As your local hometown Realtor, I try to keep an eye on the local market. Our office is located in Wethersfield, so my main focus is on the movement in town.
Not only is our office located in town, I have spent most my life living in town, so I have a bit of a soft spot for the 06109. Today we will be discussing the last 2 weeks of closed sales in town.
Did you know, nine homes have closed in the last two weeks, all but one sold for over asking. Of the nine homes that closed, do you know how many closed for over $599,000?
If you answered one, you are correct. If you think that one home, also happens to be the only home to sell under list price, you are again correct.
The home in question is a 3566 sqft home that sold for $600,000. It was listed for $673,000 back in May. I am a firm believer of the higher priced your home is the harder it is to sell.
My thought is the higher you go, the less pool of buyers you will have. In a town like Wethersfield, once you go over the half million mark, it is this Realtor's opinion, your buyer's pool decreases considerably.
This doesn't mean your half million dollar home won't sell for over asking. The second biggest home on this list 3532 sqft sold for $575,000, it was listed for $540,000. I have seen homes in Wethersfield listed for well over sell for over asking too.
In the case of this particular listing, I believe the home was over priced from the start. Usually when homes go under list price, that typically is the case. Especially when it is so much less than list, as the case for this particular property.
Both these homes where around 3500 sqft, one sold for $73,000 under asking and the other sold for $35,000 over asking. The fact of the matter is they sold with $25,000 of each other
As for the other eight homes, they went over asking at an average of just over $30,000. Surprisingly enough the home that went for the most over asking, happened to be the smallest home on this list.
Yup, 1048 sqft listed for $239,000, sold for $300,000. The second smallest home 1112 sqft was listed for $299,000, and sold for $302,000. The common denominator between these two homes besides size was their sold price.
There may be a case for homes being listed under market value, just so they could be advertised as sold for $$$ over asking. The above example can be used as evidence.
There was another home 1226 sqft that sold for $307,000. It was listed for $260,000. These three homes may have been listed $60,000 apart, but they all sold within $7,000 of each other.
The lesson here is, no matter what the house is listed for. The only price that matters, is the closed price, and for these similar in size properties. Their prices all aligned in the end.
The four remaining homes all have the same similarities, Two were around 1600 sqft and sold within $45,000 of each other. They were also listed within $25,000 of each other.
Now you may be saying, Carlos those are big numbers, but you also need to take in account condition, beds, baths, and location among other things for each home. Also the bigger the homes, the bigger the margins can get.
Finally the last two homes sold for $479,000, and $480,000 respectfully. One was listed $20,000 more than the other. They were also 700 sqft different in size.
Would you believe the smaller home was listed for more. It is a crazy market out their especially in Wethersfield. I hope you have a great Realtor working for you. If you are looking for one, don't hesitate to reach out.
