Listing Update for 15204 Guffey Drive
As of 11/04/2024
Hi Art & Susie, I've been working hard to promote your listing & attract a buyer.
Below is a recap of what I've done so far to market your home, the results we've gotten, current market conditions & my thoughts on why the home didn't sell.
What I've done so far:
- Syndication to all the major home search website (Zillow, Trulia, Redfin, etc)
- $325.21 in paid target online marketing resulting in 757 unique views on dedicated website
- 85 fliers mailed to targeted neighbors
- 4 open houses
- 138 reverse prospecting & marketing to other Realtors
- 189 emails, phone calls & text messages to people in my database
Results as of 11/04/2024
- 5 phone calls
- 5 private showing requests
- 3 people at the open house
- Your home has been listed for 64 days
- 1 written offer & 1 verbal offer
Current market conditions of similar homes:
Criteria used: Single family homes, active & sold within the last 180 days, Austin's Colony, built between 2010- 2020, between 1,470 - 1,870 square feet
Active listings:
- 4 active listings (not including your home)
- $336,625 average list price (not including your home)
- 55 cumulative days on market
Sold Listings:
- 3 homes sold in last 180 days
- $312,667 average closed price of
- 49 cumulative days on market
My Opinion:
We started to get better results when the price got closer to my suggested list price of $325,000. I still believe that the home will sell for around that price but it will be harder & take longer from now & until about April 20205.
The average comparable sold price is $312,667 & there was a home very similar to your floor plan at 4604 Belfield that sold on 5/21/2024 @ $305,000.
The real estate market, as a whole, is slow right now. In a normal market, the months of September through April are typically slow due to school & the holidays. The current election cycle, interest rates & inflation has added to that. To me, this means that potential buyers have plenty of homes to choose from & there is uncertainty in the market.
Homes that are selling enter the market with an attractive price relative to the market & if the home does not sell then there are price reductions until the market responds to the listing. You have reduced the price & we've seen a positive response from the price reduction.
Why I Believe The Home Didn't Sell:
I believe that timing & the list price are the 2 main factors that help the home back from selling.
You listed the home on 8/29/2024 which is after the peak season of the market when buying activity goes down. The peak season in real estate is typically between April through August.
We also agreed to try to sell the home at a premium of $350,000. In hindsight, the home would have likely sold if it was listed at $325,000 from the start.
I believe you both did a great job at getting the home ready for the market & I did all that I could to attract a qualified buyer.
Considering everything that has happened I believe the best strategy going forward is one of the following:
- Option #1: Reduce the home price to $319,500. This will allow me to continue to market the home at the reduced price & promote the assumable mortgage. At this price I estimate that you would net about $94,147. This option is only if you still want to sell the home sooner than later.
- Option #2: Withdraw the listing with the plan to relist the home in April or May of 2025. I believe that at this time interest rates will be lower, the election will be over & buyers will start to come back into the market. These months are the start of the peak season in real estate. You've already indicated that you want to do this & I'm ready to make it happen.
Let me know your thoughts & feedback.
