In the Dulles and Rt 66 corridors, listings and sales have been off by 15%-20% in the first half of 2020.
In today’s market there is a lack of inventory and interest rates are down. Lack of inventory puts sellers in the driver seat in most of Vienna and Northern Virginia markets. People Say “it’s a seller’s market, houses are flying off the shelf, so all you have to do is put your house on the market” that’s NOT true. Our major market of Vienna is down 20%. The rest of the Vienna homes over $1M have a 45% chance of success and sit for an average of 113 days.
A recent example:
508 Plum sat on the market with another agent for 240 days, was withdrawn twice and sold at 91% of list price. Across the street, OUR listing at 307 Plum listed for $1.399 and sold over list in 3 days.
In a strong market sellers still need to be smart and follow the 4 Pillars of a Successful Listing.
We are experts at the Four Pillars, here is how we do it:
Appeal to the largest buyer pool.
- Sell within 10 days
- Stay under major thresholds
- Attract multiple contracts
- CST Pricing Model is the most reliable indicator of value
Compare Apples to Apples. The following attributes are used to determine “Qualified Comparables”:
- Similar size
- Similar age
- Similar style
- Within 1 mile radius
- Sold in the last 180 days
We also compare:
- Above grade price per square foot (Sale price/Square feet) adjusted for size and age
- Percentage of assessment of like kind (Sale Price/County assessment)
We generate 4 CST pricing models. We compare your home to:
- Your Neighborhood
- 1 mile radius of like kind size and age
- Sales of similar age and size within 1 mile of your home
- Sales of similar price range within 1 mile of your home
- 10 year growth rate of homes of similar size and similar age
Thresholds matter. A $710,000 home, listed at $700,000 is seen by 3 times the buyer pool and generates the most contracts, highest price and provides sellers leverage throughout the transaction. We also compare our listing to the other homes in that threshold.
True value is only obtained when the maximum amount of interested buyers have an opportunity to see the home and bid on it. Homes must remain on the market for at least 4 days and have one open house to provide the maximum price.
- School District
- Traffic pattern
- Market conditions
Traditional Style is OUT.
Most improvement are free and cosmetic improvements pay $6 to every $1.
Dated Homes Cost Sellers Money.
Simplicity & Style of the Transitional look is in. Younger homes appeal to a larger buyer pool. By the time a homes is 30 years old, it’s value can by vary 20%. The determining factors for its value are the type of upgrades the homes has, and the way the home is presented and its overall condition. Homes are expected to receive “generational updates” every (x) years. This means after (x) years if the home is not properly updated and maintained it is seen as dated.
Today’s buyers are online and searching for your home. Your home will catch their eye or be eliminated within 15-20 seconds. Remember, according to the U.S. Census, an average commute is 30 minutes. This means a prospective buyer has to like what they see to get in their car and drive 30 minutes to come see your listing. De-aging your home ADDS tens of thousands of dollars in value.
Sophisticated Online Marketing Tools Place Your Home Right in the Lap of Potential Buyers, No Matter Where They Are
We target domestic and international buyer pools online who are most likely to fit the profile of our potential buyer. We also target Realtors with stored searches, renters who live in the school district, and even neighbors who are the neighborhood’s biggest advocates. Online traffic is analyzed to see what cities, states, and countries our buyers are coming from, as well as, how old they are, male or female, how long they stay and whether they love, or like the home. Realtor buyer traffic is analyzed to see how big the buyer pool is, who is looking at the home and if there are enough people favoring the home to generate a contract.
Most buyers will see your home online first.
Here is our protocol for EVERY listing:
- Market heavy during the coming soon period
- Identify the buyer pool
- Market to :
- Buyers: social media, geofencing and google ads
- Realtors: stored search emails
- Renters: within school district
- Neighbors: moving up or down
- Great Pictures are the building blocks of a professional presentation.
- Custom websites are built for every home highlighting the top ten things a seller loves most about their home. www.322AyrHill.com
- Analytics and weekly reports give our sellers insight on exactly what is happening online and add visibility to our social media marketing.
The Casey Samson Team can predict contracts and pricing before we launch the listing.
The Casey Samson Team uses a strategic method to help our sellers predict whether or not we have arrived at the correct price to list their home. In today’s market, being ahead of the curve is imperative to selling your home in the first weekend. Our coming soon protocol allows us to make sure we make the highest profit for our sellers. We monitor buyer interest in the coming soon period. A few days after the coming soon listing goes live, we send a custom email detailing the top features of the home to all interested realtors. This puts your home top of mind while also making sure we have a successful first weekend.
2 Examples from July 2020
- On a $1.6M listing, Realtor controlled buyers were light, inventory was high and days on market were in the 115-day range. Our online traffic was impressive so we launched the listing at $1.6M. A New York buyer was looking at similar homes in a target “feeder city”. Our system fed him our Vienna home and put it on his social media feed. He went to the website and bought the home even though he was not looking in Vienna.
- A London buyer was looking at homes in a “feeder city” when our system began feeding them our listing via social media. They were so impressed by the website and home, they bought the home, at a premium, sight unseen. This is not your parent’s real estate market.
The Casey Samson team, experts in the four pillars of real estate success.
58 of our 61 listings in 2020 are under contract or sold in an average of 12 days at 102% of our list price.
That’s a success rate of 95%
$51,296,000 M homes sold or under contract in first half of 2020
Contact our team before you contract anything!
Email Casey at email@example.com to schedule a consultation on Zoom.