This is all good news for the Spring selling season but how long will this last? In my opinion, as long as interest rates stay low, distressed housing inventory stays low and consumer confidence remains strong then we should see this strong market continue for another 12 to 18 months.

Recognized as the mark of accomplishment in luxury markets around the world and the official luxury designation of many national and international brands, the Certified Luxury Home Marketing Specialist® (CLHMS) designation assures affluent buyers and sellers that the agents who have earned it have the knowledge, experience, competence, and confidence they require.

Agents who hold the CLHMS designation are Members of The Institute who have completed required training and have successfully demonstrated their expertise in the luxury home and estate market.

In order to earn and hold the CLHMS designation an agent must:

• Be a licensed real estate professional
• Fulfill educational requirements
• Meet sales requirements and document their performance in the upper-tier of their local markets
• Maintain membership in good standing with The Institute for Luxury Home Marketing

The Certified Luxury Home Marketing Specialist® designation is a mark of individual accomplishment. It is not awarded at the team or company level.

As a Certified Luxury Home Marketing Specialist® (CLHMS) who successfully works in the million-dollar-plus market, Wade also is a member of the prestigious Million Dollar Guild®.

If you are considering buying or selling a luxury home in Woodbury, please contact me for a private consultation at 651-274-8584.

WH – Compared to the West Metro, I think the East Metro is a bit more affordable when it comes to “luxury”. I would consider a home priced over $500,000 to be high-end in this area.

How would you describe the pulse of the luxury market?

WH – Days on market is trending better and we’re seeing prices stabilize – not increasing like some markets, but stabilizing. Activity is also steadily increasing; the private showings the last 90 days have really picked up on luxury homes. Many sellers still need to face the reality of the market when it comes to pricing.  With that being said, this is also an election year so there are a lot of variables.

High-end homes are moving if presented well and priced accurately. The inventory of these homes is somewhat low.

How different is the luxury market this year compared to last year?

WH – It’s amazingly different. There’s much more activity, energy and optimism. Last year we weren’t seeing as many sales and the days on market time was much longer. Buyers were much more aggressive last year and some sellers therefore decided to wait to list. There are a lot of buyers out there right now as evidenced by seeing 10 or more groups of serious buyers during an open house. Right now, properties that are presented well and priced right are moving – typically in less than 30 days.

What do you see ahead short and long term for your market?

WH – I see things continuing to improve in the short term. We have come through the most difficult times. However, I do anticipate a dip in activity through the election and the holiday’s. Interest rates will start to increase slowly over the next 18 months and that may slow things down in some markets.

The fact is, not all agents are equipped to handle a luxury property.  Buyers and sellers in the upper-bracket demand more skill, knowledge and effort than the average agent is willing to provide a client.

1. Price – Accurately pricing your home is more important now than ever before. Gone are the days of “let’s try it at this price and see what happens”. If your home is not accurately priced when it first hits the market it will be overlooked by agents and buyers. With the large inventory of new listings, buyers and agents simply will not waste their time looking at a home with an unrealistic seller. If you think you can just drop the price in 60 days if it doesn’t sell and still get top-dollar for your home, your wrong. Your home will be “labeled” and buyers will wonder what is wrong with it.
2. Condition  - Buyers are more demanding today than ever before. This is due to the amount of homes they have to choose from. Often times you will be competing with new construction and if your home is dated or in poor condition you will need to either make the necessary updates or drop the price to meet the condition. Kitchens, bathrooms and the main living areas should be the focus when making updates. Simple updates like paint, carpet and light fixtures can separate your home from the competition. And don’t forget the exterior, green grass, no weeds and a fresh pot of flowers sound simple but are often overlooked by the seller.
3. Agent - No – not all agents are created equal! Selecting an agent that not only specializes in your area but is also a full time, professional agent with several years of experience marketing homes such as yours will make a huge difference to your bottom line. They can properly guide you on the appropriate price and the improvements you should make prior to putting your home on the market. Simply putting a sign in the yard, snapping a couple of photos with their phone and placing your home on the MLS will not get the job done. You need an agent that will get your home to stand out from the crowd with an aggressive marketing plan. There are dozens of new listings that come on the market every day similar to your home and a good agent will know how to separate your home from the others.

The good news is interest rates remain low and pending home sales are up 20% in the luxury market so I feel the 4th quarter will be a strong finish to 2012.

Not just homes, but a real hometown with award-winning schools, pools, parks, trails and shopping, all making it the perfect place to raise a family. Stonemill Farms is built on 700 acres with an abundance of trails to connecting neighborhoods, open spaces and the community center area. With it’s custom home styles, award winning builders, sate of the art community center; Stonemill Farms has everything your family could imagine in a top-notch neighborhood to call home.

The Community Center at Stonemill Farms has an abundance of activities for the entire family to enjoy. It features a pool area for kids and adults (with a splash pad for younger kids), playground, hockey rink, picnic areas, softball diamonds, basketball courts, movie theater, library and much more. Stonemill Farms is truly a community where families have bonded for years, forming connections with each other and with the beauty that surrounds them.
The average single family home sale price in Stonemill Farms in 2012 was approximately $385,000 with 4 bedrooms, 3.5 baths and approximately 3,100 square feet of living space.

To search homes for sale in Stonemill Farms CLICK HERE

Visit StonemillFarms.com for additional information.

First, you can compete with the price. New construction typically is much higher in price per square foot. Price your home at fair market value and don’t think you need to allow room to negotiate.  A home priced right in today’s market should sell for about 98% of list price or better and should have an accepted offer within 60 days.

Second, make sure your light fixtures and bathroom fixtures are up to date.  Brass light fixtures and chrome faucets will stand out in photos and make it look as though your home needs to be updated.

Next, make sure you either replace the carpet or have it cleaned.  New carpet, fresh paint, new window treatments and a professional staging consultation can make all the difference.  Buyers will find your home online so the photos need to be professional and not taken with your agents IPhone.

Often times buyers do not want to wait 6 months to get into their new home so if your home is priced well, staged with some basic updates, clean, well photographed and marketed by a good Realtor you will have some success.

It’s unfortunate to see homes hit the market with a Realtor that hasn’t taken the time to help a seller overcome these objections.  It can often cost a seller thousands of dollars.  A home that is staged right will sell for about 5% more than a home that has not been staged.

I take the time (sometimes several months) prior to putting a home on the market to make sure my sellers homes are looking top-notch and ready for the most discerning buyers.  I also, offer a no cost staging consultation with a professional interior designer.  This often involves everything from assisting with de-cluttering to selecting paint colors and sometimes even redesigning an entire kitchen.

Here are some positive signs and my thoughts:

Median Sales Price 2012 = $240,000
Median Sales Price in 2011 = $219,700

Up 10%

Does this mean my house is worth 10% more than last year?

Absolutely not! While the “median sales price” may be up 10% this doesn’t mean home values have increased the same amount. The spike in median home prices is due to an increase in upper bracket home sales and the lower end of the market seeing less homes for sale. All good news, but not the thousands of dollars in equity everyone hoped to gain in 2012.

Closed Sales in 2012 = 1,110
Closed Sales in 2011 = 999

Up 11%

Record low interest rates have pushed buyers off the fence this year. We will continue to see a slight increase in 2013 if interest rates remain low.