Create Value, Sell your home…
SO WHAT DOES IT TAKE TO SELL YOUR HOUSE IN THIS MARKET?
Better yet, what does it take to sell your home quickly in this market? Since January 1, there were a total of 18 residential homes that have sold in 20 days or less in the Lakes Region of NH Market Report towns(all of Belknap County plus Moultonborough). Twenty days or less is pretty darn quick! ( I’m really talking about how long it takes to get a buyer to sign on the dotted line here—not the total time to actually transfer the property) Is there anything in common with these listings to make them sell so fast? The first five on the list were all bank owned properties and sold for $125,000 or less. So chalk those up to a bargain basement prices. I’m not sure if they were really bargains or not but a cheap asking price brings buyers regardless. There was one other bank owned in water access property in Moultonborough that sold for $345,000 which was actually more than the asking price of $299,900. Multiple bids resulted in a much higher than asking sales price. In other words, someone saw the value and was willing to pay for it.
There were four listings that sold between $100,000 and $200,000 that were all private sales and were at or below assessed values. Three homes that found buyers very quickly were in the $200,000 to $300,000 price range. Two were water access properties in very nice condition. The property at 49 Joanna St. in Moultonborough sold for $207,000 which was $83,000 less than the assessed value. The other water access property was a charming log cabin with water views and beach rights to Kanasatka. There was also one older home in downtown New Hampton that was listed at $259,000, sold for $210,000, and was assessed at $261,210.
The next two homes on the list sold in 6 days and 12 days…kind of. Both of these homes had been listed previously. One property at 385 Lower Bay Rd in Sanbornton had been on the market since 2007 and had been listed for as high as $629,900. This 1789 vintage farmhouse on 61 acres of land had a motivated seller. When the property was re-listed at the reduced price of $487,000, a deal was put together in just 12 days for $450,000. The other home in South Down Shores at 88 Crimson Drive seemed like a good deal at $379,000 when it was listed last year and was an even better deal at a reduced price of $349,000. When the owner agreed to a potential lower offer the expired listing was revived and a deal quickly struck at $315,000.
At the top end of the list were two very nice waterfronts in Moultonborough. The property at 63 Black Cat Island Rd was originally offered at $999,000 but was sold for $825,000 in just 17 days. The property is assessed for $943,000. Good deal, quick sale. Over at 251 Eagle Shore a $1.8 million, 4500 sq ft estate with 100 feet of frontage sold in 4 days for $1.65 million! So high end properties can sell quickly too.
Are there any common threads here? One. No, not price: value. Value is created when a price is set on a property that makes it desirable to buyers. No matter what the home or price range is, if buyers can see that they are receiving real value in exchange for the money paid they will likely make a purchase quicker. Fear of losing a good deal can be a great motivator. It also helps to have desirable features such as water access or a view to help enhance the value but obviously we aren’t all that lucky. So if you really need to sell your property and you can afford to lower the price so that you can be the best value in town you should do so. If you can’t adjust the price then you need to look at how you can create more perceived value in your property by making it the absolute best that it can be for potential buyers. Today’s buyers are definitely looking for value.