When Is The Best Time To List Your Home?

 Buyer and Seller Resources, Selling Your Home  No Responses »
Oct 242011
 

 

FYI, Some interesting information:

 

Finding the Best Day to List

After analyzing 1.2 million listings in 16 markets across the country for 21 months, Redfin found that sellers have a better chance of moving their homes off the market if they list them on a Friday.

The brokerage’s study indicates that Friday listings were 12 percent more likely to change hands within 90 days. Additionally, 94.4 percent of properties listed on a Thursday or Friday sold for close to the list price; in contrast, only 93.3 percent of those listed on a Sunday or Monday sold for close to the list price. Friday listings were 18.8 percent more likely than Sunday or Monday listings to be toured, with Redfin noting that “homes listed on Fridays are the freshest in buyers’ minds when they’re making their weekend plans.”

Buyers also prefer to visit the newest listings first to beat the competition. The study concludes, “More tours leads to more offers, and more offers leads to a better price and a better chance of selling.”

[SOURCES: Inman News; Information, Inc.]

 Posted by mariapatton at 11:19 am  Tagged with: ,

Nashville Housing Market: January Home Sales Increase, Inventory Decreases..

 Buyer and Seller Resources, Nashville Homes and Neighborhoods, Selling Your Home  No Responses »
Feb 092011
 

After months of declining home sales January post an increase in home sales and a decrease in home inventory..this is fantastic news for the Nashville housing market..I have highlighted in yellow some numbers to look at. The condo market is still struggling a bit..Home sellers and buyers should anticipate a busy Spring!

2011 HOME SALES BEGIN WITH INCREASE

NASHVILLE, Tenn. (Feb. 9, 2011) –  There were 1,101 home closings reported for the month of January, according to figures provided by the Greater Nashville Association of REALTORS®.  This figure is up 6.6 percent from the 1,033 closings reported for the same period last year.

“The new year has brought positive news for home sales in the Greater Nashville area,” said GNAR President Alice Walker. “This data is especially encouraging because the data from last year were supported by the tax credit for first-time home buyers. Also, having this increase at a time when winter weather has been so challenging in Middle Tennessee makes the improvement even more significant. The January data is another example of positive economic news from this region as well as from across the country, which may signal the beginning of a broader overall recovery.”

A comparison of sales by category for January is:

January 2010
 JANUARY 2011

CLOSINGS

1,033

1,101

Residential

821

918

Condominium

164

117

Multi-Family

10

16

Farms/Lands/Lots

38

50

There were 1,270 sales pending at the end of the month, compared with 1,295 pending sales at this time last year.  The average number of days on the market for a single-family home was 102 days.

The median residential price for a single-family home during January was $165,500 and for a condominium it was $131,500.  This compares with last year’s median residential and condominium prices of $159,000 and $154,550, respectively.

Inventory at the end of January was 20,347, compared with 22,233 in January 2010.  The current inventory of properties by category, compared to last year, is:

January 2010
JANUARY 2011
INVENTORY 22,233 20,347
Residential 13,414 12,595
Condominium 2,293 1,922
Multi-Family 442 361
Farms/Land/Lots 6,084 5,469

“The level of inventory has decreased and remains at levels comparable to early 2007,” said Walker. “It’s likely that both inventory and closings will increase as the spring home-buying season becomes active. As the weather improves, the number of people out exploring home purchase options increases. So, people considering selling their homes would do well to consider preparing their homes now to be attractive and competitive. They should talk to a Realtor about how to prepare and price their property for the best results.”

 Posted by mariapatton at 11:14 am  Tagged with: ,

Selling Your Home In Today’s Market: How To Price Your Home

 Buyer and Seller Resources, Selling Your Home  No Responses »
Dec 142010
 

There is no doubt that we are in a challenging housing market leaving home sellers with the dilemma of how to sell their home in a market flush with inventory and full of distressed properties. The market has changed so much over the past year and even the past few months. It will likely change even more. One of the biggest challenges home sellers face is how to price their home and still feel like they are not taking an enormous loss.

How do you price your home when there are so many homes for sale on the market right now? One of the biggest things I tell potential clients is to look at what is for sale on the market right now. We use to strictly look at what had previously sold and still that is important but when you have so much inventory you have to compete with what is currently listed. For example: If you are thinking of pricing your home at $250,000 and in your area there are 15 homes in that same price range that are similar to yours, you need to go below that. When I tell my clients this, I am always asked about the improvements they have done to their home that may make their home more valuable..unfortunately no. Unless, the home has some Green features or  is Energy Star certified the improvements will not usually add more value.

Paying attention to what has closed and how many ” days on the market ”  is important for a couple of reasons. First, you want to be competitive from the start. I always advise clients to price their home competitively from the start so their home does not have to go through a large price reduction. Closed sales are also valuable in determining how an appraiser might look at your home when it comes time for an appraisal. One of the dilemmas of an overpriced home in this market is the home not appraising for the buyer’s loan when the house gets a contract. Appraisers typically will look at 3 months of closed sales in the neighborhood that are similar to yours. If your neighborhood has a lot  of foreclosures and short sales you have to consider those as well..not great news I know.

Lastly, hire a Realtor to represent you. I understand everyone needs to save money especially now but in this market you need to have every advantage and the most exposure possible. The MLS is a great way to get maxim exposure but NOT the only way. Most of us have out own personal websites and relationships with other agents as well as other marketing strategies that we use to effectively sell your home. We are also prepared  and for any unexpected incidents that may arise. We have the experience when it comes to working with buyer’s agents, lenders, appraisers, home inspectors, closing attorneys, contractors or any other third party that may be involved in the sell of your home. The most important reason is that you want someone negotiating on your behalf who only has your best interest in mind. When a buyer contracts to buy your home they will be represented in most cases.

 Posted by mariapatton at 10:34 am  Tagged with: ,

East Nashville Homes: Market Update

 East Nashville, East Nashville Home Prices, East Nashville Home Sales, Selling Your Home  No Responses »
Sep 302010
 

The East Nashville housing market for September, even though we still have a few business hours left, posted approximately 49 homes that have closed so far. The median price of homes sold was $114,470 with an average days on market of 68. When I take a closer look at the Comparative Market Analysis that I use to post these numbers, I see on some of the listings sold that the average days on market on some of them were 23 days or 27 days and so as I look further I see that of all of the ones that were on the market much longer, more like 70 days and up..I then look at the selling price per sq.ft and then I know that these are the homes that are selling. The ones that are priced well from the get go.

So where do we stand currently in the East Nashville market? East Nashville has a plethora of homes on the market. Currently in the 100k to 140k there at present 242 listings with 20 of those being under contract. Homes priced between 140k and 200k are a little lighter, there are currently 187 with 8 currently under contract. Currently there are 113 homes listed between 200k and 300k and 18 are under contract which this is a pretty good number in this price range. From 300k to 400k there are 30 homes listed and 2 are under contract.

East Nashville homes will continue to sell simply because of the neighborhood. Over the past thirteen years that I have been a resident I have witnessed the tremendous growth of not just my own neighborhood ( Lockeland Springs ) but the adjoining communities as well. East Nashville continues to be one community that just continues to shine. Homes will continue to appreciate as this community to prosper.

Noteworthy East Nashville neighborhoods that you may not know about. As a long time resident, I have some favorites but as an East Nashville Realtor, I have discovered some new favorites. Of course I love Lockeland Springs and have lived here for a number of years. I love the variety of homes, the close proximity to Five Points, the walkability to everything and the beauty. My next favorite is Little Hollywood. Few people even know it is up there nestled beyond 16th and Ordway. It has some of the most charming little stucco, Tudor and cottage style homes that are literally all encompassed in a block or two of the hills of Shelby Golf course. They do not come on the market often and sell pretty quick when they do. There are a couple listed now. I have discovered a great love for Inglewood especially the Riverwood section which is so diverse and can really accommodate pretty much any home buyer.

East Nashville Buyers and Sellers:

There is one thing I know for sure that I have gained from working with numerous buyers and sellers, is that which ever side your on, this is personal, no matter how much you intend for it to be strictly a ” business transaction ” a lot of emotion, personal feelings, history and what not go into both sides. For a seller it is letting go of something that is yours. For a buyer it is making an investment and maybe for the first time, in a new beginning, a new community, a new home and it is a big deal. The smoothest path to negotiating a great deal between buyer and seller is both realizing this.

East Nashville homes are selling and yes this is a very unpredictable market but we are not in the shape that the nation as a whole is. Home sellers should price their home competitively from the get go and make sure it is market ready before you list. Not just cosmetically but mechanically as well. Checking everything first especially in an older home can cut down on a lot of home inspection stress as well as wave off any potential home inspection repair issues.

East Nashville home buyers. While there is a lot of homes on the market to choose from, East Nashville home prices are not likely to go down significantly in the coming months if at all. East Nashville home owners have invested  a lot of time, money and emotion in their homes and this community and more likely to rent their homes as opposed to slashing the price or just giving it way. However, the potential to find a home that is fairly priced, in great shape and in a great location is very good right now and probably better than I have ever seen it. Investment properties are showing up as investors are starting to sell off their portfolios. East Nashville is at the forefront of Nashville’s Green building movement with Energy Efficient and LEED certified options available for East Nashville buyers as well as plenty of new construction options. East Nashville condo buyers now have options as MC3 has now been approved for FHA financing making it easier to own a condo in the Five Points district of East Nashville.

Whether you are buying or selling, we are in trying but better times than we think. Interest rates are in our favor, lenders are out there that will work with qualified buyers. My best advice to anyone thinking of buying or selling is to research your options, educate yourself on neighborhoods, and please hire experienced professionals.

 Posted by mariapatton at 11:29 am  Tagged with: , , , ,

Village Real Estate Services Tops the Charts in Performance

 Selling Your Home  No Responses »
Sep 082010
 

Village Real Estate Services topped the charts in performance this past year. Data compiled from August of 09 to August 10 showing what Davidson County ( Nashville ) real estate companies were performing the best showed Village Real Estate to be number 1 in almost every category including:

1. Annualized $ Volume ( Total Sold in Davidson County )

2. Annualized Market Share % ( Volume )

3. Annualized Number of Units

4. Annualized Market Share % ( Units )

5. Total $ Volume ( $123 million )

6. Total # Units ( 532, 000 )

7. List $ Volume ( $118 million )

8. List # Units by office ( 479 )

9. Sell $ Volume by office ( $ 123 million )

10.  Sell # Units by office ( 532 )

11. Sold Price to List Price % List Side ( 95.9 % )

12  Sold Price to Original Price % Sell Side ( 93.8 % )

13. Days On the Market ( 61 )

When it comes to choosing a real estate agent to handle any of your real estate needs, you want the very best.

http://files.e2ma.net/2621/assets/docs/sales_in_davidson_county_aug09_to_aug10.pdf

 Posted by mariapatton at 6:20 am  Tagged with: , ,
 Older Entries
© 2012 East Nashville Homes - Maria Patton, Realtor Suffusion theme by Sayontan Sinha