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Wednesday, September 24, 2014

Real Estate Report: Marketing Your Homes Takes Savvy

By Judy Szablak

Getting the proper exposure to the most probable audience is key to selling your Westport home at the highest price and in a timely manner.

The most likely buyers for any given property will differ from one home to another, depending upon price, amenities, and condition.

An experienced agent should understand how to arrive at the proper price, and how to attain the right mix of marketing to get your home sold.

Online exposure is an important element, and it must be handled appropriately.

Just being seen randomly on the Internet isn’t good enough, and any home for sale deserves a presence where it counts.

Think about it this way; advertising a property for sale on a low-traffic website is the equivalent of having a billboard in the middle of nowhere. In all probability, it won’t attract buyers.

Additionally, photography should complement the home rather than just depicting it. Property descriptions need not be redundant, and verbiage is best worded to appeal to a buyers needs and emotions.

While visibility remains a key factor, do not forget that price plays a more dominant role, and even the best exposure available will not sell a home that is priced too high for what the market will bear.

If your home has been on the market longer than you had hoped for, or anticipated it to be, consider that for the 314 homes on the market in Westport, only 23 are in the initial deposit stage.

That figure is not dismal, but it’s also not indicative of a market that is equalized to both sellers and buyers.

Your home needs to stand out in one way or another to the right buyers, and it will sell given that pricing, staging, and marketing, or any combination of the three are appropriately positioned.

Market Stats

There are now 314 homes that are are actively on the market. These currently available properties have been listed for an average of 124 days, with a cumulative market time of 198 days.

The average list price is now $2,327,443 and the median price is holding steady at $1,799,000.

A seven-bedroom home at 2 Manitou Court is the highest priced home for sale at $12,985,000, and the lowest available priced home is a three-bedroom cape on 14 Long Lots Road for $455,000.

Nineteen new listings came on the market in the last seven days, and three properties came back on the market after being under deposit, or temporarily withdrawn. Nineteen properties had a price change.

Twelve properties have gone under the initial deposit stage, which we call CTS, and another seven properties went into pending status, which means that the conditions have been satisfied, and the property is scheduled to close.

The average price of these seven pending properties is $1,566,857. There are currently 23 homes in CTS status throughout Westport, and another 54 properties scheduled to close town-wide, with an average price of $1,700,791.

Closings: There were 10 single family homes reported as sold in the last week. They were listed on average at $1,507,700 and sold with an average market time of 86 days. There were 80 status changes in the last seven days.

Condos: There are 13 condominiums that are available, and they have been listed an average of 121 days. Their average listing price is $841,377 and the median price remains at $799,000.

The highest priced condo in town is $1,249,000 and is a three- bedroom home located at Terra Nova Circle, and the lowest priced unit for sale is a one-bedroom home on Riverside Avenue for $525,000.

There was one new listing this week, and no homes came back on the market after being under deposit. There was one price change, and two properties entered into the initial stage of deposit. One home entered into pending status, and was listed at $329,000.

There are two properties town-wide that are currently in CTS status, and four homes are scheduled to close, with an average list price of $630,750.

One sale was reported during the last week, an the home was listed at $395,000.There were seven status changes reported.

Rentals: If you are interested in renting year round, either furnished or unfurnished, there are 62 homes or apartments available. The median price is $4,000 per month and the average price is $4,800 per month. These year round rental opportunities have been on the market an average of 51 days.

There are 18 short-term rental opportunities that are available, and they have been on the market an average of 46 days. Their average price is $6,992 and the median price is $6,500.

Please note that seasonal rental prices are sometimes listed as an aggregate price for the season, or they can be listed as per the monthly rental cost.

Source: Market Data is compiled from the GFC-CMLS and represents activity through our local MLS system. Private sales are not included in these statistics.

Judy Szablak
(Editor’s Note: Judy Szablak of Coldwell Banker Westport - Riverside, Fairfield County CT Realtor since 1984 is author of “The Art of Buying or Selling a Home,” and featured on HGTV’s real estate show, “Desperate to Buy.” Email .(JavaScript must be enabled to view this email address) or visit her online at http://www.CThomesAndRealEstate.com.


Posted 09/24/14 at 05:02 PM  Permalink


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