Monday, June 19, 2017

Does an Open House Work? (Things that may not sell your home)

The real estate market in Brevard County, Florida - especially central Brevard County - is a seller's market.  In the Viera, Suntree and Rockeldge area of central Brevard houses that are priced right will move rather quickly.

Looking at the period of May 1,  2016 - June 19, 2016 compared to the same dates this year shows this about Viera, Suntree and Rockledge single family home market.
  • Median days on market same time period last year was 53 days. This year it is 38 days (28% less).  
  • The percentage of list price received at sale has not change much over 2016 with this year sellers getting 98% vs last year 97%.  
  • Days to close (from listing date to actual closing ) is running about 76 days currently.
  • Average sales price for May-June 2017 was $328,000 while last year was about $298,000.
  • Median sales price this year is about $297,000.  The median sales price in Rockledge is about $212,000 so if price is a consideration look more to Rockledge instead of Viera or Suntree.
The above statistics garnered from the MLS system should make a seller optimistic in 2017 if the price is right for the condition.

Still, experience has taught me a few things about selling homes.  Such as..
  • Even when inventory is low presentation remains critical
  • Dirty homes, poor landscaping, and cluttered properties do not fare well - even in a seller's market. 
  • Days on market are a negative. In this market houses move unless there is either something wrong (price, condition, etc) or there is a physical defect (real or perceived) that turns sellers off.  Excessive days on the market make buyers think "what is wrong!
  • Open houses do not bring buyers if the property is not priced right or shows poorly.  Sure, when the inventory is low there will be foot traffic but likely no serious buyer.
  • Likewise, the best photos and attractive brochures mean little if the price of condition is an issue.
  • Buyers will always look for reasons to pay less....motivated sellers know this and do all that is possible to mitigate this strategy.
Something every seller must remember...even in a seller's market the property must be competitive.

Are you ready to sell your Viera Home?  Call or text me at 321-693-3850 for your free market analyses.