Paul Wetzel, president of Wetzel Services, would like to share the following update regarding our real estate activity during this time of social isolation:
It’s rare that I get to see my friends in person these days. However whenever I do, it’s only a matter of time before… “Hey Paul – how’s the real estate market these days?” They also want to know how our small business is faring, are homes moving, and did we have to stop or adapt operations? The short update is that we miss seeing our team on a daily basis, that our relocation and language divisions are obviously slower right now, but that real estate has been keeping us very busy.
As an example, we recently sold the house pictured at the top of this post. Located in the Spaulding Farm neighborhood, it was on the market for four days, and sold for 97% of the list price.
We had no idea what would happen with real estate during the pandemic, but we have been much busier than expected. Spring 2020 has been very successful with both home buyers and sellers.
Secrets to our successful Spring
On the selling side, we’ve been amazed both by the amount of traffic, and by how quickly homes have gone under contract. Of our last five closings in past months, 4 days was the average DOM before a contract! Also these homes have received 99% of their asking prices.
Several factors account for these accomplishments. Our key to selling homes quickly and close to list price is the three P’s: Presentation, Pricing, and Pictures.
Presentation relies heavily on the home owner. When an owner lists their house with Wetzel Services, we visit the home and advise how to prep the home. If it is as up-to-date and broadly appealing as possible, it will sell faster and fetch a better price. The sellers we’ve been working with have been very willing to paint a room, declutter, or upgrade some appliances at our suggestion. They have, in turn, seen a return on these investments.
Pricing,of course, is the main factor. In the current market, we are recommending pricing the home very close to the desired final number. Yes – leave a little wiggle room, but we don’t believe this is the time to price the home 5-10 % higher than a reasonable result just in case someone absolutely loves the home. Our goal has been to get a contract within 14 days and staying very close to the asking price.
Photography is incredibly important now. Most prospective buyers are unlikely to bother visiting a house if they haven’t been drawn in by attractive pictures. We put a high priority on photos that show a house in its best light. We still do in-person showings, but people are doing more research at home before venturing out. In addition to our regular professional photographs, we have also incorporated 3D virtual tours and more drone shots.
Greenville gets some of the credit
As proud as we are of our realty team, we have to acknowledge that we’re in a great place. As opposed to some parts of the country, the market here has remained strong. Extraordinarily low interest rates have also helped. Still, we have been astonished at the amount of business we’ve seen. It is especially incredible considering that we are not seeing the typical influx of international business transfers. Our business in the last weeks has been driven largely by local moves.
We recognize that this is a tough time for a lot of people. Despite low interest rates, uncertainty means that it’s not the right time for everyone. However, for some it is the best (or only) time to buy or sell a home. At Wetzel Realty we’re still open for business and happy to help.