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SoBoCo Market Stats – January 2021

By Brandon Glascock

If you have been in the market to buy or sell a home in SoBoCo, you know it’s an understatement to say the market is limited!  As of this writing, our community has only 12 homes for sale in our school district, and 16 homes under contract (worth a total listed value of $6.7 million).

We put together a few Southern Boone specific market stats from January for you to ponder and share –

Residential sales are up 22%  year-over-year from $1,909,300 to $2,333,220.  The average sales price in SoBoCo is up 7% from $272,757 to $291,653.  It seems now a regular occurrence to see buyers offer above the list price, or include an escalation clause (verbiage in an offer that automatically increases a buyer’s offer price up to a certain threshold) and still get beat by an even more aggressive buyer.  The implications of these types of offers and contracts on comparable sales data, appraisals, and financing, etc. is far-reaching and changing quickly.  If you were sitting around the table last Christmas and talking about how you plan to buy or sell in the spring, you likely want to revisit your approach.  That’s where we come in.

As a buyer you want to position yourself aggressively, and it’s not always about price.  An agreeable closing date, limited seller concessions, and a common sense approach to inspection resolutions can be key to a successful sale.  As a seller, proper pricing, home readiness, and a tailored marketing approach customized to your home need to be part of the conversation when you are ready to sell.

It is no doubt a great time if you are a seller, and it is tempting to go it alone.  Thinking of selling your home yourself?  One study from the National Association of REALTORS  found that “sellers who list their property for sale by owner earn an average of $60,000 to $90,000 less on the sale of their home than those sellers who work with a real estate agent.”  Give us a call or swing by our office to learn how a REALTOR can help you.  Learn what your home is worth for free at SouthernBooneRealty.com

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