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Posts Tagged ‘Real estate broker/agent’

I did a little research this past week on the real estate market in Mt. Pleasant and learned a couple of interesting things about the Mt. Pleasant real estate market. In the local multiple Listing Service (MLS) Mt. Pleasant real estate is in two sections; properties south of Hwy 41, and properties north of Hwy 41.

The total number of homes listed for sale in all of Mt. Pleasant (both parts of MLS and both attached and detached homes) is 1159. This is a moving target, so the numbers will be different slightly this week. Of those homes listed there are 264 that are listed as contingent, meaning their under contract but area in the process of clearing those contingencies. Of these, some may not clear all contingencies and will return to the active status.  The numbers show about 18.6% of the listed homes for sale in both sections of Mt. Pleasant are under contract.

A Mt. Pleasant detached home

Looking at the Median Prices provides some additional information that can be telling. For the area north of 41, the Median Price for all homes listed is $450,000, while the Median Price for the homes that are contingent is $315,000. A difference of $135,000 below the Median Price for all Listed detach homes. For homes listed in the south area below 41 the Median Price is $469,950, while the Median Price for the homes that are contingent is $372,500. A difference of $97,450 below the Median Price for all listed homes.

Attached homes have a lower Median Price, but show a similar trend. In the north area above 43, Median Price is $212,200 while the Median Price of contingent homes is $199,000. In the south area Median Prices for all listed homes is $229,945 while the Median Price for contingent homes is $156,500.

Some attached homes in Mt. Pleasant.

In all cases, the Median Prices show that the homes under contingencies have Median Prices well below the Median Price for all listed homes, both attached and detached. Since these homes are active contingent, the Median Price reflects the listed price at the time the home was classified as active contingent in MLS. The actual price paid is not reflected in any of these numbers.

The take away is that in this market, homes need to be price aggressively or buyers will look to properties that are! Buyers have more choices and will not look at homes that are not aggressively priced. A professional real estate agent knows the local market and is in the best position to help their clients price their homes competitively for that market.

We are professional Realtors and know the market in Mt. Pleasant. If you have questions about real estate in Mt. Pleasant, or you are looking for help buying your next home, or selling your current home, call us. If you know someone who may have questions, have them call us. Patricia can be reached on 843-425-0953. I can be reached on 843-364-9509. You can also sign-up for the most comprehensive Market Snapshot available at our website at www.MarkandPatriciaFuchs.com.

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Picture of the "Gingerbread House" i...

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As a real estate professional it is very easy to allow your time to be consumed by your work. Especially when working short sales…now there is an oxymoron! Short sales are a fact of life these days and for the foreseeable future. They can take an enormous amount of time to get done whether you are representing the buyer or the seller.
It can also be emotionally draining for everyone involved. It is difficult to keep in mind that it is simply business. On the sellers side, there can be the emotion of failure and with the banks asking for more and more documentation, it can feel as though someone believes you are withholding information.
On the buyers side there can be a different set of emotions. Families want to be settled in their home. As they started the process, they heard 45-60 days at least, but wanted 30-45 days. The agent has to keep in constant communications with them to help them to see that there is light at the tunnel.
Dealing with clients and banks in short sales make controlling your schedule a challenge.  This week we are taking a time-out on the IOP at Palm Seasons. Great weather! Great friends! And an absolutely great family!

Sometimes you just need a time-out!

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Is that a question you’ve asked your real estate agent? It is one that seems is being asked more and more these days. While there are many factors that go into the answer to that question, one reason that is the most frequent reason is the listing price. How is the listing price of your home so important in getting your home sold within 90 days?

What is your house worth to a buyer?

Your goal is to sell your home for the best price in the shortest time. That is also the goal of your real estate agent since your agent only gets paid when your home sells. That poses a very delicate balancing act. What is the best price to get your home sold in 90 days? What relationship does that price have with what you paid for your home, or more importantly, what you owe on your mortgage? As a homeowner, these  are important factors to you, but a potential buyer is not interested in what you paid for your house and what you owe on your house! To a potential buyer the only thing that is relevent is what is your house worth in this market. Isn’t that what was important to you when you bought your house?

When your home is listed, the first two weeks tell the tale of list price. If your house is shown often during that time you are probably in the right price range of comparable homes. If you haven’t received an offer, your list price could be high. If your house has only a few showings in the first two weeks that is a clear indicator that you need to take immediate pricing action to get in the range price of comparable homes in the area. If you do not act immediately another reason comes into play. What’s that?

If you’ve listed your house at a price that is above the selling price of houses that are comparable to yours and you aren’t getting showings within the first two weeks of listing your house, your house will be ‘old’ in the minds of buyers. Even worst, buyers might feel that it would be difficult to negotiate a deal on your house because the listing price is above the market. That puts you in a difficult position. By the time you lower the price to where the market was, you’ll find that the market has changed. You end up chasing the market and your house has lost its luster. Some agents may tell you that the price reduction will cause your house to show up on the MLS hot sheet notifying all local agents of the price reduction. But remember, these agents saw the first listing with a price that was above market. And there are newer listings that their clients might want to see!

Avoid the hassle! Selling your house is a business transaction and there is little room for emotion. What ever your reason for selling your house your goal is to sell it at the best price (fair market value) in the shortest time possible! While you cannot do this with price alone, one thing is sure: If you price above the market you will not sell your house in the shortest time possible.

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A lovely part of the Charleston Coast.

 

It has been a difficult time for the past several years for the economy in general. However, real estate seems to be at the center of the doom and gloom, and real estate agents have suffered as much as anyone during this economic down turn. Almost as much as the home owners they represent.

A number of agents have left the business. Many got into the business because they saw it as a way to make lots of money…They were wrong! Others got into the business because it appeared glamorous. They saw successful agents driving expensive cars and enjoying the finer things without, from their view, too much effort…They were wrong! It wasn’t a profession to them, just a job that they thought paid lots of money.

Patricia and I got into real estate with our eyes wide open. We understood that Realtors® are professionals in a field that is very complex and changing every day.  In our careers in the corporate world, we had over 20 personal real estate transactions where we were represented by professional Realtors®. Our NJ Realtor® handled most of our transactions, and referred us to other professional Realtors® in Ponte Vedra, FL and Atlanta, GA. We learned about how much work professional Realtors® take on in behalf of their clients.

Patricia was first to become a Realtor® and I followed her several months (OK, 2 years) later. Why did we do it? We wanted to help people by following the example of our Realtors®. They provided real service to us and that’s what we do for our clients. Our personal experiences taught us that there are many, many things to follow-up on to complete a transaction. From the negotiations on sales price, through inspections, and following up on deadlines and mortgages, a professional Realtor® makes it light work for their clients. We do that for ours.

We love helping people. We love our profession as Realtors®. If you are interested in buying or selling on the Charleston Coast, contact me at Mark@MarkandPatriciaFuchs.com, or Patricia at Patricia@MarkandPatriciaFuchs.com.  As part of Dunes Properties of Charleston, Nobody Knows the Charleston Coast Better.        

      

 

Professional Realtors® serving the Charleston Coast.

 

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