homes of huntsville market review

Homes of Huntsville market study.
August 16th, 2012 3:36 PM

The three factors needed to sell a home are pricing the house within the market, preparing the home so it shows well and marketing it to an adequate number of prospective buyers. The house seem to be priced within the market range. Since 7/1/11 there have been three sales in the neighborhood. The homes sold at $78, $98 and $96 per square foot. The average sold price was $91 per square foot. At least two and possibly all three of the sales were Adams Homes construction. There are five active homes of huntsville listings in the neighborhood at an average list price of $90 per square foot and a range of $82 to $96 per square foot. At first look, price does not appear to be the issue. Please follow the link below for the summary of recent MLS activity in the neighborhood. http://nalmls.com/NALMLSReports/ListitLib/show_report.aspx?ID=7116135419 The other factor to consider on price is compeating homes of Huntsville outside the neighborhood. The link below is to active listings in Hampton Cove in the $200,000 to $250,000 range. There are 29 active listings and 8 pending sales. Your home compares favorably to the competing listings although a few of the homes are new or newer homes. http://nalmls.com/NALMLSReports/ListitLib/show_report.aspx?ID=7116135556 We can often troubleshoot a listing based on showing activity. In this price and location we could expect to see 1 - 2 showings per week. If showings are substantially less than that we need to re-evaluate our price and marketing. If we have consistent showings but no or very low offers we need to review how well the house shows. Our lockbox system has the capability of notifying the listing agent and seller each time the lockbox is opened. This is a great tool for tracking showing activity. I believe the house is priced within the market but we might consider minor regular increments. Each time there is a price change in the MLS, a property goes on the realtor hot sheet of new listings / changes to existing listings. Also if the home meets the criteria of automated searches, an email will go out to those buyers and buyer's agents giving added exposure to the house. While over 90% of real estate sales are a result of a buyer or buyer's agent finding a property on the MLS, we do have an internet marketing firm. When we post a home on the MLS they post the listing on several dozen real estate sites and on Craig's List for greater exposure. We also post on Face book and Face book marketplace. We do still use print ads in three local real estate magazines although we recive only a very few sales per year from the ads. It's rare that we sell a home as a result of an open house but we do try and have regular open houses on our listings. In general we have curious neighbors and find buyers that are not a fit for the specific house but we can work with them on other homes. As an option you might consider offering the house for sale and as a lease option. We have used this as a marketing tool in a tough economy, selling homes when none around them were selling. http://www.huntsville-homes.com/LeaseOptionLeasePurchaseforSellers