Memphis-area home sales for October decreased 3.5 percent from a year ago, with 1,336 total sales recorded in the Memphis Area Association of REALTORS® MAARdata property records database. Sales were down 6.2 percent from September, when there were 1,424 total sales. Average sales price from October-to-October was up 4.3 percent, at $156,692. Inventory decreased 1.8 percent, with 6,291 units listed for sale. Monthly sales volume YTD increased 6.8 percent to $2.20 billion. Read the full October report here.
If you're listing your home now, use these ideas to make a great cold-weather impression.
Spring may still be peak home-shopping season, since most families want to move when the kids are out of school. Yet it actually pays to list in the winter, when buyers tend to have more urgency: A study by online brokerage Redfin found that average sellers net more above asking price during the months of December, January, February, and March than they do from June through November, even in cold-weather cities like Boston and Chicago. And homes listed in winter sold faster than those posted in spring.
Should you put your home on the market now? Unless you need to sell (say, you’ve purchased your next home or are relocating for a job), “timing always depends on supply and demand,” says Indianapolis real estate agent Christine Dossman.
To understand your local climate, check the number of days on the market for current and recently sold listings. If most are sitting for more than 60 days, it’s safer to wait until spring, when more buyers will emerge. Yet “if properties are selling quickly, take that as a green light to list,” says real estate broker Peggy Yee of Vienna, Va.
If you do move forward, these strategies will help make your home a hot seller this winter.
Price It Right
The quieter winter market brings special pricing considerations. Unlike in spring, when there are more shoppers—and it may make sense to price low to try to generate a bidding war—you’re less likely to receive multiple offers.
Winter is also a bad time to test the market and list high. If the house doesn’t sell, you may need to drop below market value to nab a buyer before new properties appear in spring and make yours look stale by comparison.
The upshot: Take a conservative approach and price at market value, Yee advises. Check closing prices of comparable properties sold in the past 30 days, then eye current list prices to make sure your home won’t look overpriced.
Schedule a Tune-Up
Winter buyers are particularly attuned to issues related to heating and maintenance. Get your furnace, HVAC, and roof inspected, and make any necessary repairs. Also on your to-do list: Clean the gutters, change air filters, and weather—strip the windows.
Many cold-weather house hunters will also be thinking about heating costs. Consider low-cost upgrades like insulating the attic or installing energy-efficient windows, which can slash utility bills, says Brendon DeSimone, author of Next Generation Real Estate.
Brighten Your Home
Snow and gray skies make for a gloomy first impression. Warm up curb appeal with basic landscaping, and add inexpensive cool-weather plants like holly to invigorate outdoor space. Fix chipped paint, caulk windows, and repair cracked window seals, which can cause condensation that freezes over and creates an eyesore.
Offset the season’s poor natural light by painting your house off-white throughout—it sets a consistent color palette and makes the space feel larger, says Sacramento interior designer Kerrie Kelly.
And create a sense of warmth throughout the home, starting with the living room, where staging can have the greatest impact, according to a National Association of Realtors report. Items like a throw blanket can set the tone since “people are in winter mode,” says Annette DeCicco, a New Jersey regional sales manager at Berkshire Hathaway. Just don’t tie the space to a specific religion or belief, advises Kelly. To stay neutral, use such seasonal touches as stacked wood by the fireplace rather than holiday decorations.
As always, de-clutter and depersonalize. Put away family photographs so that buyers can see themselves living in the home; instead display pictures that show what the property looks like when the temperature is warmer, like the garden in full bloom or the backyard in the summertime. Just because it’s winter doesn’t mean buyers can’t appreciate what your home has to offer year-round.
A group of private investors – led by Memphis businessman Michael Cook – is looking to turn a blighted Downtown block into a mixed-use development with covered parking.
Walk-Off Properties LLC bought the nine-story Hickman Building and its accompanying two-story parking garage on Sept. 30 for $1 million. The building, at 240 Madison Ave., sits across from the Fogelman Downtown YMCA...
...The upper levels were designed as offices with the penthouse serving as meeting space, which LRK believes could be maintained. Any configuration of office, retail and residential is on the table for the 99,159-square-foot-building.
Source: Memphis Daily News
Maria Krahn is an Affiliate Broker with Marx-Bensdorf, REALTORS... Maria has earned the Senior Real Estate Specialist designation as well as the Accredited Buyer Representative designation..
Maria Krahn, ABR, SRES
5860 Ridgeway Center Pkwy Ste 100
Memphis, TN 38120
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