First Time On The Market

First time on the market by the original owner in East Cobb, and more specifically the Walton, Dickerson, Sope Creek school district and the luxury home community of Avignon.

5 beds, 4.5 baths, full basement, 0.57 acres, full 4-sides brick!

Spend time on 3771riverly.com to discover all this home offers, seller’s disclosures and offer information. Enjoy the heated salt water pool, spa and waterfalls now. Finish the 2,100+ full size basement at your leisure.

Currently scheduled for Open House on Sunday, August 18th, from 2:00 – 5:00.

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.

“I Know My Way Around The Kitchen”

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””

New Listing – East Cobb Walton High School

Click 50oldfuller.com to view seller disclosures, complete property / offer information, and 80+ photos.

Purchase Price is $670,000 for 5,007 sf of finished living space that includes 6 beds (master and additional bedroom on main), 5 baths, mostly finished full basement, and over 1/2 acres that includes a fabulous backyard flagstone courtyard, water feature, hardscape and gardens.

This home is assigned to Walton High School, Dickerson Middle School and Sope Creek Elementary School; and is located in Chattahoochee Plantation and deep within the Blackland Ridge subdivision.

Contact me to arrange a time to see this home.

Brady Miller, 678-933-7780

Walton High School Stats by price range for only East Side, Mt Bethel, Sope Creek and Timber Ridge Elementary Schools

Time In The Sun? Use This.

Time in the sun? Use this before and during prolonged exposure to protect against  sunburn.

Prolonged time on the market? Expect cash burn as there is no SPF equivalent. The best approach to selling higher value Walton High School homes* is Miller Group Realty Best Home Marketing and Right Pricing to be Moved By The Experience and to have the best opportunity to net more at closing in less time.

The difference is huge and illustrated using 2018 transactions*. The following charts contrast listings that did not require a price change in order to close (Right Price) with those that did. Note the drastic difference in the SP/OLP% and Seller Days On Market (SDOM).

2018 SDOM Scatter Chart - No Price Change

2018 SDOM Scatter Chart - Price Change

*Includes Walton High School resales of single family detached homes in East Side, Mt Bethel, Sope Creek and Timber Ridge Elementary Schools.

Contact Brady (678-933-7780) when preparing to sell or desire a 2nd opinion, and visit Miller Group Realty monthly to follow hyperlocal Walton stats by elementary school and price range.

 

What’s Happening in Walton High School Area?

What’s happening the in the Walton High School area?

The standard answer comes from the MLS reporting, but the best answer comes from an in-depth study using FMLS raw data which requires an extensive manual process. This step is regarded as critical because it is very revealing and relevant when counseling sellers on how best to prepare and position their property to improve the opportunity to net more at closing, in less time. It is the MGR business model, local knowledge, and depth of experience that brings about the delicate balance between these opposing forces. So why the need for hours of work when push button MLS reporting is available?

First, the MLS “Original” List Price is a bit of a misnomer as the OLP comes from the most recent listing and not the initial listing in a multiple listings scenario; i.e., when more than one listing has been used to market a property. As show below, the average homeowner goes through about 2 listings in their effort to sell.

Second, the MLS “Total” Days On Market does not always reflect the entire amount of time a property has been offered for sale, and especially so in a multiple listing scenario due to MLS reporting rules.

Third, the MLS system is not currently built to segment results based on whether or not price changes were introduced.

Fourth, is the granularity needed to isolate the events down to the elementary school and price range level. More detailed information leads to better and more confident decision making.

The featured chart (in seasonal colors of red/green) illustrates two things; a) what happens when property is initially offered for sales at the Right Price (no price changes were required), and b) how this ratio varies among the upper price ranges.

Directly related to the falling SP/OLP% is the corresponding increasing days on market when the Right Price has not been identified.

These stats are for the higher value resale Walton High School single family detached homes in just four elementary schools (East Side, Mount Bethel, Sope Creek and Timber Ridge) because it is the focus of my business, and clients that fall into this slice of the market appreciate and benefit from this concentrated effort.

Below is the summary section of the reporting for the List Date 1/1/18 – 11/20/18 with List Price $800k – $999k, comparing among other things the variance between the MLS TDOM and MGR SDOM (seller days on market). It is very enlightening!

$800k - $1m Current Status v9

Contact me when you plan to sell and I’ll be glad to review this information in detail and other aspects of the MGR Best Home Marketing approach to selling higher value property.

 

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.