Brightmoor subdivision is located in Matthews, NC. A very large subdivision of homes built in the 90’s. the community features 2 Olympic swimming pools, tennis courts and playgrounds. A lot of Matthews families call Brightmoor home. The market has trended over the last three years. Below is how many homes old in the past three years and the average sale price and time on the market:
3 years ago 17 homes sold for an average sale price of $227,332. The average days on the market were 42 days.
2 years ago 15 homes sold for an average sale price of $200,087. The average days on the market were 51 days.
Last Year 9 homes sold for an average sale price of $175,563. The average days on the market was 104 days.
Currently there are 11 homes on the market right now with an average sale price of $215,591. They have been on the market for an average of 165 days. There are also two homes pending. That means that they are under contract waiting to close.
Based on the current trend last year, Brightmoor in Matthews, NC. Is a market favoring the buyer. The reason for it is a six month supply is considered a balance market. When the supply of homes on the market is greater than a six month supply you favor the buyer. Thus the opposite is also true less than a six month supply favors the seller.
Dave dicecco
Realtor/Broker
www.davedicecco.com
Friday, March 18, 2011
Wednesday, March 16, 2011
Does Your Realtor Use Video To Market Your Home?
Everyone will admit that if you are looking to sell a home today you need to price it aggressively and have your home stand out from the competiton. Especially when you are competing against foreclosures and short sales. But how is your Realtor separating themselves from the competiton?
Just about every Realtor out there puts the home on their multiple listing service, places it on various interent sites, and does comparable marketing efforts to get a home sold. But is your Realtor offering you video as an option to getting your home sold?
I am attending a Coldwell Banker convetion this week. One of the topics of conversation was video. I do virtual tours on all my properties and am a strong beleiver in video to help a property sell. What I was suprised at was the statistics of home buyers who use You Tube and other video outlets to find a home. We all agree that over 90% of home buyers are on the interent searching for homes. What I found astounding is that over 70% of the buyers that are under the age of 45 use you tube and video to help them select homes to look at. Yes, I said over 70% of the under 45 crowd.
I have had great success in selling my listings in this competitive market. However; I did not fully realize the impact video had. Coldwell Banker has their own You Tube channel which receives over 7 million visits a month. It is one of the most visited real estate video channel visited on the web today. I never ask people which site they found my listing on. When I ask them where they found me; I always get found you online. I know my internet presence is great; but I realized that video may be the deciding factor as to why a larger amount of my listings are sold.
If you have your home on the market today and are not getting the traffic you were hoping for and you and your Realtor have concluded it is not price, condition, or location then it may be the lack of using video to market your home in this competitive market. You deserve to have your home marketed to as many avenues as possible....it may make the difference between someone looking and buying your home and not even knowing your home exists among the wide array of choices out there.
Dave diCecco
Realtor/Broker
www.davedicecco.com
Just about every Realtor out there puts the home on their multiple listing service, places it on various interent sites, and does comparable marketing efforts to get a home sold. But is your Realtor offering you video as an option to getting your home sold?
I am attending a Coldwell Banker convetion this week. One of the topics of conversation was video. I do virtual tours on all my properties and am a strong beleiver in video to help a property sell. What I was suprised at was the statistics of home buyers who use You Tube and other video outlets to find a home. We all agree that over 90% of home buyers are on the interent searching for homes. What I found astounding is that over 70% of the buyers that are under the age of 45 use you tube and video to help them select homes to look at. Yes, I said over 70% of the under 45 crowd.
I have had great success in selling my listings in this competitive market. However; I did not fully realize the impact video had. Coldwell Banker has their own You Tube channel which receives over 7 million visits a month. It is one of the most visited real estate video channel visited on the web today. I never ask people which site they found my listing on. When I ask them where they found me; I always get found you online. I know my internet presence is great; but I realized that video may be the deciding factor as to why a larger amount of my listings are sold.
If you have your home on the market today and are not getting the traffic you were hoping for and you and your Realtor have concluded it is not price, condition, or location then it may be the lack of using video to market your home in this competitive market. You deserve to have your home marketed to as many avenues as possible....it may make the difference between someone looking and buying your home and not even knowing your home exists among the wide array of choices out there.
Dave diCecco
Realtor/Broker
www.davedicecco.com
Tuesday, March 15, 2011
Did Your Realtor Ask You What You Owed Before Giving You A Market Price For Your Home?
A question I generally do not ask. The only times I have asked the question is when the seller has told me prior to meeting that they are going to have to short sale their home. In those cases I have asked upfront. But, otherwise what does it matter what they owe; if anything?
I know some Realtors will be offended by this.. ”THE VALUE OF THE HOUSE HAS NO BEARING ON WHAT THE SELLER OWES” . To many times I hear sellers tell me that the Realtors wanted to know what they owed on the house before they would present a market price. The market price of the house is our best estimate based on the data we have at that time. If a client has the ability to walk away with $50,000 or $5,000 should not matter to us. What should matter is we are giving the seller our best representation as to the value of the house.
A seller told me when they told the Realtor what they owed on the house the Realtor insisted on lowering the asking price down substantially. She felt he was more concerned about how quickly it would sell at a lower price rather than trying to market and sell it for fair market value.
AS we are in the spring selling season and more people are looking to place their homes on the market; I am hearing more and more often from sellers the same statement “You never asked me what I owed on the house?” and I give the same answer. “The value of the home has no bearing on what you owe on the house. If after deducting commissions and other closing related expenses you are not going to receive enough to cover your mortgage or walk away with what you expect; we can discuss options at that point”.
I think in this tough housing market pricing a home fairly from the start will only enhance your ability to sell the house. But pricing it or recommending a strategy based solely on what a seller owes on the house is doing the seller an injustice.
Dave diCecco
Realtor/Broker
www.davedicecco.com
I know some Realtors will be offended by this.. ”THE VALUE OF THE HOUSE HAS NO BEARING ON WHAT THE SELLER OWES” . To many times I hear sellers tell me that the Realtors wanted to know what they owed on the house before they would present a market price. The market price of the house is our best estimate based on the data we have at that time. If a client has the ability to walk away with $50,000 or $5,000 should not matter to us. What should matter is we are giving the seller our best representation as to the value of the house.
A seller told me when they told the Realtor what they owed on the house the Realtor insisted on lowering the asking price down substantially. She felt he was more concerned about how quickly it would sell at a lower price rather than trying to market and sell it for fair market value.
AS we are in the spring selling season and more people are looking to place their homes on the market; I am hearing more and more often from sellers the same statement “You never asked me what I owed on the house?” and I give the same answer. “The value of the home has no bearing on what you owe on the house. If after deducting commissions and other closing related expenses you are not going to receive enough to cover your mortgage or walk away with what you expect; we can discuss options at that point”.
I think in this tough housing market pricing a home fairly from the start will only enhance your ability to sell the house. But pricing it or recommending a strategy based solely on what a seller owes on the house is doing the seller an injustice.
Dave diCecco
Realtor/Broker
www.davedicecco.com
Monday, March 14, 2011
Why Do Realtors Have Different Home Values When Doing Listing Presentations?
I have always thought that we all look at the same information. We all look in the neighborhood the home is in or the surrounding area if it is not in a subdivision. So, why do we all come up with different values of what the house should be on the market for?
Well, I concluded after a listing presentation the other day; it depends on how bad someone wants the listing, how hard they are willing to work, and what is fair. The couple I met today had interviewed six different Realtors before I got there. They were interviewing one more after I left. When I got done with my listing presentation I asked if they had any questions for me. What came next shocked me…
They asked how come we (being the Realtors) have come up with differing prices for their house ranging in the $210,000 range all the way to $280,000 range. I had a look of shock when they said that. I have had listing presentations in the past where the couple told me they liked me but the other realtor was willing to list it for more… I do not take over priced listings in this market….it is to hard to get them sold today at fair market value.
They told me that they have not discussed the values with any other Realtors. So, I asked why me? They said you seemed to be the most thorough in your evaluation of the comparable properties and your justification of your pricing falls in line with what we expected when we started this endeavor.
After perusing through the listing market analysis I noticed a trend based on the pricing strategy. The ones that were telling her to list for a higher price excluded key comparable sales that would not support their pricing strategy (and 2 of them sold within the last 60 days). Ones on the other end of the spectrum used limited properties that showed only bank foreclosures and short sales as comparable (this home is not a short sale). Thus that is how they justified the lower end of the pricing spectrum.
A few of us used both and adjusted accordingly. However; I also pulled tax records and other data to support my price….I was shocked to find out that I was the only one of the eight Realtors they had met so far that did that. I also provided them with a market strategy and pricing matrix based on how long it would take to sell their home. I also was the only one that did that.
After spending another two hours deciphering the data and explaining what some realtors left off and others added to justify their price they said they now understood….I walked away with the listing in hand and a client who realized I was looking out for their best interest….not mine.
Dave diCecco
Realtor/Broker
www.davedicecco.com
Well, I concluded after a listing presentation the other day; it depends on how bad someone wants the listing, how hard they are willing to work, and what is fair. The couple I met today had interviewed six different Realtors before I got there. They were interviewing one more after I left. When I got done with my listing presentation I asked if they had any questions for me. What came next shocked me…
They asked how come we (being the Realtors) have come up with differing prices for their house ranging in the $210,000 range all the way to $280,000 range. I had a look of shock when they said that. I have had listing presentations in the past where the couple told me they liked me but the other realtor was willing to list it for more… I do not take over priced listings in this market….it is to hard to get them sold today at fair market value.
They told me that they have not discussed the values with any other Realtors. So, I asked why me? They said you seemed to be the most thorough in your evaluation of the comparable properties and your justification of your pricing falls in line with what we expected when we started this endeavor.
After perusing through the listing market analysis I noticed a trend based on the pricing strategy. The ones that were telling her to list for a higher price excluded key comparable sales that would not support their pricing strategy (and 2 of them sold within the last 60 days). Ones on the other end of the spectrum used limited properties that showed only bank foreclosures and short sales as comparable (this home is not a short sale). Thus that is how they justified the lower end of the pricing spectrum.
A few of us used both and adjusted accordingly. However; I also pulled tax records and other data to support my price….I was shocked to find out that I was the only one of the eight Realtors they had met so far that did that. I also provided them with a market strategy and pricing matrix based on how long it would take to sell their home. I also was the only one that did that.
After spending another two hours deciphering the data and explaining what some realtors left off and others added to justify their price they said they now understood….I walked away with the listing in hand and a client who realized I was looking out for their best interest….not mine.
Dave diCecco
Realtor/Broker
www.davedicecco.com
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