Real Estate Sales is not Rocket Surgery

But you had better handle the emergencies well.

real estate

I just finished watching the movie Sully and it gave the audience a glimpse into the responsibility someone can feel for people under their care. It also highlighted the scrutiny that can follow when events don’t go as planned. What made me want to see this movie was the fact that this was a real life event that thrust normal people into an emergency situation. Captain Sullenberger had been quietly mastering his craft for 40 years. Then came a bird strike out of the blue and the emergency landing… His character in the movie remarked: “I’ve delivered a million passengers over 40 years yet in the end I’m going to be judged on 208 seconds.” Real Estate Sales is a LOT like that! EVERYTHING is colored by the last few days leading into the closing.

How Hard Could it Be?

Buying or selling a house could be straightforward IF… the seller is honest, the house is in tip-top shape, seller continues to maintain the house, the buyer is honest, the buyer behaves at work, the buyer stops buying other things,  the buyer has plenty of money, the buyer chooses a lender who is able to get things done early, the inspector is not an alarmist, reasonable people are involved and they work through the inspection issues, the appraiser actually knows the market where the house is located, the neighbors do not accost the buyer with accusations, the closing attorney has a good staff, the HOA cooperates in a timely manner and mother nature holds off on the surprises. If there are agents involved, they also need to help move the sale forward smoothly rather than introducing drama by suggesting ill will and ulterior motives on the part of the other side.

But real estate sales are rarely free from all of those. Agents joke that real estate sales would be easy if it just weren’t for the people. What they mean is that people come with agendas, motives and selfishness. That mixture can bring drama and it is the drama that takes all the fun out of buying and selling homes. Delivering great service is tough enough. Delivering great service with competing agendas, personal drama and raging emotions can be downright complicated. At times it can feel like rocket surgery.

It is not Life or Death

In the end, it is still just buying or selling house. It is not real surgery on a living person. It is not life or death. No one ever died because a closing did not happen – at least not directly – that I know of. A house is not going to burn down because a deadline is missed or a text is misinterpreted. But houses can burn down – the night before the closing. Movers can drop huge wardrobes off a second story catwalk resulting in a furniture explosion. Washing machine hoses can burst.

Still, we are dealing with stuff – stuff that is most likely insured. Yes, dreams are wrapped up in that stuff and the loss of a dream is stressful. This is when we find out who people really are. Character is not made during a crisis – it is just revealed.

There is No Referee

There is no referee in the game of real estate sales. Selling a property is the equivalent of two countries negotiating a trade agreement. Yes, there are brokers involved above the agents but brokers are biased. There are laws and contracts in place but in the end, there is no ultimate authority watching over the process. No one to rule on an issue. No one who can call a penalty or eject a player. The parties involved just have to work it out. The parties have to work everything out. That means they even have to work out how they are NOT going to proceed if the contract is to be terminated.

Twenty one years down the road, I think what surprises people the most (agents included) is that contract language is not always black and white. The best route is communicate well and work together to address any bumps in the road.

Smooth Landings

As with any profession, witnessing the desired and typical outcome can seem routine. That does not mean it was easy. That means that the professionals involved have practiced enough to be able to achieve the desired outcome even if the unexpected arises.

I believe most people want things to go smoothly once a house goes under contract. Most of the time, everyone on both sides does their part and things fall into place like they are supposed to. As an experienced Realtor, I can tell you that I never relax until a couple of days after a closing. Passing deadlines and milestones is more of a relief than a celebration. There are so many moving parts to a transaction! We know that we can get everything right up to the week of closing and if there is some last-minute drama, we will still be judged. Its human nature. The only way to win is to nail the landing.

 

 

Chastain Park Breaks Record for Home Sales in 2015

Chastain Park Breaks All-Time Record for Home Sales in 2015Chastain Park breaks record for home sales in 2015 by eclipsing 2005’s record of 98.

Chastain Park sellers achieved an Average Sale Price of $1,239,399 based on the sales from 2015 that have closed thus far. Sometimes a few huge sales can skew the average sale price but that was not really the case here. The median home sold at $1,193,500 so the middle of the pack was around $1.2M.  Days on Market, however, was a different story. The average Days on Market was 91 days which was skewed by several sales that took over a year. The median Days on Market was 47 days which is a much better indication of the true market.

Chastain Park Breaks Record for Home Sales in 2015

The Highs and Lows on Price

The highest sale posted in Chastain Park was $3,600,000 for a king-sized flip project on King Road (pardon the pun).  The lowest sale was for an older, partially complete contemporary house on Dykes Drive at $420,000.  The days of buying a property in Chastain Park under $500k are getting fewer and farther between! There were only three in 2015 out of 104 total sales.

The tables below show the four market slices we track and how they fared each month. First for supply and then for sales.

Chastain Park Breaks Record for Home Sales in 2015

The Highs and Lows by Month

January really set the pace in 2015 with four times as many homes sold as in 2014! April, June and July also more than doubled their 2014 counterparts.

Chastain Park Breaks Record for Home Sales in 2015

The Highs and Lows of Supply

Sellers did their part! They managed to put more homes on the market without flooding it. As the green bars below show, the overall supply of homes ranged between 50 and 60 throughout 2015 which exceeded the numbers from the previous three years.

Chastain Park Breaks Record for Home Sales in 2015

Summary

As a resident and local expert, we study and preview the homes for sale in Chastain Park every day. You can feel even the slightest change in momentum when you watch anything that closely. We have a custom search running constantly that alerts us to any listings or sales in Chastain Park.  That information can be crucial for both selecting the most strategic List Price OR the best starting Offer Price – depending on which side you are on. If you are considering a move in Chastain Park, you owe it to yourself to meet with us first. 

Call or email Michael Bunch directly on his cell at 404-307-4915 or at michael@BunchRealEstateGroup.com

Chastain Park Home Sales as of April 2014

Chastain Park Home Sales year-to-date are falling behind 2013!

Chastain Park Home Sales

View the Latest Home Sale Stats:

Inventory and Sales Summary – Chastain Park 2014

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Curious about which homes are currently for sale?
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Curious about which homes are selling?
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Chastain Park Home Sales in 2013

It’s a wrap for Chastain Park Home Sales in 2013!

We saw 85 homes sell in 2013 in Chastain Park which was right at the record number of 86 sales recorded in 2012.  The available homes inventory (actively listed homes)  is still running low at just under 5 months. So technically Chastain park (on average) is in a Seller’s Market and have been for most of the year.  As you can see from the chart below, homes sales exploded early in the year in March and April and then leveled out for the rest of 2013.

Chastain Park Home Sales in 2013

As you might expect from a recovering market the Average Sale Price rose in 2013 to $975,041.  That was over $80,000 higher than the average in 2012 of $893,475.  The Average Days on Market also plummeted from 150 in 2012 down to 90.

Here’s a breakdown by price point of what was selling.  This data shows that even though it is a Seller’s Market for homes priced under $1M, we are still experiencing Buyer’s Market conditions over $1M.  Subtle market nuances like this are key factors that many agents will not pick up on so it definitely pays to hire a local expert to position your pricing maximize your net when you sell.  Or, support a lower offer when everyone is hearing that inventory is low and we are back in a Seller’s Market.  While that is true – it is not true everywhere.

Chastain Park Home Sales in 2013

Lastly, let’s take a look at the available homes for sale or “Inventory”. The number of homes on the market  remained near record lows throughout 2013.  We are also now seeing older homes being torn down again for new construction.  While most of these are still custom homes for residents, some builders are building spec homes again.

Chastain Park Home Sales in 2013

If you or someone you know has questions about Buying or Selling a home in Chastain Park, we believe they owe it to themselves to get as much information as possible.  We are always happy to discuss the market, what is selling, what is NOT selling and how we are helping people make the best moves in Chastain Park.  Call us at 404.939.3202 or email me at michael@BunchRealEstateGroup.com 

 

Chastain Park Home Sales as of Sept 2013

Chastain Park Home Sales year-to-date are still pacing 14% ahead of 2012.

View the Latest Home Sale Stats:

Inventory and Sales Summary – Chastain Park as of Sept 2013

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Curious about which homes are currently for sale?
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Curious about which homes are selling?
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If the links are not viewing properly, it may be because you are using Google Chrome.  Sorry,  FMLS software does not like Chrome 🙁

 

Chastain Park Home Sales as of August 2013

Chastain Park Home Sales year-to-date have stabilized and are still pacing 14% ahead of 2012.

View the Latest Home Sale Stats:

Inventory and Sales Summary – Chastain Park as of Aug 2013

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Curious about which homes are currently for sale?
———————————————————————————————-
Curious about which homes are selling?
———————————————————————————————————–
If the links are not viewing properly, it may be because you are using Google Chrome.  Sorry,  FMLS software does not like Chrome 🙁