In a new weekly series, Carolina Living Realty's Sharon Simmons will take on
your specific questions. Have a question about real estate on Lake Keowee, living
in Upstate South Carolina, or real estate in general? Send Sharon an
email and she will answer your questions here every week!
New Post - 8/11/08 - Selling Your Lake Keowee Home
This week,
Sharon discusses the market for luxury homes on Lake Keowee, how long
one can expect their home to be on the market, and the times of the
year that buyers tend to purchase Lake Keowee homes.
How long does it typically take to sell a home on Lake Keowee?
In today’s real estate market, sellers should prepare to wait it
out. The average days on market for properties listed under one million
dollars is around five (5) months. For homes priced more than one
million dollars, the average days on market is around 210 in 2008, up
from an average of 154 days in 2007. Even though that may not sound
like a long time, it is an eternity when a seller really needs to sell,
and it is only an average. It is not unreasonable to expect that some
homes may take a year or longer to sell. It definitely is a buyers
market. Look at this comparison:
Waterfront Homes $500k - $999k:
# homes sold year-to-date 2008 = 22 (average of 3.1 homes per month sold since
January); average days on market was 156
# homes for sale as of 08/08/08 = 89 (74 of those homes may not sell this year);
average days on market is 151
Waterfront Homes more than $1 million:
# homes sold year-to-date 2008 = 9 (average of 1.3 homes per month sold since
January); average days on market was 210
# homes for sale as of 08/08/08 = 73 (66 of those homes may not sell this year);
average days on market is 167
There is a huge supply of waterfront homes on Lake Keowee. In my last
blog entry I talked about the importance of sellers making their home
stand out and look the absolute best that it’s ever looked before it
goes on the market. And although it gets painfully tedious, the house
has to look absolutely at its best every single time it’s shown.
Is there any specific time of year when homes tend to sell or not to sell?
The typical selling season on Lake Keowee is early spring through the
end of the summer; that is the period when most closings take place.
Most transactions close in about 45-60 days, so buyers actually start
looking around the end of February or the first of March and continue
to look throughout the summer. Fall sees some traffic, but mostly
people who are passing through on their way to the fall color in the
Asheville or Tennessee mountains. November through February is not a
busy season, although many people do visit our area over the holidays
as they gather with family and friends.
Question: It seems like my house has been on the market forever. I dropped the
price six months ago, and it still hasn't sold. What gives?
Sharon: In a buyer's market, it is critical for sellers
to take on a business mindset when trying to sell their home. There
are several things to do and keep in mind in today's market::
1.
Separate your emotional attachment to your home from your financial interest
in
your largest financial asset. The right mindset will make all the
difference in the world as you go through the selling process.
2.
Make a good impression. Buyers in today's market are picky, picky,
picky -- and they can afford to be. Make sure that your home has great
curb appeal and that everything (inside and out) is in good repair and
looks as good as it possibly can. Deep cleaning is a must ... powerwashing, painting,
window cleaning, de-cluttering ... these are
all low-cost "musts" that will have a major impact on attracting an
offer. Think of it this way: if you were selling a car, you would
clean it from top to bottom, inside and out, maybe even have it
detailed by a professional before you ever took the first picture of it
and put a sign in the window. Your house is no different -- it needs
to look better than it's ever looked before when it's on the market.
3.
Price it right. The right price for your home is whatever a buyer is
willing to pay. Make sure it's priced competitively from a business
point of view -- not what you think it's worth emotionally. Forget
what you could have gotten for it two years ago or what you paid for
it. The only thing that counts is what's happening today in the market
you're in. Look at what's sold in the last 12 months, what's available
in the general price range today and determine how your home compares.
If YOU had to pick between your house and 3 others on the market, which
would YOU choose?
4.
Hire a competent agent. It seems like
that would be obvious, but very few people actually understand what an
agent really does and how an agent can, should, and will work for them
during the listing period. If your agent is counting on someone else
to sell your home, you need another agent. Anyone can stick a sign in
the yard or enter data into the Multiple Listing Service. What
SPECIFICALLY will your agent do to attract buyers to your home and make
it stand out against the competition? How knowledgeable is your agent
about what's going on in the market -- who's buying, what are they
buying, where are they coming from, how did they find out about the
property they bought? What kind of support does your agent have -- is
he or she a "one-person" show or do they have other agents in their
office working to sell your property as well?
5.
Be realistic.
If a qualified buyer gives you a reasonable offer, be prepared to
accept it. Don't lose the deal over a few dollars. With so much
inventory on the market, a buyer can easily move along to the next
property and negotiate until he gets the deal he wants. Remember that
the buyer isn't emotionally attached -- your property is one of many
from which they can choose and be satisfied.
