Listing Update for 1541 Lorson Loop
As of 10/08/2024
Hi Wesley & Cynthia, I'm working hard to promote your listing to 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 recommendation going forward.
What I've done so far:
- Syndication to all the major home search website (Zillow, Trulia, Redfin, etc)
- $358.56 in paid target online marketing resulting in 717 unique views of the property website I created
- 163 fliers mailed to targeted neighbors
- 6 open houses
- 164 reverse prospecting & marketing to other Realtors
- 212 emails, phone calls & text messages to people in my database
Results as of 10/08/2024
- 5 phone calls
- 3 private showing requests
- 12 people at the open house
- Your home has been listed for 62 days
Current market conditions of similar homes:
Criteria used: Single family homes, active, sold within the last 180 days, 1 mile radius (excluding Teravista), built between 1993 - 2013, between 2,700 - 3,300 square feet
Active listings:
- 2 active listings
- $454,500 average list price
- 45 cumulative days on market
Sold Listings:
- 3 homes sold in last 180 days
- $410,000 average closed price of
- 68 cumulative days on market
- Sold on average 94.06% of original list price
My Opinion:
We have gotten a few tangible results since the price has been lowered to align with the rest of the market. I believe that now we are priced closer to market value we will get better attention. When we first met I suggested a list price of $425,000. If you take the average closed price per square foot of $141 & multiply that by the square footage of your home (3,008) you'll get $424,128.
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.
My recommendation:
The way I see it, there are 2 options to recommend:
- Option #1: Leave the listing price as it is for now to allow the recent price reduction to settle in the market. This will allow me to continue to market the home at the reduced price, promote its value & allow room to negotiate. I also recommend promoting a specific incentive to compete with other listings & new builds in the area.
- Option #2: Withdraw the listing with the plan to relist the home in Spring of 2025. I believe that at this time interest rates will be lower, the election will be over & buyers will jump back into the market. Spring of 2025 is the start of the peak season in real estate. I'm not sure if you can do this considering the home you're having built.
Let me know your thoughts & feedback.
