What’s Going on with New Albany’s Big Homes ?
People often ask me, “Wow, what’s going on the all the big $ Million homes on the market in New Albany, aren’t they selling?” The short answer is yes they are. But when we look back in time and dig a little we can see some interesting things emerge.
New construction vs existing home sales 2005-2009
Drill Down to the Detail
While there is no denying that a reduction from 23 homes sold in 2005 to 7 homes sold in 2009 is staggering, closer examination reveals that much of the fall off was in new construction. The resale for large homes market didn’t really move that much; 5 to 4.
Good News for Sellers of $1M+ Resale Homes? Yes and no.
So far this year there have 5 sales In New Albany vs 7 for all of last year. There are far fewer new McMansions for sale with which to compete. But, as of this posting there are over thirty $1M+ available for sale. Based on even the accelerated rate of sales for the first four months, that’s a 24 month supply of inventory.
Your Eyes are not Deceiving You
The large number of $1M+ New Albany homes currently for sale might give the impression that sales are off. But in fact, resale is slightly ahead of historic levels. It is the inventory level that is high. Unfortunately, for those of us who own these homes, there will continue to be price compression until the inventory comes more into balance with supply.
It’s an Important Decision
In today’s challenging real estate market, selecting the right Real Estate professional to market and sell your home is more important than ever. Your ability succeessfully acomplish your goals is very much linked to the decision you make regarding the Real Estate agent with whom you list your home.
So How do I Choose?
There a great may good Reators from which to choose; so how do you do it? The best method is a personal referral from a friend or family member who has used a Realtor and was pleased with their experience.
You should list with a neighborhood expert. You want the Realtor listing you New Albany home to be the expert in the area; one with the knowledge, expertise, marketing savy and the respect of the Realtor community to get the job done.
Remember, a really good Realtor sells 20 -25% of his or her own listings. That means that there is a &5-80% chance that your home will be sold to someone who is working with another Realtor. You want you listing agent to be well known and respected by other Realtors.
Empiric Data is Available and Tells the Story
Do your home work. There are plenty of facts and figures that will confirm that you are making a good decision. Some questions you would want answers would include:
How many homes do you sell per year? How long does it take your listings to sell vs the market average? What is your list price – sales price ratio vs the market? What is the average price poing of the homes you sell? How many homes have you sold in my neighborhood in the past 12 months? Do you have a team? Do you have a strong web presence?
Or Keep it Simple 🙂
If you live in the New Albany and want to sell you home, just call Kate & Tony at New Albany Realty. We’ll take great care of you and get you the results you want.