Getting Your Home Ready To Sell Summerville SC:
Information You Need
If you are getting your home ready to sell Summerville SC, then you are probably searching the net for some more information. Perhaps you are looking for tips to improve your curb appeal, or maybe you are checking out which agent you would like to list with.
Finding home selling tips isn’t too hard in this internet age, and if that is what you are looking for be sure to check out my sellers page–there are a couple of Guides I offer with tips gathered from professional real estate agents, as well as a guide from a professional home stager featured on cable tv.
You will also receive a complete Market Analysis/Home Value Report. If you are trying to determine which agent you want to list with, then be sure to check out my video page that discusses my marketing in greater detail.
I also have available my Fall 2014 Home Seller’s Guide, available below, and I will discuss that in greater detail.
In this post, I am not looking to provide the classic tips such as “clean up the lawn”, “declutter”, or “be sure to bake cookies just before showings”. These are all still good tips, but this post is going to focus on something completely different, yet extremely important in getting your home ready to sell Summerville SC.
Today, I am going to look at the market numbers from the Charleston MLS to see how things are going in Summerville SC.
First, this is an overview of the entire Summerville SC real estate market. There is quite a range and variety of home styles, sizes, and prices available. I have and will continue to break down individual neighborhoods to see the numbers in specific areas, but for today, the idea is to get an overall feel for what is happening in Summerville SC.
If you sign up for my comprehensive free Market Analysis on my seller page, then I will be happy to customize the report to reflect what is happening in your specific neighborhood. (As a side note, if you simply want a quick, free, online estimate for your homes value you can also check out www.HolyCityHomeValues.com).
The important thing about this post is many homeowners may be thinking about listing their house, and when they are getting ready to sell Summerville SC, there are so many things they are trying to do to get ready.
And often, one key thing they forget is to look into what the market numbers are doing. It is important that you have an understanding of where things stand, as well as where they are trending before you list your house.
Now, I know many will say “but that’s why I hired an agent, to figure all that out for me!” However, what if your agent doesn’t fully understand or know what is going on in the market?
Certainly, a Summerville SC listing agent should have an idea of what is going on in the market, but many simply do not pay attention.
They can all run comps to try and determine the Fair Market Value of your home, but they may miss out on other details that could make a big difference to your bottom line.
Plus, in this information age, you should do some research and see for yourself what is going on in the market. After all, selling your house is a major financial decision.
Chances are, you will do some research online before making a large purchase, so why wouldn’t you invest some time researching what could likely be the biggest transaction of your life?
The national and local media cannot be trusted to inform you what is happening locally. The numbers must be looked at from the proper perspective, and often the media fails to do this.
They would rather sensationalize things–“Housing Numbers Dropped–Everyone Panic!”. So, that is why I publish numbers from the Charleston MLS so consumers can see the raw data and make their own conclusions.
Getting Your Home Ready To Sell Summerville SC: The Numbers
So, with all that out of the way, here are the numbers for Summerville SC.
First, let’s look at closed homes. In October, there were 246 closed homes, down from September which saw 276 closed homes. So, now it’s time to panic, right? If you look at the graph, you can see that there were 302 and 303 closed sales in June and July. And those months were two of the best months over the last couple years in Summerville.
So, the numbers had to come down, and they did. They temporarily went back up, and now heading into winter the dipped slightly. Yet, the current numbers are still stronger than they have been in years.
So, it is important to keep proper perspective. Plus, there is so much more information available, so no need to jump to conclusions just yet.
Next are the Pending Sales numbers. These are homes under contract set to close, and they usually end up as closed sales sometime in the next 30-60 days. Not all will close, but this is a good indicator of future sales.
So, for October there were 247 homes on the way to closing, and that was down from 258 in September. Notice how the Closed Sales and Pending Sales Graph match up pretty closely?
Peak numbers for Pending Sales were in May and June, and the peak for Closed Sales was June and July. See the correlation?
Next is Average Sales Price. As you can see, that number dropped from September to October, from $203,691 to $193,156. That number peaked for 2014 (and for the last few years) in June, at $211,072.
Average Price Per Square Foot is a way to even out the fact that homes vary so much depending on size, price and location. This measurement helps even out the differences to give us a tangible number to base value on.
That number didn’t change from September, both months were $95/sq ft. June was the peak at $101. Do notice that current levels are the highest they have been save for Summer of this year.
Average Days On The Market (DOM) dropped in October, from September’s 76 DOM to 71 DOM. June was again the best month in 2014, with 64 DOM.
Finally, I also look at Months Supply of Inventory. Right now, Summerville is at 3.7 months, the lowest in over 3 years. This number is important because 6 months is considered a normal real estate market, anything less is considered a sellers market. More on that in a minute.
I won’t publish the graphs, but I also like to look at the number of homes for sale, as well the number of new listings. In October, the number of new homes listed for sale in Summerville SC was 327.
That is up slightly from September’s 295, but down from the peak in March of 390. There are currently 858 homes for sale in Summerville SC, and that is down from the 875 in October and 910 in September. May was the peak at 1035.
Getting Your Home Ready To Sell Summerville SC: What The Numbers Mean
Ok, so there are the numbers for you to see, so what does this mean if you are getting your home ready to sell Summerville SC? You could look at the decline in Average Sales Price and feel discouraged.
You could also look at the decline in the number of closed sales and determine the market is going south. And many media outlets would make that same conclusion. And that conclusion is absolutely wrong.
Take a look at all the numbers and you will see the big picture. Average Price Per Square Foot is holding steady, so I think one would be jumping to conclusions to think values are dropping. Further research would be needed to explain the drop in average price, but likely it something simple.
Maybe most of the homes sold in October were in a lower price range. Maybe there were a number of distressed sales. Fact is, the PPSqFt holding steady is a good sign, despite the dip in Average Sales Price.
The key number to look at is Months Supply. That number continues to drop and is below 4 months. Quite simply, supply is not keeping up with demand.
And what happens when demand in greater? Prices and values go up. Also, look at the Homes For Sale numbers–they are dropping as well, so there is less inventory (supply) and less competition.
But what about the declining sales numbers? Simply put, there isn’t enough inventory. With a greater selection of homes available, I think the sales numbers would increase. Buyers are simply not finding what they are looking for.
Right now is a great time to list in Summerville SC. Many people do not want to list at the end of the year with the Holidays. However, now is a great time to get listed. Of course, things should still be very favorable after the New Year.
If you are thinking about listing, it is important that you understand what is happening in the market overall. Of course, it is equally important to know the numbers in your neighborhood as well.
It is important to price your home correctly, in any market, right from the beginning. It is also important that you choose the right Summerville SC listing agent to market your home. One that understands the current market, as well as how to properly position your home in front of potential home buyers on the internet.
Getting Your Home Ready To Sell Summerville SC: Free Resources
As I mentioned before, if you would like some Home Selling Tips for getting your home ready to sell Summerville SC, then I have a couple Guides you can download, as well as receive a comprehensive Market Analysis/Home Value Report on my sellers page.
Check out my Summerville SC listing agent videos if you are looking for a Summerville SC listing agent.
If you would like a guide with helpful tips and helpful real estate market information, simply complete the form below to download my Fall 2014 Seller’s Guide. All of this info is free, and will help you in getting your home ready to sell Summerville SC.