The featured image charts the cumulative number of Walton High School resale binding contracts in East Side, Mt Bethel, Sope Creek and Timber Ridge priced over $600k through Week 43 (ending Oct 23rd for this year) for years 2015 -2020.
Which line represents 2020?
Hint…2020 is like The Little Engine That Could, the black line, steadily out performing previous years. Few would have forecasted this back in March and April when the pandemic was increasingly spreading, businesses were closing and unemployment filings began to skyrocket.
Buyers have little to choose from the remaining Active Listings. And, homeowners with an Active Listing have to be asking themselves, “Why is my house not selling?”.
The following quantifies the feelings. Given the above criteria, the average Active Listing FMLS Total Days On Market is 129. However, and in comparison, MGR research reveals that homeowners first went public with their sales effort almost 250 days on average (after removing the top and bottom 10% of the Active Listings when ranked by TDOM).
See these and other weekly tracking illustrations by clicking here. And contact Brady to discuss the particulars of your ideal Walton or East Cobb home search, or to discuss the prospects of selling in the current market environment.
The featured image represents the number of higher value ($600k+) single family detached resale Active Listings in four elementary schools (East Side, Mt Bethel, Sope Creek, Timber Ridge) that feed into Walton High School.
It is not surprising to see the dip that occurred earlier in the year when the virus took hold in the U.S. It also may not be unexpected this year to see the typical spring activity pushed out a few months as the news outlets reported a bounce or recovery in the market after the nationwide shutdown began to ease. And of course one hears again and again that the housing inventory is low, mortgage rates are the lowest ever, and the pandemic panic is being replaced by the in-town get-out-of-Dodge movement to the suburbs as everyone needs more space to work and school virtually from home.
The following chart is helpful for those of us that like visuals, as it puts into perspective what is happening in your world…assuming you are part of the hyperlocal market described in the opening.
The activity over the last 11 years can be divided into three phases which can be described as following.
The first phase of 2010 – 2012 generally represents the pent-up demand coming out of the housing market recession that began in 2007 and persisted into 2009.
The second phase of 2013 and 2014, which had lower numbers (refer to the table below), was a cooling off period from the excitement in the recent previous years as homeowners evaluated the market and their motivation.
The third phase that we are in now and began in 2015 saw an increase in the number of homeowners taking action to place their home on the market with a growing confidence in the outcome; i.e., a sale at an acceptable and predictable price.
What will occur the remainder of 2020 and next year is up for discussion on the mainstream news and social media, at upcoming holiday parties and around the table at local establishment. What we know now is that although the number of Active Listings is not at its lowest in the past 11 years, it is near bottom. That can bode well for homeowners wanting to sell, and be a stumbling block for those wanting to purchase.
I prepare daily for the opportunity to best serve my client’s interest.
Visit my website to learn more about my business model, the Best Home Marketing approach to selling, and to view a number of Walton stats by price range and elementary school.
“Too Many To List” is often used to describe a home for sale with lots of updates, improvements, amenities, etc. Why not include them?
Is the seller in a rush to get the house on the market?
Is it a strategy to get prospective buyers in the house to see all the wonderful amenities?
Is it a tactic to get prospective buyers in the house when in reality it offers very little?
Is the listing agent:
too busy to prepare comprehensive marketing,
receiving minimal compensation and can’t justify the time,
too new to the business,
putting a higher priority on photos than words,
planning to revise the information at a later date, or perhaps,
just not feeling up to the effort at the moment?
Limited marketing is completely contrary to the MGR Best Home Marketing approach to selling. After all, the client is paying a pretty penny for services, it has a direct bearing on the seller’s ability to net more at closing in less time, and it is a reflection on the agent’s reputation.
Today, FMLS offers over 1,700 characters to describe a property and that is in addition to being able to attach multiple documents to the listing for agents to access. It would seem that if a listing agent wanted to describe all the amenities there is likely a way to get it done within the MLS system.
MGR takes marketing to a higher level by creating single property websites which allows almost limitless marketing to be created and is directly accessible to agents as well as prospective buyers.
Don’t hesitate to contact Brady to discuss your situation and/or have questions about the Miller Group Realty Best Home Marketing approach to selling.
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?”→
I know my way around the kitchen is often used to communicate ones cooking skills.
Likewise, I know the local area is commonly used by real estate agents to immediately connect with a prospective buyer or seller.
“Know” is vague and without more information it is impossible to grasp a cook’s or agent’s level of expertise. Both expressions could be used by someone being very humble about their high level accomplishments. On the other hand, the expressions could purposefully be nondescript hoping the other party will assume the best and what they want to hear. Continue reading ““I Know My Way Around The Kitchen””→
As a reminder, homeowners have 45 days after receiving their Annual Notice of Assessment to file a written appeal. (The notice includes the deadline date.)
In case you were not aware, the county does make periodic onsite visits to update their property record from which to more accurately determine fair market values and/or make other determinations. More information can be found at www.CobbAssessor.org.
Don’t rely on the county’s opinion of value when preparing to sell. A Realtor and/or appraisal are a better resource for determining the potential sale price.
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.
Know your obligations. Put more bluntly, know the law. This applies to those selling a house with or without a listing agent. And, whatever advice is directed at sellers often applies to buyers, and vice versa.
The duty to disclose is a very important topic and was recently addressed by Seth Weissman, long time general counsel to the Georgia Association of Realtors. (Don’t take any action based on this information, instead seek legal advice from a real estate attorney.)
The featured image does not tell you much about the house and appears to say, “HERE IT IS!”, leaving it up to the buyer to find the good, bad and ugly. Notating that a property is being sold as-is and/or without a disclosure seems to be an all too common strategy among investors, heirs and even owner occupants to sidestep their obligation.
Sellers – Regardless of the circumstances or conditions of the sale the seller is legally obligated to report latent defects of which they are aware and which a buyer could not discover through a reasonable inspection.
With this understanding it may seem the way forward is clear. But what about when:
A seller does not want to disclose a latent defect because the previous owner who must have known did not disclose.
A seller disagrees with a pre-listing inspection or one produced by a buyer.
A seller receives but does not read the buyer’s inspection report.
A buyer ignores a seller’s instructions and sends the inspection report anyway.
A seller asks the listing agent not to divulge a material defect that is unlikely to be discovered.
Buyers – Conduct your due diligence or forever hold your peace! There is little to no chance of winning a case against a seller if the issue could have been discovered through a reasonable inspection of the property, including current and pending zoning, boundary lines, flood insurance rates, past insurance claims, city/county/state long range plans, sex offender whereabouts, etc.