Yes, home sales have declined. Hey, it’s November! They always drop off. Still, the over all indicators show that 2018 is our best housing market in 5 years! As the trend will most likely tend to slow down through January, sells will start to creep back up again, soon. What can you do to be ready for the next big selling season?
While this statement is true, it’s no cause for alarm. Overall market trends and signs for the Highlands/Cashiers Real Estate Market have many positive indicators. Many more homes are currently under contract and inventory is reducing. Let’s take a closer look at the market before we make any drastic decisions.
While last January saw the largest increase in real estate sales for the Highlands/Cashiers area, February showed no increase, nor did it show a decline. The two months combined still show a 31.25% increase in the total number of homes sold compared to average of previous years. While it’s still too early to tell what 2018 holds in store for real estate, the overall market view is promising. Continue reading Cashiers Real Estate on Rise→
January 2018 showed a 74% increase in the number of homes sold, compared with January of 2017. The 2017 year closed with an overall increase of 11.7% more homes sold than 2016. This was also reflected in the total dollar volume increase. Is this a start of things to come for 2018? This would certainly mean good news for Sellers.
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 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.
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.
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.
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.
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.
“Highlands, Cashiers, Glenville Top Listing/Selling Agent”
CLICK TO CONTACT YOUR LISTING AGENT HERE
“Top Listing Agent” is a search term often used by those wanting to list their property. They may feel that if they can find the one that is selling the most, this is what will get their home sold quickly. But what qualifies as “the most?”
Guidelines for “Top Agent”
The National Association of Realtors (NAR) has a “Code of Ethics” and criteria that a REALTOR® must abide by. This is to the benefit of the general public. In fact, many members of the public do not know that a REALTOR® is not the same as a Real Estate Broker/Agent. All REALTOR’s® are Real Estate Agents, but not all Real Estate Agents are a REALTOR®. Confused?
REALTOR® is a registered trademark. Agents that choose to be a REALTOR® must abide by a higher code of ethics. Agents that are not a REALTOR® do not have the same requirements. This “Code of Ethics” also applies to how agents present themselves.
Meaning of “Top Agent”
This can change from month to month, year to year, etc. A “Top
Agent” can be a person that has the most listings, has sold the most number of units, has sold the most in dollar volume or any number of many other variables. It is because of these factors that a REALTOR® must specify in their advertising “what” makes them the top and “when” (dates) this was a qualifying term.
For example, an agent may have sold 2 – $1,000,0000 properties, giving him a sales volume of $2,000,000. Another agent may have had more sales in units, say 6 at $300,000. This means his sales volume is only $1,800,000. Which is the top agent? It depends on what criteria is used. One sold 3 times as many units whereas the other sold more in revenue. And it is most likely neither of these that actually listed any of the properties. However, without knowing criteria, any of them could say they are the top agent.
How to Find the Top Agent
Here are a few tips and questions that may help you find your top agent:
Are they local, from the area? In other words, how much do they really know and understand about the region and this market?
How much marketing experience do they have or do they leave all that up to the firm?
Are they web savvy? Just do a simple search and see how often their name shows up and for what? Is it real estate related?
Are they Social Media Active? Today’s buyer has to find a broker. If yours can’t be seen in Social Media, how are others finding them?
Interview. Have an agent show you data that shows why they price your home at a certain market. This calls for caution. Here is an interesting article about agents and listings. It’s really a must read: “Why Real Estate Agents Take Overpriced Listings“
FIND TOP LISTING AGENT FOR HIGHLANDS/CASHIERS AREA
Sell Your Home
Bottom line is you want to sell your home. You would like to find the top selling/listing agent in your area. A good listing agent knows how to market your home. Typically, it then becomes part of the MLS. You now have many agents that can see your home on the market. It now becomes a matter of pricing correctly and having the right agent that knows how to market.
Please add your comments below on this article or how you look for a Top Agent.