January 2015 Market Report

It’s a new year and by all indications, it’s going to be a good one.  In the last few months we’ve found ourselves in several multiple offer situations and we’ve seen more and more properties closing at a higher percentage of the listing price which we believe is a direct result of sellers adjusting their prices to attract more buyers. The greatest challenge is for sellers in the $500,000- $750,000 price range. That price range has 64 months worth of inventory compared to 12 months for sellers in the $200,000-$300,000 price range. This is entirely consistent with the trend here over the last few years with the lion’s share of sales occurring in the $150,000 to $350,000 range. For buyers, this is important information because if you’re considering buying a home in that “sweet spot”, there is less inventory, more demand, and they typically sell around 95% of the asking price compared to 90% or less just a year ago.  It’s still a buyers market but that doesn’t mean it isn’t competitive and buyers with the best offers and best terms win out in multiple offer situations.  For sellers the best strategy is to price a home accordingly based on the condition, the location, and the overall market.

Land sales continue to limp along. Last month there were 7 land transactions compared to 8 that same time period last year.

If you have been on the fence about selling your home, contact us for a FREE market analysis. We can show you how to price your home and what you need to do to attract today’s buyers.  Buyers, ask us about how to receive regular updates on listings that fit your personalized criteria.

If you’d like to receive our monthly e-newsletter with the latest market information and things going on in the Transylvania area, just drop me a line at Carol@ClayTeamRealEstate.com.

The Perils of Too Much Information

There is no denying the impact that social media has had on our lives.  Websites like Twitter, LinkdIn, and Facebook make it possible to communicate with people 24/7 no matter where we are in the world. All of these sites all have their places in our lives and our businesses and they can be a fun diversion….when we use a bit of common sense.

Facebook in particular has become a hot spot for all sorts of information sharing and I admit to spending more time there than I should some days.  I learn things, I pass along information that I think my friends would like, and I enjoy the occasional debate over hot topics. But sometimes I’m amazed at what people post about their relationships, their jobs, and frankly the intimate details of their lives. Some posts make me outright uncomfortable because it is just TMI – too much information. In one case, I decided to “unfriend” a woman who posted daily details and photos of her young child’s progress at potty training.  There are just some things I don’t need to know.

This same tendency for “over sharing” can be the un-doing of many a job applicant.  Think those pictures of you having way too much fun at a frat party won’t hurt your image or your chances of landing that job you want? Think again. Today’s employers consider a search on Facebook just another stop in vetting job applicants.

Social media has it’s benefits, though, and can be an effective way of carrying a message to a wide and varied group of people.  So how can Facebook and other social media outlets be used to help you sell your home? Here are a few do’s and don’ts to keep in mind.

• If your Realtor has produced a video or a virtual tour for you, DO get the link and post it on your timeline.  Ask your friends to share it with their friends. Just make sure there is appropriate contact information so anyone who is interested knows who to talk to.
• If you don’t have a video, DO ask for a link to your Broker’s website where your home is featured, and share that link.
(Side note: If your Broker doesn’t do videos or virtual tours and doesn’t have a website, you should consider hiring a different Broker)

BlahDON’T use Facebook as a place to vent about your home’s short comings. As a seller, you are required to disclose what you know about your home such as any trouble you have had with the HVAC, or a roof leak. But the place for that is on a Property Disclosure form provided to you by your Broker.  Facebook is NOT the place to talk about how you cleverly patched that hole in your roof so no one can see it’s damaged and it’s NOT the place to talk about how steep your driveway is or how loud your neighbors are. At least not if you’re trying to sell your home any time soon.
• If you’ve already moved to a new location DON’T tell the world of Facebook that the home you are selling is now vacant.  It’s the same reason you don’t announce that you’re leaving the next day for vacation.  That kind of information is dangerous in the wrong hands.
In today’s information world, you don’t have to be the FBI to find out pretty much anything you really want to know about a property including how much some one paid for it, whether or not there is a mortgage, or how many times it’s been on and off the market. It’s all out there somewhere if you know where to look for it. The same is true for  a lot of your personal information.  Now, in addition to public records, today’s savvy buyers are using Facebook and websites like it to gain more information about sellers including the home they are selling.

At the end of the day, it all comes down to using a little common sense. To paraphrase that now famous slogan for Las Vegas…what you post on the internet stays on the internet.