Happy Fourth of July! Yes, it is a bit early (that and you won’t get another update till after then! ;), but it’s one of our favorite Holidays because we celebrate our freedom. Although sometimes we feel like our country could be ran better at times, we have the greatest democracy the world has ever known. It could be far worse – we could live in Afghanistan!
Enough of the ramble and now on to the real estate market in Murphy NC! The past 2 weeks have been quite active averaging a sale every 15 hours – nice! 22 Properties have sold in the past 14 days, and holding true to what it has been for this entire year, homes have been the most active to sell. It’s holding that way for inquiries as well… for every land inquiry we receive, we get 3-4 home inquiries. It’s an interesting phenomenon that historically is not true at all here. Land usually sells 1.5-2 to 1. The good thing is that land parcels are selling, and I do have to admit that large tracts, unless incredibly well price (read: cheap), are practically stagnant.
Here are some statistics over the past 14 days:
– Average List Price – $183,194
– Average Sold Price – $163,194
– List to Sold Price Ratio – 89.33%
– Average Days on Market – 341
– Total Sold – 17
– Homes Actively for Sale in Cherokee County: 883
– Homes Currently “Pending” Sale: 31
– Average List Price – $60,760
– Average Selling Price – $41,000
– List to Sold Price Ratio – 71.09%
– Average Days on Market – 326
– Total Sold – 5
– Largest Tract to Sell – 1.11+/- Acres
– Land Actively for Sale in Cherokee County: 2,316
– Land Currently “Pending” Sale: 90
Advice: Despite what rumor and the media says, real estate is selling! Remember that and don’t be discouraged because your property doesn’t “Fly off the Shelf.” There are 3 P’s that are making real estate sell right now:
1) Presentation – Keep it clean, fresh, comfortable (that means keep the AC on 72-74), and “staged.”
2) Price – This is incredibly important to be on point for your price. If you’re overpriced in the market, you’re helping sell all the other homes that are correctly priced. Wondering about yours? Ask us! We can help.
3) Patience – You’ve got to have this one! Even if you have all the above perfect, you’re still going to have to wait. It’s a lot of work to keep your home presentable and priced right, and without this, all the rest doesn’t matter. There’s a lot of agent “hopping” in the market where people will list their house, not sell in 6 months, and change their agent. This isn’t in your best interest. You chose the agent you like and trust and stick with them. When homes are taking an average of 11.36 months to sell in the past two weeks, 6 months simply doesn’t make sense or match the odds. Vegas casinos don’t win in the long run by going against the odds. Sit back, be patient, make your agent work, and talk to them! The advice you get is worth the weight in gold.
We thank you for your business – we’re here for you! Anytime we can do anything for you, please give us a call. Although you don’t hear from us every day, we’re behind the scenes sometimes constantly working to generate buyers and closings for our clients. So far, this year is going great and we’re going to keep it up.
We have a closing today at 11:30, so today’s another great day for real estate! 😉 Have a wonderful 4th and be safe out there.
John Poltrock – The POLTROCK TEAM at REMAX Mountain Properties – www.MyMurphy.com – Call Toll-Free 1-866-6877496 – Murphy’s #1 Real Estate Team