This week’s highlights in Greenwich real estate:
- 30 new to market listings
- 26 sold properties
- 17 price reductions
- 14 contingent contracts
- 19 pending contracts
The number of new listings on the market is already picking up. We should see more listings each week for the next several months. Buyers are ready and waiting for new inventory to become available.
Sellers are hoping to take advantage of this strong market, which will work in their favor when they price their homes correctly. One misconception among sellers right now is some believe that their home values have skyrocketed due to the pandemic and some want to list their homes for more than they are worth.
Greenwich buyers are smart and generally won’t overpay. Although values have gone up slightly, approximately 10 percent in some cases, overpricing your home will almost always work against sellers and result in a home selling for less money than it would have if it was priced correctly when it was first listed, and it will likely sit on the market for longer than necessary. The question I get most often from buyers about a home that’s been sitting on the market is “what is wrong with it?” Buyers assume there must be something wrong with a house if it’s been sitting on the market for a long period of time.
Most sellers prefer not to have an excessive number of people walking through their home unnecessarily and that is certainly the case now due to Covid. The best approach is to listen to your agent’s recommendation, study the comparables and price your home realistically, with room for negotiation but not high enough to discourage showings or offers.
If you plan to sell your home, contact an experienced Realtor, ask for a price opinion of your home and ask your agent about their marketing plan. How will they advertise your house and does that plan include social media and digital advertising? The power of social media and digital marketing is not to be dismissed and both are very powerful today, no doubt more effective than open houses were back in the 80’s. That’s not to say that there is not a place for open houses but they can, at times, be overrated by today’s sellers. The majority of buyers who attend public open houses are simply browsing, getting familiar with the market, or they’re nosey neighbors. Most are not ready to commit to an agent and they’re not quite ready to make a purchase. Of course, there are exceptions but I would recommend working with an agent who has a strong digital presence. Ask your agent how many homes they have sold as a direct result of an open house in the past 10 years.
There are 33 public open houses this weekend. Please bring a mask and gloves and plan to social distance.
Please click HERE for the most up to date open house list.
Contact Stefanie for assistance selling your home or purchasing a new one. Text/call: 203-536-9403, email: [email protected],
stefanielacoff.bhhsneproperties.com