My seller asked this question recently, and on another occasion I set out to see what the numbers would say about a house a client was about to purchase.
Since I concentrate on the higher value Walton High School homes in East Side, Mt Bethel, Sope Creek and Timber Ridge I used this market to illustrate the challenge.
As shown below the results are can vary widely depending on the start and end periods. Starting in an off month (such as January) and ending in a peak period (such as July) can set the wrong expectation.
- May ’08 to August ’18: 29.0%
- May ’08 to July ’18: 17.1%
- May ’08 to June ’18: 9.1%
- May ’08 to May ’18: 8.9%
- May ’08 to April ’18: 0.3%
- June ’08 to August ’18: 51.8%
- June ’08 to July ’18: 37.7%
- June ’08 to June ’18: 28.4%
- June ’08 to May ’18: 28.1%
- June ’08 to April ’18: 18.0%
Perhaps the answer is that your house is primarily a place to call home and secondarily an investment. The appreciation is what it is.
Call me when curious about the price of your home, and especially so if it falls in this area, $600,000+, and has not been previously listed as you only get one chance to truly be “new” inventory for buyers to consider.
This question is probably second only to, “How’s the market?”
I find most people are looking for a month or season. The typical response is usually not an answer but information that may already be known; i.e., higher prices in the peak season (spring/summer) mean more homes on the market, while lower prices in the off season (late summer/winter) are associated with less inventory and seemingly fewer buyers.
My reply is a 2-part answer and perhaps unexpected.
First, when to sell should be when you are ready, regardless of the time of year. Is there a life event driving the move? Do you have time to prepare the house? Is the social calendar full?
Second, when to sell should be within the first 2 to 3 weeks of putting the house on the market. It is rare for a house to look as pristine months later. Buyers intuitively know there is more room to negotiate months later. Owners develop what I refer to as “Seller’s Fatigue” which can lead to poor decisions.
Take a look at this chart showing the resale average sales price of single family detached Walton High School homes in East Side, Mount Bethel, Sope Creek and Timber Ridge. It identifies the two months for the past 10 years with the highest average sales prices. Two observations:
- The customary seasonal low-price months (cool blue) offered some of the highest prices in 2008 – 2015.
- Recent years have been consistent with the pattern usually expected; i.e., highest prices in the spring and early summer (hot red).
Maybe the housing recession and early recovery had a role to play in this unexpected results and things are now more “normal” in this post-recovery period.
I can provide plenty of evidence to demonstrate the importance / benefits of being under contract sooner than later. And the number of sellers that do, without resorting to price reductions, may be surprising. Avoiding what I term as a “False Start” has a lot to do with starting at the right price.
Contact me when you have thoughts of selling, regardless of the time of year.
Perhaps the best place to find residential resale information for higher value Walton High School homes is MillerGroupRealty.
Here are some takeaways as of July (raw data sourced from the First MLS system) for Walton homes in four elementary schools (East Side, Mt Bethel, Sope Creek and Timber Ridge). Unless otherwise noted, the information is based on resales (excludes new construction) of just single family detached homes (excludes condos/townhomes and lots/land).
- Number of Active listings is below the levels reached in the summers of 2014 – 2017.
- Number of new construction listings continues its decline (began June 2017).
- The average sales price increase for Walton since July 2014 is about 18%, coincidentally about the same for the four major metro counties (Cobb, Dekalb, Fulton, Gwinnett).
- The average Walton sales price was $625k compared to $426k for Pope, $433k for Lassiter, $406k for Wheeler and $286k for Sprayberry.
- Higher value homes ($600k+) account for about 45% of all Active listings and Sold listings.
- The July average sales price of $890k for Sope Creek consistently far surpasses the other elementary schools (under $600k).
- Who has the most homes available for under $600k? East Side
- Who has the most higher value ($600k+) homes available? Sope Creek
Contact us when you have thoughts of selling as we may well be your best choice for representation when the goal is to net more at closing, in less time. Our clients benefit most when we can apply our Best Home Marketing approach to selling and also be hyperlocal. We live where we work, and our website reflects this focus.
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”
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 homeowner who decides to sell their house enters a competition regardless of whether they list For Sale By Owner (FSBO) or with an agent.
In a track meet, an initial false start by one restarts and renews the race for all, but not so in real estate. Placing a For Sale sign in the yard officially enters them in the race but a false start divides the field into those that truly participant (receive offers and close) from those that become spectators (watch the market activity and are left to wonder).
Continue reading “False Start”
Our WHY is found in our business model, vision, mission, goal and result statements, and it is a simple ‘Y’ that changes the perspective from OUR interest to YOUR best interest. Continue reading “What can WHY and ‘Y’ mean to you?”
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”
How to choose the right agent to sell your home? It’s not easy if you take the decision seriously. When can contacting just one agent be considered a best effort?
The National Association of Realtors (NAR) endeavors to provide insight into this topic via their annual surveys which report fairly consistent answers to: “How did you find your agent? How many agents were contacted before selecting one? What was the most important factor in choosing an agent?” Continue reading “Who To Choose?”
We just finished a review of this price range ($1.0m – $2.0m) in the area of our specialty – Walton High School listings in just four elementary schools: East Side, Mount Bethel, Sope Creek and Timber Ridge.
The research was triggered by current popular opinions from people on the street as well as agents that the luxury market had softened and sellers should be prepared to show the house for months.
Our findings seem to point to overpricing rather than a shortage of buyers and/or too much inventory. Continue reading “2017 First Million Market”