Although our latest market snapshot shows that the average sales price in most Fairfield County, Ct. towns has decreased over the past year, that information is somewhat deceptive. Averages do not always tell the entire story. June and July were extremely active and multiple offers are certainly not unusual. The general feeling is that the real estate market is improving, and some homeowners are encouraged at the prospects of selling this Fall.
Back in the Day
The decision with whom to list was never as complicated as it is today, and the explosion of marketing opportunities available since the advent of the Internet is only part of the reason.
There was a time in our area whereby real estate agents, for the most part, conducted business strictly within the confines of one specific town. Referring a buyer from one town to another was the norm, and it was the exception for an agent to cross into neighboring towns. That phenomenon has slowly eroded over the past ten to fifteen years and agents often personally bring buyers to multiple towns throughout the county.
The Company Line When Listing Your Home
Some agents from local boutique firms will attempt to sell you on what they want you to believe are benefits to listing with them:
- A franchise or affiliation with an international name
- Town specific market share
- A connection to a firm from New York City
Selling You Air
While the platforms that can generate buyers for your home are numerous, the Realtor who sells you on the above bulletpoints is essentially selling you “air.” Below are the realities that address each one of them in corresponding order:
- No one walks into a real estate office in Hong Kong expressing the desire to find a home in Fairfield County, Ct. Ninety percent of home buyers begin their search on the Internet. If the buyer doesn’t have a prior relationship with a Realtor nor had one referred to them, they generally will find one on the Internet or by some other means.
- According to statistics provided by the local Board of Realtors, nearly 50% of those buyers who purchase a home are from out of town. In part because of the change in Realtor behavior as noted above, a one office in-town firm has less opportunity to manage those buyers. On the contrary, you may find an in-town buyer merely by placing your home on the local MLS, and any firm that belongs to the MLS can do that for you.
- There are many real estate companies located in New York City. A local firm that is owned by a company from Manhattan actually puts you at a disadvantage. That firm is less likely to receive referrals from the many other companies that exist in New York and who have the majority of buyers relocating to Connecticut.
Hmmm….
“What then should I look for in a realtor?” you ask. The list of “bottom line” considerations below offers a good beginning:
- A proven track record of a high sales price to list price ratio. (Translation- Is good at pricing and negotiating.)
- A high percentage of listings that actually close. (Translation – A good closer who knows how to get the deal done.)
- Manages the showings for your home and provides you with detailed feedback for each one. (Translation – Puts your interests first so that you can make prudent choices moving forward if the home doesn’t sell quickly.)
- A realtor for whom real estate is a full-time career. (Translation – Is available when a buyer is ready to make a move.)
- Provides staging, preferably not an outside source but in-house. (Translation – Staged homes sell more quickly and for more money.)
- A significant web and social media presence. (Translation – It’s the way in which a high volume of people communicate about almost everything.)
As with all markets, price equals supply and demand. When looking to sell your home for the most money, look beyond your borders.
What would you add to the list above?
What is the trend of out of town buyers within your community?
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