Okay, I am not going to name any names and there’s nothing really scandalous here to report. But I have witnessed some things in our MLS that honestly astound me.
Being a real estate office administrator, I have unfettered access to our MLS. Every day I see something in a random MLS listing that I just can’t believe the listing agent or seller just let slide. My latest “Are you for real?” moment was seeing upside down or sideways pictures. Now, to avoid calling out specific agents/properties, I am using a random picture of mine as an example of what I mean –
Now, imagine you are browsing for homes to purchase and came across a picture gone cattywampus like to the right. Would you get irritated and flip to the next picture or would you crane your neck to take a good look? Flipping a picture 180 degrees and/or resizing it are pretty quick and easy. Leaving the photo sideways like this illustrates to me an agent didn’t take their time. If your listing agent isn’t going to take one minute to make sure your pictures are at their best to sell your home, well, isn’t that cause for a pause?
So my tip for sellers today is ask your agent to send you a copy of the customer MLS report so you can see the photos and the public remarks section where the agent has described the home. If there is a special detail that the photos don’t grasp that makes your place spectacular, like amazing sunrise views over the marsh from the master bedroom window, share it with your agent and ask them to write that information in the remarks. And by all means, if you see they’ve added sideways and upside down pictures, insist they correct them.
Dr. Lawrence Yun, chief economist and senior vice president of research for the National Association of Realtors, delivered the keynote address and discussed the Charleston real estate market last Wednesday for area members of Charleston Trident Association of Realtors. He had lots of good things to say about the Charleston market in general. Read the whole story and watch the videos HERE.
Now what does all this mean to you as a homeowner, Buyer, or Seller? Be sure to talk to your agent, they are there for you whenever you have a question about home ownership and the market in general, not just if you are interested in buying or selling right now. You can speak pressure and commitment free to a dunes properties agent any time by calling 800.476.8444 or stopping by one of our four offices at 214 King St. downtown, 31 Center St. on Folly, 1400 Palm Blvd. on the Isle of Palms, or at Bohicket Marina near Seabrook/Kiawah Islands.
Charleston Trident Association of Realtors puts out quarterly video updates on the real estate market. It’s quick and informative so check it out!
Sales are up 8.2% from last 2010’s first quarter’s end, prices experienced a 6.1% dip. We’ve posted year over year gains, increasing sales, unemployment is declinging, we’ve had 13 consecutive months of private job growth and all this is cause for optimism.[youtube=http://youtu.be/JVW5WzfUGZ0]
I did a little research this past week on the real estate market in Mt. Pleasant and learned a couple of interesting things about the Mt. Pleasant real estate market. In the local multiple Listing Service (MLS) Mt. Pleasant real estate is in two sections; properties south of Hwy 41, and properties north of Hwy 41.
The total number of homes listed for sale in all of Mt. Pleasant (both parts of MLS and both attached and detached homes) is 1159. This is a moving target, so the numbers will be different slightly this week. Of those homes listed there are 264 that are listed as contingent, meaning their under contract but area in the process of clearing those contingencies. Of these, some may not clear all contingencies and will return to the active status. The numbers show about 18.6% of the listed homes for sale in both sections of Mt. Pleasant are under contract.
Looking at the Median Prices provides some additional information that can be telling. For the area north of 41, the Median Price for all homes listed is $450,000, while the Median Price for the homes that are contingent is $315,000. A difference of $135,000 below the Median Price for all Listed detach homes. For homes listed in the south area below 41 the Median Price is $469,950, while the Median Price for the homes that are contingent is $372,500. A difference of $97,450 below the Median Price for all listed homes.
Attached homes have a lower Median Price, but show a similar trend. In the north area above 43, Median Price is $212,200 while the Median Price of contingent homes is $199,000. In the south area Median Prices for all listed homes is $229,945 while the Median Price for contingent homes is $156,500.
In all cases, the Median Prices show that the homes under contingencies have Median Prices well below the Median Price for all listed homes, both attached and detached. Since these homes are active contingent, the Median Price reflects the listed price at the time the home was classified as active contingent in MLS. The actual price paid is not reflected in any of these numbers.
The take away is that in this market, homes need to be price aggressively or buyers will look to properties that are! Buyers have more choices and will not look at homes that are not aggressively priced. A professional real estate agent knows the local market and is in the best position to help their clients price their homes competitively for that market.
We are professional Realtors and know the market in Mt. Pleasant. If you have questions about real estate in Mt. Pleasant, or you are looking for help buying your next home, or selling your current home, call us. If you know someone who may have questions, have them call us.