2017 was a FAN-tastic year
- Fan District Real Estate -
Well maybe the title is a little deceiving. It should probably say, "2017 was a FAN-tastic year for Fan District Real estate ... if you already own property or were selling your Fan home." If you were/are trying to buy a home within the Fan, it could have been a challenging year.
DATA JUNKIE
So as we wrap up another year, I always like to sit back and take a look at the market with my data-glasses on. And you all know that I love me some data!
Throughout the year I've watched prices rise with limited inventory, but it's not until I sit down and run the numbers that you get the full story.
2017 HIGHLIGHTS
Average Sales Price INCREASED $44,403 / 7.3%,
Average Price Per Square Foot INCREASED $12 / 5.5%
Days on market INCREASED by 2 days
COMPARISON
OFF THE RECORD
So while these MLS stats are typically the most meaningful and impactful, there are some other things going on behinds the scenes. BUYER CONCESSIONS. Ironically our contracts have a spot for seller concessions, but we are seeing plenty of buyer concessions in this market. Here’s a sampling of buyer concessions that we’ve seen in the Fan (for homes that are priced well):
- Waiving all or some portion of the home inspection. It’s not unusual to see a portion (typically a dollar figure) waived from the home inspection.
- All or portion of the appraisal waived. Yes, you knew it was easy to do on cash transactions but you can also do it on financed transactions.
- Seller dictated closing and possession. Sellers are asking for more specific closing dates (typically tied to another transaction) and are having more and more success getting those requests.
- Rent backs (sometimes for free)
THE FINE PRINT
And let's not forget the fine print. This data is pulled from the CVRMLS. So private sales and properties not listed in MLS would not be included in these figures. And yes, there were a number of properties sold off market with agents. You need to know the secret password and I can share some of them with you. Also this data is just for single family homes within the Fan. It does not include condos or multifamily homes (think duplexes or triplexes). If you are curious about condos or multifamily homes, just reach out to me.
CURIOUS
Want to know what your Fan home could be worth in this market? Reach out to me, Shane Lott with Lott Realty Group at Rashkind Saunders & Co at 804.382.8252 / shane@lottrealtygroup.com. I have a proven methodology for successfully marketing and selling Fan homes which provided sellers with top dollar results.
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