Why It Is So Tough To Sell A Home In Southwood
If you own a home in Southwood and you want to get it sold, you are joining a growing list. Southwood has the most active new home construction market in Tallahassee, and that means if you want to sell a home in Southwood must compete with a builder who has its own full time sales force. The results don’t lie, as Southwood has one of the higher failure rates for existing home owners.
Currently in the Tallahassee real estate market, 42% of the homes listed for sale in the Tallahassee MLS over the past year succeeded in selling, while 58% failed to sell. The results were far worse in Southwood, with only 36% of home sellers succeeding.
Southwood Home Prices
When we graph an overview of Southwood home prices, we see significant evidence of falling home prices. Note in the real estate graph below, the highest priced homes failed to sell, while the ones that are under contract have the lowest price. Most of the homes on the market are priced closely with the recent home sales, but the only ones to receive contracts were well below this level.
Southwood Home Values
When we plot the average price per square foot of the same group of detached single family homes in Southwood, we get a similar picture. The average asking value of homes for sale in Southwood is $124 per foot, while the recent contracts came in on homes with asking values at $110 per foot. Recent sales are still at $123 per foot, but that includes sales going back an entire year. Recent sales are lower.
How To Sell A Home In Southwood
Even though there is stiff competition among home sellers in Southwood, you can get your home sold if you prepare correctly. The first step has been started for you here, and that is gaining a solid understanding of the marketplace and determining what your competition is doing.
The second step is to research and find the best progressive home selling plan that will exhaustively work to sell your home. The builder is going to doing this, and you must be able to compete. Just hiring a real estate agent who puts a sign in the yard and runs a few ads is not going to get it done (if it would, then maybe more than 36% of the homes would have sold over the past year).
The final step is to interview the real estate broker who runs this home selling plan and determine realistic outcome scenarios. Home values in Southwood are still falling, so if you have to sell, sell it fast. Otherwise, plan on owning the home for at least 5 to 7 years (or longer) until home values rise back above today’s values.
If you would like to see what Joe Manausa Real Estate can do to sell your home, just drop me a note and we will schedule a time to review what we can do to sell your home fast. Even if you decide not to sell, I guarantee you will be well informed to make the best decision possible for your circumstances.