Tag Archives: for sale by owner

Highlands/Cashiers Realty Holds Steady

Single Family Home Sales Statistics
Land Sales Statistics
Overall Market View

 

Leverage Your Selling Power

While it may not be anything to “write home about,” it is reassuring that the market in the Highlands/Cashiers area is holding steady. Unit sales for April 2016 show normal sales for the last few years. Although April 2016 did see a 17% increase over April 2015, this is only 4 more homes sold.

FSBO’s (For Sale By Owner’s) need to leverage everything at their disposal to get their home sold. We are currently selling just over 2% of current inventory. There are approximately 200 brokers involved in making these sales happen. Although FSBO’s may pay a fee to be in an MLS, if they are not in the HCBOR/MLS  local brokers may not be seeing their homes. If you’re a FSBO and want to know if you’re in the local MLS, just contact this broker or use this SEARCH FOR HOMES.

There is an expected increase of home sales as we move into our busy season, as seen in the chart below. However, you need to be well positioned to attract buyers. What one must also remember is that sales are typically 30-45 days out from the time a buyer makes an offer on a home to closing. So the statistics below should actually be shifted back, as these stats are based upon “closing” dates. (Click image for larger format)

Recent homes sold in highlands cashiers area
Homes Sales – Highlands/Cashiers April 2016

RECENT HOME SALES (APRIL 2016):

Total homes listed in Highlands/Cashiers MLS: 1254 – This is nearly 100 more homes added to our inventory since last month.

Homes Sold This Month: 28.

Average Sales per Month 1 Year Average: 45 Since we have a “short” selling season, we use the 1 year average sells per month for statistical purposes.

Inventory: 27 months – Remember, a healthy market inventory is considered to be 6 months or less. As the number of homes coming onto the market increase, we should expect the months of inventory to increase. This may continue to keep holding home prices down.

DOM: 447

Average DOM (YOY): 447 This number has dropped and now matches our DOM, which is a positive sign.

Median Sales Price: $292,850 – This number continues to hover near the $300,000 mark. This is also a better indicator in that it shows the “middle” of the market.

Average List/Sell Ratio: 90.21% -Take into consideration this is not the ratio from the “Original” List Price, but the ratio from the price it was listed when sold. The data from “Original List Price” shows the ratio to be at 88%.  This is a strong indicator that buyers consider listed home prices as too high .

Synopsis: Selling a home is not easy in this market. One should consider listing at a price to attract the most buyers. Listing like others means you will have to deal with Substitution. Sellers should price competitively, not comparatively.

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RECENT LAND SALES (APRIL 2016)

Land Units Sold: 12

Total listed in all MLS: 1234-This number is rising, as expected. More properties added means more competition.

Inventory: 94 months. We gained 10 months worth of inventory from the new listings added in April. One property with an assessment of $125,000 sold for $2,000. Another assessed at $160,310 sold for $61,900.  Large inventories do not help land prices.

Synopsis: No demand and large inventory means low pricing.

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Overall Market View:

  • 39% of home sales ranged from $200,000 to $499,999. This is the major portion of market sales.
  • 21% of home sales ranged from $500,000 – $749,999. This was another significant rise in homes in this price range.
  • 14% of sales were above $1,000,000.
  • While unit sales are expected to increase, so is inventory. As a result, no change in opportunity for “expected” sales.

Sellers, this is a tough market. While the number of homes is expected to rise significantly in the coming months, so is the number of homes that come back onto the market. In essence, no real change in opportunities to sell is expected, unless one has the pricing to entice buyers.

Buyers, more homes and land will be coming available.  No doubt, you will find a home or property. However, is that a bargain or will you end up upside down? You should find a broker that is very familiar with this area and its market.

 

 

If you’re considering listing your home for sale or purchasing a home in NC, please feel free to contact a local agent or REALTOR®. They will make a specific report for your area of our MLS (Sapphire, Norton, Glenville, Highlands, Toxaway, Clear Creek, Breedlove, etc). You can then make an informed decision on how to sell or buy your home.

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DISCLAIMER

This material is based upon work performed by Rick Creel, Broker. It is intended to provide an overall view of the real estate market for Highlands, Cashiers and surrounding areas of the Highlands/Cashiers Board of Realtors. It is composed of data from the HCBOR and NAR for this MLS only. Any opinions, findings, conclusions, or recommendations are those of the author and do not reflect the views of any others. There can be no assurance that this information is complete, accurate, or includes all available market data; all information is subject to change. Users of this information are advised to consult with their financial experts about the interpretation and usefulness of information contained herein. It is unlawful to duplicate or distribute the information contained in these reports. For more information or to consider listing your home with an agent or buying a home CLICK HERE.

Hottest December on Record?

Single Family Home Sales Statistics
Land Sales Statistics
Overall Market View

 

Real Estate – Hotter Than Normal

Not only did we see very warm temperatures in December, but the Real Estate Market for the Highlands/Cashiers area was hot as well. According to the activity report from the National Association of REALTOR’S® for the Highlands/Cashiers Board of REALTOR’S® , we haven’t seen this many home sales during the month of December since 2005. Good news indeed for home sellers.

Real estate market highlands cashiers
Recent Home Sales for Highlands/Cashiers December 2015 CLICK to see larger image.

2015 ended up showing a near 16% increase in the number of homes sold, as compared with 2014. Land, showed a decrease in unit sales of just over 9%.

The big question is, “Will this momentum continue through the rest of the winter months and into next year?” While January is typically one of the slower months of the year for the region,  only time will tell us the true story. Here again, optimism continues as this market continues to show overall improvement.

SINGLE FAMILY HOME SALES (DEC):

Total homes listed in Highlands/Cashiers MLS: 1030 – This is a 20% drop in inventory from November. This is good news for those still on the market as they have less competition. The Year Over Year (YOY) average inventory is 1339 homes.

Homes Sold This Month: 52

Average Sales per Month 1 Year Average: 49 Unchanged – This is good news in that it shows the market holding steady.

Inventory: 21 months – This is a 25% reduction in inventory. More good news. However, healthy markets are considered below 6 months.

DOM: 490 – This is the average for the month of December.

Average DOM (YOY): 448 – While this number is down, it will be hard to reduce by much until we get rid of much of our older inventory.

Median Sales Price: $302,500– This is the “middle” of the market, not an average selling price. In other words, there were an equal number of homes that sold both above and below this price. This was just the “middle.”

Average List/Sell Ratio: 90.05% -This is an indicator that home pricing is still considered high, overall. Homes are selling at 90.05% of their “List” price.  To attract buyers and possibly shorten your Days On Market (DOM), one should carefully consider the pricing of their home.

Synopsis: 2015 has ended on a high note. Now may not be the time to hesitate if you’ve been considering purchasing real estate in Highlands/Cashiers area. Still, with such a large inventory, it may not be reasonable to expect a quick sale, unless your home is priced correctly. A good question for sellers to ask themselves is, “How many times has my home been shown?” If you’re getting little to no views, most likely its pricing and not your REALTOR®’s efforts in advertising.

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LAND SALES (DEC)

Land Units Sold: 20 – While this is a slight rise in land sales, this is the total number of units sold for the entire MLS serving the Highlands/Cashiers area. Land sales for the year are down compared with total land sales for 2014.

lands sales highlands cashiers real estate realtor
Real Estate Sales – Land/CLICK to see larger image.

Total listed in all MLS: 1098

Average Sales per Month YOY: 14

Inventory: 78 months.

Average List/Sell Price Ratio: 92.86% Land is still considered to be overpriced.

Synopsis: The huge inventory of land and lack of demand will continue to have an effect on pricing.

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Overall Market View:

52% of home sales ranged from $200,000 to $499,999.
17.5% of home sales ranged from $500,000 – $749,999.

Sellers, while December has shown it can be a strong month for home sales, if you are not listed you may not be leveraging this opportunity to sell your home. Many feel that if no one is here, no one is buying. The statistics show otherwise.

Buyers should not hesitate and miss this opportunity to buy a home in the Highlands/Cashiers area. Land is at its lowest in many years. This past December has shown it to be the strongest since 2005. As the market continues to show an uptrend, delaying in a purchase could cost you thousands.

If you’re considering listing your home for sale or purchasing a home in NC, please feel free to contact a local agent or REALTOR®. He will make a specific report for your area in our MLS (Sapphire, Norton, Glenville, Highlands, Toxaway, Clear Creek, Breedlove, etc). You can then make an informed decision on how to sell or buy your home.

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DISCLAIMER

This material is based upon work performed by Rick Creel, Broker. It is intended to provide an overall view of the real estate market for Highlands, Cashiers and surrounding areas of the Highlands/Cashiers Board of Realtors. It is composed of data from the HCBOR and NAR for this MLS only. Any opinions, findings, conclusions, or recommendations are those of the author and do not reflect the views of any others. There can be no assurance that this information is complete, accurate, or includes all available market data; all information is subject to change. Users of this information are advised to consult with their financial experts about the interpretation and usefulness of information contained herein. It is unlawful to duplicate or distribute the information contained in these reports. For more information or to consider listing your home with an agent or buying a home CLICK HERE.

“Kick the Tires” – Why Do I Need a Real Estate Agent?

Why “Kick the Tires”?

Why Use Real Estate Agent
Courtesy debspoons and freedigitalphotos.net

In the early days, one would “kick the tires” because older tires may have had imperfections and were manufactured in many different ways.  “Kicking the tires” could reveal a defect, alerting the potential buyer of flaws. Today, “kicking the tires” is not enough to make an informed decision. The same is true if you’re planning on buying a home. A real estate agent can help you “kick the tires” on a home.

 

Why Use a Real Estate Agent?

It is in your best interest to have a “Buyers Agent” when looking at Real Estate. Why?

Some buyers think they can get a better deal without an agent. They feel they save money by not having to pay commissions. Truth is, the commission is usually already figured into the sellers side. So for the buyer, not only do they not pay any commissions, but they are getting representation at no cost. This is just the beginning of the benefits of using a real estate agent for the home buyer.

Just like “kicking the tires”, much remains to be unseen. Having a qualified professional look over things and assist you can save you potential heartache and problems down the road. For example, a seasoned real estate agent will make sure the seller has all documents in place. In NC, this includes a Residential Property and Owners Association Disclosure required by ALL sellers of real estate, even if it is a FSBO (For Sale By Owner). However, without having someone on your side, things can be missed. An agent is also familiar with the market and can help make sure you’re not paying to much for a property. He may be aware of similar properties to what you are considering for less. He will also check to see what other assessments, liens, encroachments, easements, etc. may be attached to the property. In other words, he will be looking for all the hidden factors that are often overlooked are not considered by many home buyers. A buyers agent has an obligation to make sure he is protecting your best interests. He knows how to look up what is owed on a property and other considerations to help you negotiate a good price.

 

Real Estate Commissions

While most real estate agents do earn a commission, this is often misunderstood by many in the general public. Because an agent earns more if he sells at a higher price, some feel the agent is trying to get the most he can out of a sale. However, this is not in the agents long term best interests. A good agent will do all he can to help a buyer save as much as possible. The buyer will then appreciate the agents efforts and tell their friends to use that agent. So it is the buyers referrals that are of benefit to that agent. By doing a good job he gets more work.  It’s the same in most professions. Referrals are the best source of income.

 

 

“Kick the Tires and Look Under the Hood”

How to Buy a Home
Photo courtesy of ponsulak & freedigitalphoto.net

So as we’ve considered, kicking the tires may not be enough. Even if you look under the hood, unless you know what you’re looking at this may all be of little benefit to you. If you could have

someone put your vehicle up on a rack and look it over to give you their professional opinion, at no cost to you, would you do it? Then why not get a buyers agent to help represent you? The seller is paying to have this done for you, so why not take advantage of those services? It really serves your best interests.

Do I Need a Real Estate Agent to Sell My Home?

DO I NEED A REAL ESTATE AGENT TO SELL MY HOME?

For Sale By Owner Tips
How To Sell A Home

The short answer is NO! You do not have to have a real estate agent to sell your home. You can go through the process without any representation. However, this could be likened to going to court without a lawyer. So before you decide to try a For Sale By Owner approach, you may want to consider what an agent does. True, you can do all of the work yourself, but if you have a busy life or lack the resources and marketing skills, you may come out ahead to consider using a real estate agent.

FREE MLS SEARCH APP FOR COMPS FOR SALE IN HIGHLANDS-CASHIERS AREA! CLICK NOW!

What is My Home Worth$$$

One of the first things to consider is the current value of your home. There are a few ways that many try to asses it’s value:

  1. Property Tax Value – Oddly enough, when we get our bill each year, most of us KNOW that our home is not worth its assessed value. Assessed is the county’s amount to generate tax revenue for the county budget.
  2. Neighboring Homes For Sale PriceThere is a difference between a “Listed” price and the actual “Selling” price. Just because a home is “Listed” for a certain amount does not mean that is what it sold for. And don’t expect your neighbor to be honest about the “sold” price. However, this is public record and you can get this from the tax records.
  3. I’ve Lived Here for XX Years – Known as “Sentimental Value” your emotions have no value in the market price of your home. Although your father may have built the house and 3 generations grew up there, this does not equate to “value” in the minds of buyers.
  4. My Friend Sold His House For… – While this may be true, where is his house? Is it in close proximity or in another area? Does it have a view? How many square feet is this house in relation to yours? Did his have a fireplace or lake view like yours? This and many other variables come in to play and adjustments have to be made. Without experience and current information and knowing how to make adjustments you could leave money on the table or be asking too much.
  5. I Paid $$$ For My House– What you paid for your house and what is its current value are two different matters. Housing markets are constantly changing. According to the Federal Housing Finance Agency a home purchased in the middle of 2008 for $450,000 was only worth about $430,000 by the end of 2013. Use this link for a FREE HOUSING PRICE CALCULATOR on your home.
  6. CMA (Comparative Market Analysis)– This is most often used by Real Estate Brokers. They look at all data available to them, including recent sales and amounts of similar properties. They often use programs to make adjustments according to size and other special features to arrive at a Current Market Value. Listing Prices and tax values are usually not considered as these could be inflated. This is not considered to be an appraisal, unless your agent is a licensed appraiser. However, the techniques used are very similar.
  7. Use of An Appraiser – You will need to hire and pay an appraiser to give you a value on your home. Although this is similar to a CMA, appraisers are licensed, trained individuals that use many of the same concepts as a CMA. However, appraisers will often use distressed and foreclosed properties. Real Estate agents usually elect not to use these as they will drive down the overall price of your home.

While this is not a comprehensive list of all methods used to calculate value, you can begin to see that the process of pricing your home correctly for a sale is really an art. It also requires some experience to get a marketable price. Using your best guess could cost you in loss of revenue or pricing to high so as to discourage potential buyers. The process may also take a few days with much research. One needs to consider such time and resources when trying to sell their home without an agent.

Using a real estate agent does not mean they will lower your price to make a sale. The truth is, agents are paid in commissions. They want to make as much as they possibly can. To do that your home must be priced fair and in a range that potential buyers are willing to pay. As a “Sellers” agent in NC, your agent must exercise skill, care and diligence to the “Sellers” best interest. If not, he could open himself to disciplinary action by the NC Real Estate Commission. If you feel your NC agent has not treated you properly you can file a complaint HERE.

This is the first in a series on How to Sell Your Home With or Without an Agent. Return often to learn more on How To Sell Your Home.

What’s the current real estate market in Glenville, Cashiers, Highlands, Lake Toxaway or Cullowhee, NC?      CLICK HERE.