What's My Keystone Home Worth? Market Report for June 2014

What's My Keystone Home Worth? Market Report for June 2014

• Properties currently Active on the market: 3
• Single-family properties closed in June: 3
• Average sales price: $525,633
• Average list price: $539,929
• Average sales price to list price ratio: 97.4%
• Average days on the market: 54
• Pending sales: 1
• Keystone absorption rate: 1 month of inventory (a normal or steady market would be 5-7 months, a buyer's market would be in excess of 7 months, and a seller's market would be less than 5 months)

Keystone is in an extreme seller's market but let's look at the numbers to determine what they tell us about the June sales in this neighborhood:

1. Average sales price to list price ratio: This number reflects what percentage of the sales price a home actually sold. At 97.4%, the average is slightly lower than Franklin as a whole which is 97.8%. 

2. Average days on the market: This is the number of days it took to move this home from listed to pending sale. I usually suggest that anything under 60 days is good. Keystone's average days were 54. However, two of the three properties were previously listed so the average days really isn't an accurate indication in this case.

3. Absorption rate: This number is determined by taking the number of active listings and dividing it by the number of closed sales. Anything under 5 months is considered a seller's market. Anything at 2 months or less is considered an extreme seller's market. This number fluctuates monthly based upon the sales and inventory.

As I just said two of the three homes were previously listed and then withdrawn. Why didn't these houses sell then?

1. Pricing: Both of the homes that were listed previously were priced too high. One came on the market at $598K. After multiple agents and several price drops, it finally sold at $509K. The other listing was priced too high for the condition of the home. The sale was the result of a divorce and the wife didn't have the money to make improvements. It was originally priced at $499K. After 117 days, the listing was withdrawn. The house was brought back on the market a few months later at the same listing price but the market had shifted upwards slightly. The seller sold in 32 days at $480K. 

Given this information are you wondering what your Keystone home is worth? Click the photo below to be taken to an instant property valuation report.

While pricing, presentation and photography are key factors when selling your Keystone home, sellers mustn't overlook the impact that proactive marketing can have to generate interest in your homes. Especially, in neighborhoods that are less known to many buyers.

Sellers often think that having their listing in the MLS is all that's necessary to get the attention of buyers. Nothing could be further from the truth. Real estate has become a global market. Buyers are moving to Franklin from other parts of the country and world. The marketing needs to extend to areas outside our local market. With 92% of buyers beginning their home search on the internet, you need your home to have the best coverage possible online. This goes far beyond just syndicating your home to other websites.

At TW Realty Group, we use the latest technology so your home is seen by a large pool of buyers, including buyers outside of the Nashville area. We do this through the use of social media and blogging. Something you rarely find in the Franklin housing market. This provides your listing with maximum exposure to home buyers all over the country.

Still not convinced that TW Realty Group leads the pack in internet dominance, let me Google that for you. As you can see our website, www.FranklinTNHomesforSaleOnline.com ranks #5 and #6 on the first page of Google. We are the only local real estate team to do that. The other spots are taken by national real estate sites and brokerages. This placement isn't due to ads. The only way to rank in these spots is by being recognized as an authority by Google for Franklin TN real estate.

Curious how we do this? When you get ready to sell your Keystone home, contact Tammie White at (615) 495-0752 and we'd be happy to share how we can do this for you.