Listing Update for 19908 Victoria Chase Road
As of 11/04/2024
Hi Carol, 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)
- $347.62 in paid target online marketing resulting in 742 unique views of the property website I created
- 119 fliers mailed to targeted neighbors
- 7 open houses
- 77 reverse prospecting & marketing to other Realtors
- 12 emails, phone calls & text messages to people in my database
Results as of 11/04/2024
- 1 phone call
- 0 private showing requests
- 11 people at the open house
- Your home has been listed for 82 days
All active listings in the 78645 zip code:
Current market conditions of similar homes:
Criteria used: Single family homes, active, sold within the last 365 days, 78645 zip code, 0.9-4 acre lot, 1,800-2,300 square feet
Active listings:
- 3 active listings
- $552,667 average list price
- 246 cumulative days on market
Sold Listings:
- 5 homes sold in last 365 days
- $655,980 average closed price of
- 159 cumulative days on market
- Sold on average 97.2% of original list price
My Opinion:
I am still concerned that we have not gotten any meaningful results on your listing. I consider private showing requests, phone calls, emails & engagement with the listing as a meaningful result. It has been my experience that if we have a home priced right, presented at its best & marketed to active home buyers then we will experience meaningful activity that will result in offers & neotgiations.
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 an abundance of homes to choose from & uncertainty in the market.
Homes that are selling enter the market with an attractive price relative to their competion in the market & if a home does not sell then there are price reductions until the market responds to the listing.
My recommendation:
The way I see, there are 4 options to recommend:
- Option #1: Reduce the list price to my original recommended price of $725,000. At this amount I estimate that you will net around $529,312 which will still accomplish your goal of buying your next home with cash & still have money left over. Click to see the estimated seller net sheet.
- Option #2: Begin to systematically reduce the price by $5,000 every 2 weeks. This will refresh the listing on most online search sites, capture a larger part of the market at the lower price & send out notifications to anyone who has saved the listing about the price reduction. I'll also be able to market the reduced price to active home buyers in Lago Vista. In my experience, this has been very effective towards finding a buyer over a period of time.
- Option #3: Leave the list price as it is & wait for the right buyer to come along
- Option #4: 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.
Let me know your thoughts & feedback.
