Tuesday, October 4, 2011 / by Ira Miskin
What Do Sellers Want?
What do sellers want? Buyers! Pretty simple, right? No, not so simple. First, a few tough but true facts. In the Atlanta Metro Area, the high water mark for residential detached home sale prices peaked in June 2007 at about $275,000. By the end of July 2011 the average sale price had declined 29.82% to about $193,000. Interestingly, the number of home sales rose between 2010 and 2011, adding some hope and energy to the residential home sales market. But that was sparked by a decline in home values overall of 13.96% between July 2010 and July 2011. The Atlanta Metro Area is a huge market area, divided into many different Areas where everything from the quality of schools to zoning impact home values in those Areas. In Area 13 which includes a portion of Alpharetta as well as Roswell and Mountain Park, the average sale price for the months including January through July 2007 was $459,317. The average original list price to sold/closed sale price was 95.69% of the original List price. A home run for sellers! In the same period this year, the average sale price was $389,859, a decline in home values of 15.12%. The good news is, in Area 13 the decline is only half the Atlanta Metro Market decline. The bad news is that unrealistic expectations and pricing showed the overpriced original list price average of $441,924 vs. the final sold/closed sale price average of $386,859, just 88.22% of the original list price. A home run for Buyers! If all this sounds very technical, actually it's pretty basic and very, very important. Your Realtor and Team must know the numbers, the specific numbers for your Area and your sub division and street, in order to help you accurately price your home for fast sale at full market value. But price, although a major component of attracting qualified, interested Buyers is only one part of the equation. Presentation of a seller's home - "pin-neat" and "move-in-ready" - elevates a property above the crowded field. And innovative and aggressive marketing that targets the specific Buyers who would be searching for just this home separates the seller's home from all those other homes in the price category. Remember, the numbers are the harsh reality of today's market. Understanding what it takes to showcase a seller's home so that the Buyers in search of the "perfect home" immediately and positively equate this home's benefits with this home's price, means the difference between bringing Buyers to the home and Buyers passing that home by without ever crossing the home's threshold. Everything about the marketing - from the quality of the photography and presentations showcasing the home, to the articulation of that home's unique benefits, to understanding what Buyers shopping for a home like this want - must be carefully thought through when showcasing a home for sale. Even the messages on the yard signs must be unique and enticing to Buyers. There is no "trick" to selling a home. There are plenty of Buyers looking for "deals."There is an over-supply of homes for sale. Selling a home in today's complex market means making sure your Realtor and Team have a firm and clear understanding of pricing and values, past trends as predictors of future pricing, and an aggressive and innovative system of marketing that can elevate your home above the really crowded field. Remember, selling or buying a home is a process and a journey, not an event, you will want to subscribe to our free video e-mail series for home sellers and buyers. For access to the complete series of free video and informational emails that can provide you with many of the important strategies and information you will need to make the best home selling or buying decisions you can email us at info@TMTRealtyGroup.net and ask for the SPECIAL E-MAIL SERIES REPORTS, the free no obligation series of email reports to be sent to you regularly over the next few weeks. Just put FREE VIDEO EMAIL SERIES in the subject line and let us know if want the home seller or home buyer series. Or contact us directly for free, no obligation information at info@TMTRealtyGroup.net