Community Marketing & Real Estate Update

As we entered 2024, there was a great deal of uncertainty surrounding the economy, high interest rates, and various other factors. The year began far from the "irrational exuberance" we witnessed among buyers during the post-COVID-19 peaks of 2020 and 2021. However, I’m pleased to report that as of the end of August -- two-thirds through the year -- real estate activity in The Landings has remained steady.

Before diving into the numbers, there’s a key trend worth highlighting. For much of the year, approximately 50% of active home listings in The Landings have seen price reductions. Interestingly, there’s a notable gap between the average discount from the “original list” price, which is currently -5.6%, and the discount from the “last list” price, which stands at -3.2%. This shows that many homes needed a discount before a buyer would seriously engage.

Pricing your home correctly is perhaps the most critical factor when selling. Overpricing can cause your home to lose its initial appeal, especially during the crucial first two-to-three weeks on the market. After around 21 days, buyer interest and demand often begin to wane. While it’s natural for homeowners to worry about leaving money on the table by pricing a home too low, a competitively priced home in a seller’s market is likely to generate the most activity…with the potential for multiple offers and even driving up the final sales price.

Pricing a home correctly is both an art and a science, and at The Landings Company, our agents are skilled in both. The “science” comes from a detailed competitive market analysis, while the “art” is derived from years of experience within the community, paired with an understanding of each home’s unique qualities and location. Our agents work closely with buyers daily, gaining firsthand insights into their evolving needs and preferences. This provides them with a deep understanding of the current market’s “pulse,” allowing them to guide you in strategically pricing your home to attract interest and take advantage of market conditions, rather than chasing an unattainable price in a declining trend.

One key statistic to consider is the “Months of Inventory,” which measures the balance between supply and demand and indicates whether the market favors sellers or buyers or is balanced. Nationally, a balanced market is considered to have around four months of inventory, while a seller’s market exists when inventory levels fall below that four-month threshold. In The Landings, we’ve been operating with roughly two months of inventory this year, signaling a seller’s market -- albeit with more discerning buyers than a few years ago.

The average home price in our community is $994,290, which is higher than last year, reflecting a robust market. By pricing your home correctly from the start, you can avoid unnecessary adjustments and make the most of the continued demand in this market.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Your Company, The Landings Company!

Real Estate & Community Marketing

A wholly owned subsidiary of The Landings Association

The Landings Company is 100% self-funded through

the sales commission revenue we generate.

With your support—whether through selling your home, referring friends and family, or renting your property—

we can continue marketing The Landings nationally, benefitting the value of all our properties.

Thank you for your continued support in 2024!