important to homeowners living within the Walton High School attendance zone.

The most recent Walton High School numbers reveal the following: Continue reading “Higher Value Walton High School Home Resale Stats”

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”