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Old 08-31-2010, 03:43 PM
 
Location: Columbia, SC
9,096 posts, read 18,095,369 times
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I think the average sales price will have a slight downward tick before this year is over, but overall we're looking very stable. (despite the recent article in the state). The source of this info is from MLS and is every sale of listed property since 2007. FSBO info won't be included in these numbers but the majority of sales are through a Realtor.

Will post info later, formatting issues.
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Old 08-31-2010, 05:37 PM
 
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An ex-girlfriend of mine in Columbia is trying to sell her house downtown. It's been on the market for a while, but I think she is asking too much for it. Her house was nice, but she always overrated it. That, plus the bad economy nationwide, makes it tough to sell a house.
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Old 08-31-2010, 06:03 PM
 
Location: Columbia, SC
9,096 posts, read 18,095,369 times
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Quote:
Originally Posted by Brandon Hoffman View Post
I think the average sales price will have a slight downward tick before this year is over, but overall we're looking very stable. (despite the recent article in the state). The source of this info is from MLS and is every sale of listed property since 2007. FSBO info won't be included in these numbers but the majority of sales are through a Realtor.

Will post info later, formatting issues.
For Lexington/Richland/Kershaw and parts of Newberry/Saluda/Calhoun Co. that make up the Greater Columbia area. From June 30 to Aug 26 the average price actually increased from 160k to 162k.

2007
Total Listed:20083
Sold Units:11328
Average Sold Price: $172,350

2008
Total Listed:17860
Sold Units:8871
Average Sold Price: $170,459

2009
Total Listed:15915
Sold Units:7890
Average Sold Price: $159,151

2010 (Jan 1 Aug 26)
Total Listed:12019
Sold Units:4858
Average Sold Price:$162,505
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Old 08-31-2010, 06:04 PM
 
Location: Columbia, SC
9,096 posts, read 18,095,369 times
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Quote:
Originally Posted by Greenville View Post
An ex-girlfriend of mine in Columbia is trying to sell her house downtown. It's been on the market for a while, but I think she is asking too much for it. Her house was nice, but she always overrated it. That, plus the bad economy nationwide, makes it tough to sell a house.
Ditto, that is one big factor in the housing market is consumer confidence. People are worried about the economy. Real estate won't lead the turn around, more jobs and more job security will.
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Old 09-01-2010, 12:13 PM
 
Location: Not where you ever lived
11,544 posts, read 26,018,575 times
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I lstened to a speech from the US Treasury Special Master He stated it was not unusual for a bad economy like we are trying to recover from to incur a double-dip and that may be what is happening now across the country.

As to owners over-rating their home, it is not usual. One of the tricks to sell a house is to stage it so prospective owners can walk in and imagine how their furniture would be placed, etc.. It means removing photos and pictures from the walls, removing and packing knick-knacks, making the interior look bright and cheery, de-cluttering, and accentuating the positive features and the recent upgrades in the house. I cannot stress this enough: Kitchens and bathrooms and staging sell houses.

As an example, my 109 year old house was on the market less than 10 days in 2007.when houses in the nighborhood were foreclosed and it was begining to look like a war zone because the banks didn't take care of the yards and do routine maintance. . . .

.
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Old 09-02-2010, 07:03 AM
 
432 posts, read 1,358,860 times
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Quote:
Originally Posted by Brandon Hoffman View Post
I think the average sales price will have a slight downward tick before this year is over, but overall we're looking very stable. (despite the recent article in the state). The source of this info is from MLS and is every sale of listed property since 2007. FSBO info won't be included in these numbers but the majority of sales are through a Realtor.

Will post info later, formatting issues.
Not that I'm looking to sell anytime soon, but what's your prognosis for the newer neighborhoods out in the Northeast? There's a decent amount of properties on the market, though not necessarily a glut. On the other hand, there are a lot of rentals and probably a "shadow inventory" of people waiting for the right moment to put houses back on the market. Also, I assume a lot of people got loans in the middle part of the decade that didn't exactly help them build equity, so while we don't have a crisis of bucket-loads of people being under water, I'm guessing there are a good amount of folks who didn't use tradition 30-year-fixed or normal ARMs to build equity. Foreclosures seem to be more common around us than more established parts of Columbia, but it definitely isn't like Florida, California, Arizona, etc.

I believe you said that there's like 10-12 months of inventory in our area from a previous post. That seems about right - houses are sitting for a long time. Part of this is that I see people are seriously overpricing their homes, like assuming a 3-4% YOY increase from 2005 or so, when in reality I think it's been pretty flat. This is especially true if the home is over $250,000 or so, I think (this is what realtor friends have told us).

One question I have is - I've heard the refrain location, location, location, which I do believe in. But does proximity/being zoned for a high-quality school count as "location"? Or is it just proximity to downtown or major job centers? The one thing some of the newer neighborhoods, whether in the Northeast, Lexington, Dutch Fork/Chapin, etc. have is that they seem to have the higher-quality public schools compared to older suburban areas, but it doesn't seem to have helped their property values much.

Another question - how accurate do you feel Zillow is? Their estimates have seemed reasonable to me, which is why I see a lot of overpriced homes sitting for months on end.

Last question - how important is staging? When we moved to Columbia, our intent was to buy a fairly new resale in the neighborhood(s) we liked, but were consistently amazed how poorly the homes were staged. Perhaps in 2005 or so, people felt they could get away with it (I know in the DC area, from where we came from and had a massive bubble, this may have actually been true at the time there). I feel that perhaps it may have gotten better, maybe because people have to compete harder to sell a home, and also because there's more awareness of it (HGTV, etc.).
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Old 09-02-2010, 07:04 AM
 
432 posts, read 1,358,860 times
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Quote:
Originally Posted by linicx View Post
I lstened to a speech from the US Treasury Special Master He stated it was not unusual for a bad economy like we are trying to recover from to incur a double-dip and that may be what is happening now across the country.

As to owners over-rating their home, it is not usual. One of the tricks to sell a house is to stage it so prospective owners can walk in and imagine how their furniture would be placed, etc.. It means removing photos and pictures from the walls, removing and packing knick-knacks, making the interior look bright and cheery, de-cluttering, and accentuating the positive features and the recent upgrades in the house. I cannot stress this enough: Kitchens and bathrooms and staging sell houses.

As an example, my 109 year old house was on the market less than 10 days in 2007.when houses in the nighborhood were foreclosed and it was begining to look like a war zone because the banks didn't take care of the yards and do routine maintance. . . .

.
When we moved here in 2005, were amazed how poorly houses were staged. As I said in a previous post, perhaps during those hotter-selling times, people felt they could get away with it, but it really convinced us to build new instead, especially since we were/are intending to live here for an extended time.
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Old 09-02-2010, 08:47 AM
 
Location: Columbia, SC
9,096 posts, read 18,095,369 times
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Chi2 - That's a lot of questions and I'll tackle them as best I can. It will be general info of course since I've never seen your home and don't know what n'hood you're in.

NE Cola tends to have a pretty high turnover rate with the military. Most of the homes are newer, particularly under 200k. NE Columbia was the first part of Columbia I noticed with a significant slow down. It was caused around 2008 by oversupply of new construction and now it's got some foreclosures because of the new construction purchased with ARMS and creative/subprime financing. The supply in NE Cola is pretty much in line with the rest of Columbia. The only 2 markets that seem to have a lower amount of standing inventory are Lexington and Elgin. The higher the price range, the bigger the hit.

Many people have overpriced their home, not based on YOY but rather what they need to break even. Some have had bad or no advice on what the home is worth. Some have overinflated ideas of value. The ones that are selling are priced below the most recent comps.

Schools can certainly help or hurt a homes value.

Zillow is worthless for determining value. It pulls based comps based on closest closed sales rather than apples to apples. It also has no means of determining condition. Example, I used to live in n'hood with a median price around 175k. Across the street was a n'hood with a median value of around 500k. Depending on most recent closings by distance, it would sometimes use a comp from the 500k n'hood for my home. Vice versa for the 500k n'hood. Say you have a foreclosure in the 175k n'hood worth about 100k becuase it's been trashed. If it were uses a comp for the 500k n'hood it drags it down. Consider zillow a fun toy and a source of general info but nothing else.

Staging a home is also very important. Staging can be a simple as decluttering and neutralizing. It doesn't have to be a full blown effort and it doesn't have to be expensive.

While I'm on it, there are 5 reasons a home sells : Condition/Terms/Marketing/Location/Price. Schools affect location, staging affects condition, standing inventory affects price, financing affects terms....etc. Location is the only thing that can't be controlled but they all contribute to the value of a home and how quickly it will sell. This market is a pricing war and a beauty contest. Complaining about the market or lack of buyers is nothing more than an excuse for not selling. A home can sell even in the worst market if the seller and agent do their job, just maybe not at a price the seller wants.
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Old 09-02-2010, 11:14 AM
 
Location: Not where you ever lived
11,544 posts, read 26,018,575 times
Reputation: 6248
Brandon, this is priceless and it ought to be on every realtors wall.

"The market is a pricing war and a beauty contest.
A home can sell even in the worst market if the seller and agent do their job."

I'll add this: If all parties do their job, and the contracts and finances are in order, the closing should be smooth and timely. Sometimes sellers have to kiss a lot of frogs before they find the "prince/princess" realtor.

My 190-yeare old Craftsmal Style Bungalow was grossly undervalued by realtors who did not know what it was nor how to sell it. It took two years to find the "princess" but once I did it sold in less than 10, closed in 25 days from the date the contract was signed. .
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