Savannah Real Estate Sales Report – Q2 – 2014 – (Part 1)

Savannah Home Sales Increase in First Six Months  of 2014

So far 2014 has been a slightly better year for Savannah real estate sales than 2013, even though April and June sales numbers dipped below 2013 levels. Here’s a quick breakdown of some of the data:

Savannah Home Sales 2014

Savannah Monthly Home Sales 2014

Fast Facts:

  • YTD 2014 (through June) sales were higher than in 2013 by +1.7%
  • YTD 2014 sales improved +11.3% over those in 2012
  • Home sales beat 2013 in first 3 months of 2014, but fell below them in two of three months (April and June) in Q2 of 2014
  • Q2  2014 sales fell by -3.7% compared to Q2  2013, but were +6.5% higher when compared to Q2  2012
  • Most of the drop in quarterly sales occurred in the <$100K price range (-25.5%), while sales in the $100K-299K ranges rose by +5.5%
  • 2148 single family detached houses sold in first 6 months of 2014 versus 2139 in first 6 months of 2013 (January-through-June)
  • 307 condos/townhomes sold in 2014 compared to 284 in 2013 (January-through-June)
  • Monthly median sales price ($179,000) is almost back to 2007 levels ($185,000) after bottoming in February 2012
  • The Q2  2014 median sales price rose +5.3% (to 179,000 from 170,000) compared to that of Q2  2013
  • The Q2  2014 median sales price jumped +14.0% (from $157,000 to $179,000) above that of Q2 2012

Distressed Property Sales Continue Decline

The impact of distressed properties (short sales and foreclosure sales) on the Savannah real estate market is continuing to decrease. The percentage of Q2 2014 distressed sale transactions was nearly 10 percentage points lower than in Q2 2013, and 3.6 points below last quarter’s numbers.

Distressed sales still represented nearly 20% of Savannah real estate transactions during the second quarter. Short and foreclosure sales also  took place in every price range below $750,000. The heaviest hit price range was under $100,000, where 60% of sales involved distressed properties.

Savannah Distressed Sales

Savannah Homes Median Sales Price

As distressed sales continue to clear out of the Savannah real estate market, median home prices should keep rising. This is good news for sellers, as median sales price increased for nine consecutive quarters. The simple law of supply and demand is in play here, as the inventory of homes decreases,  home sellers gain an advantage and can price homes higher.

Savannah Median Home Sales

Savannah New Home Sales Versus Resales

The median sales price for new construction has also increased steadily over the last three years. In addition, resale property prices have moved up since Q2 of 2012.  During 2013, resale prices climbed at a faster rate than new home prices, but the trend has shifted in 2014.

 

Savannah Single Family Homes Hold Value Best

Since 2007, single family detached properties have held onto their value better than condos and town homes.  Condos hit their lowest median sale price in 2012. At the time, they were 32.9% below their 2007 price, while single family detached units dropped 19.5% at their lowest point in 2012. However, both have regained some footing, as the monthly median price range for detached homes has climbed to levels near 2007 market highs. As of June 2014, the median price stood at $179,000 — just $6,000 (or -3.2%) below 2007 highs after bottoming in 2012. Condos and town homes still lag behind their high of $170,000 in 2007. as of June 2014, the median sales price  stood at $136,000 or 20% below the high.

Savannah Median Sales Price by Home Type

Savannah Sales to Listing Price Percentage Over 94%

The percentage of sales price to listing price also increased. In 2011, Savannah home sellers received about 83% of their list price, on average. In Q2 of 2014, they averaged  between 94% and 96% of their listing price.

Savannah Real Estate - Sales to Listing Price

In part two, I’ll highlight more details and trends from  Q2  2014 real estate sales in Savannah. I’ll let you know as soon as it’s released. Sign up here to receive the email notification.



How To Eliminate the Stress of Moving

Elimininate Moving StressStudies indicate that moving is the third most stressful life event — behind death and divorce.

But here are some ways you can  make your move go much more smoothly.

For the Do-It-Yourselfer

  • Take plenty of time: Many moving experts advise that you take three to four weeks to move. You have to plan, get multiple moving estimates, sell, donate or throw away unwanted items, pack, disconnect and set up utilities,  clean and even repair your current home.
  • Select the right moving company: Take your time evaluating and choosing your moving company. Working with the wrong one can cause added stress. If possible, talk to friends of family members who have recently moved and get recommendations. Unusually low bids can mean low quality or inexperienced movers, so don’t base your decision solely on price. Go to the Federal Motor Carrier Safety Administration website at  www.fmcsa.dot.gov to find carriers’ safety records, etc.
  • Get a least three detailed estimates: Make sure you get at least three written and detailed estimates.  Also, ask for the costs of extras, including  packing, storage, length of move, heavy or awkward items, and any fuel surcharges. Tell the mover, you don’t want any surprises on moving day.

For the Delegator

If you have a busy schedule, it’s best to go ahead and get someone else to manage your move. In fact, that’s why we offer our clients an added service — not only do we help them sell their properties, but we also have transition coordinators who help plan and execute a move from beginning to end. In addition, we have a network of highly-skilled professionals who sell high-end valuables and antiques, liquidators who purchase just about anything else, and charities that receive donations and provide tax deductions for unwanted items. We can also help you pack, set up movers and clean and repair your current home for a  quicker sale.

We find that two types of clients love this service. Seniors, retirees and empty nesters that are downsizing after living in the same house for years and years. Also, children who are transitioning parents to a smaller home, an assisted living arrangement, or a retirement community. This works great because you only have to deal with one point person. It’s also a lifesaver if  you live in a different city or state than your parents.

A Decluttered House Sells Faster and For a Higher Price

Most real estate experts will tell you that a house sales faster when it is decluttered and depersonalized. This allows prospective buyers to see themselves and not the current owners in the home. Our transition services not only eliminate the hassles of moving, but also enable us to stage your property for a faster and more lucrative sale.

If you want to sell your home, but don’t want the  stress and headaches of moving, we can help. Give me a call 912-844-9000 or email me at [email protected] and I’ll explain exactly how we can make your move stress and hassle-free. Plus, we con’t charge anything for facilitating the transition process.

Stay updated on the Savannah Luxury Home Market and Get Home Buying, Selling and Moving Tips. Subscribe to the Savannah Luxury Home Report!



 

Savannah Home Sales: 501 Homes Sell in July


Savannah Luxury Home Sales ReportSavannah Home Sales Highlights

  • 501 homes sold in Savannah in July of 2014

  • 523 homes sold last July

  • 546 sold in July of 2014

  • Median home prices rose 1.2% month-over-month.

  • 662 newly constructed Savannah Metro Homes under contract so far in 2014.

Savannah home sales continued to top the 500 mark in July, even though unit sales were down over 4% year over year and over 8% month over month.

Some of the month-to-month decline can be attributed to July being a heavy vacation month due to the summer break and July 4th celebrations.

Savannah Home Inventory Levels

Inventory levels held steady near the six-month mark. The Savannah area had 3,296 active listings according to the MLS.

Search all listings below.

Last year, there were fewer houses on the market, which usually gives the seller the upper hand. However, spring through fall is typically the best time to sell a house, so don’t be surprised if more sellers list houses in the next few months.

Savannah Home Prices Increase

Home sellers also saw the median prices of homes go up as the median home prices increased 1.2 percent above last month’s mark of $187,000. This is always a welcome trend among sellers as it indicates the values of homes are continuing to improve and may bring more hesitant sellers into the market.

New Construction Picking Back Up

Also, 662 newly constructed homes have gone under contract in 2014. This new construction is taking place all over the metro area (Bryan, Chatham and Effingham counties). This is a 28 percent increase over 2013 numbers and should give builders more confidence to keep developing new projects.

Mortgage Update

Mortgage applications declined 2.7 percent last week even though mortgage rates were low and national home prices increased less than last year.

Refinance applications also dropped 4 percent. This means refinance volume has declined almost 28 percent from a year ago.

Mortgages applications for home purchases also fell 1 percent to the lowest mark since February. Applications are down 10 percent year to year. This is holding back home sales as many buyers are having a tougher time qualifying for mortgages than in the past, but there are signs that may ease up over the next few months. Go her for details.

Nationally, home sales are off 4.5 percent from last year, according to the National Association of Realtors report from August 12.

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Savannah Million Dollar Homes

Savannah Million Dollar Homes Sold
View Savannah Million Dollar Listings by Clicking on the Image

Highlights:

  • The Landings on Skidaway Island led the way with six million dollar homes selling so far in 2014.

  • Downtown Savannah, Wilmington Island (including Whitemarsh Island) also had a strong showing from April through July with five million dollar properties changing hands.

  • Dutch Island, Isle of Hope, Richmond Hill and Vernonburg also saw at least one property — priced for a million dollars or more — sell.

Are you looking for a million dollar home in Savannah? Or just curious about where homes in this price category are located?

Go here if you want to view all the current Savannah million dollar listings or keep reading to learn the details of 2014 sales. I’ll review sales figures from April through July to give you an overview of Savannah’s most exclusive addresses.

Since April of 2014, 21 homes –costing a million or more — have sold in the Savannah area. Here are their locations by zip code and section of town.

  • The Landings on Skidaway Island (31411): Six million dollar homes sold here since April. All of The Landings properties were located on the waterfront.
  • Wilmington Island (31411): All five of the million dollar homes sold on Wilmington Island and Whitemarsh Island were on the water. Two were located on Wilmington Island Road, while three were on Whitemarsh. Two were near the Savannah Yacht Club and the other was in Long Point.
  • Downtown Savannah (31401): Three historic properties sold in Downtown Savannah area, while another was located on a historic square, but was a more recent construction. A million dollar condo also sold on Broughton Street — the center of the city’s retail and entertainment district.
  • Isle of Hope and Dutch Island (31406): Two million dollar homes also sold in the Isle of Hope and Dutch Island communities — both were on the water.
  • Vernonburg (31419): A luxury waterfront home in the Vernonburg  area, located off of White Bluff, also sold for over one million dollars. Like most of the other homes in this category, it was on the water.
  • Richmond Hill (31324):  A luxury homebuyer also purchased a home in The Ford Plantation in Richmond Hill for over a million dollars.

The sales figures show that  the market for luxury homes in Savannah has continued to remain hot after a fast start in 2014.

Savannah Luxury Homes - Savannah Luxury Living Blog

Million Dollar Home Listings in Savannah

Currently, 98 properties in the Savannah area (including Richmond Hill) are listed for a million dollars or more.  The prices range from $7 million to $1.05 million.

In the next few months, I’ll overview many of these neighborhoods and subdivisions, including The Landings, Savannah Yacht Club area, Long Point, Dutch Island, Isle of Hope, Burnside Island, Ford Plantation, and of course, Tybee Island and the historic properties in Downtown Savannah. I’ll also cover waterfront (riverfront and beachfront homes), as well as upcoming luxury condo projects.

House on the beach

Follow the Savannah Luxury Report to Stay Up to Date

So stay tuned if you want to keep your finger on the pulse of the Savannah luxury home market. I’ll review recent sales, current listings, and planned new developments in the luxury market of Savannah real estate.

Just sign up here and receive all the updates as soon as they publish.



More Resources for Savannah Luxury Homebuyers and Sellers

I’ll also overview a new service we’re offering our luxury clients — or their relatives and children — who are selling a luxury home and transitioning to a new living arrangement. This service completely eliminates the hassle of selling a home and relocating yourself or a loved one.

If you’re in that situation now and can’t wait for the post, go ahead and call me (912-844-9000) or send me an email and I’ll overview it for you.

Savannah is an enchanting and charming city filled with lots of one-of-a-kind homes. No matter what your desire — a historic home, waterfront living, golf course living  — or even city living in a brand new luxury condo in the heart of Downtown Savannah, you can find it here.

Savannah Luxury Real Estate – What You Need to Know

Modern homeIn today’s post, I wanted to take some time and talk about the Savannah luxury real estate market. I define luxury real estate as homes that sell for more than $750,000.

Currently, there are over 200 listings that fit the luxury category, priced from $750,000 up to $5.475 million in the Savannah area. If you’re interested, I’ve already put together a list for you. All you have to do is follow this link. 

Buying a Luxury Home
If you’re in the market for a luxury home, you’re likely a savvy buyer with solid finances, but let’s quickly review what you need to have together to qualify for a jumbo mortgage (one that exceeds $417,000).

  • Employment verification
  • Proof of the assets to pay a large down payment and necessary reserves.
  • Verification of high credit scores.
  • Low debt-to-income ratio.

Paying With Cash
Interestingly enough, 32 percent of homebuyers in 17 of the U.S.’s biggest cities paid all cash when purchasing their homes through May of 2014.  This trend has been at this level or higher since 2011. This is likely the result of the housing crisis that started in 2007.  The result of the bursting of the housing bubble brought tighter mortgage lending standards and fewer homes on the market.

Most cash purchases occur at the low and high-ends of the housing market — under $200,000 and over $600,000.

Cash Gives You More Negotiating Power and a Quicker Close
As a luxury homebuyer, you understand that you’re part of a small group of purchasers that can actually afford to purchase a more expensive house.  Obviously, sellers prefer working with buyers who can get the deal done. They also like the idea of not having to depend on financing which can sometimes lead to delays, as mortgage brokers and  lenders gather and process paperwork and documentation. So if you can pay all cash, you can separate yourself from many other luxury homebuyers and negotiate a better deal.

If you can’t make an all cash payment, you can expedite the process if you have liquid (easily converted to cash) assets.

Choosing Carefully
As a luxury homebuyer, you’re in the driver’s seat and can afford to take your time and find exactly what you are looking for. However, make sure you’re working with a realtor who can bring two qualities to the table.

First, pricing a luxury home is a trickier process than valuing a more normal type of property — and there is more room to negotiate.  It is important to work with a real estate professional that is a top-notch negotiator. Also, since comparable properties may not be readily available, you need to work with a realtor who understands how to value the unique features and amenities you seek in a property.

I can help you do both. I spent years negotiating and valuing real estate deals as an investor before earning my real estate license. For more information, simply go here or call 912-844-9000.

Also, if you’re selling a home, I’ll provide you a complimentary property value analysis on your home. Simply click on this link.

Stay updated on the Savannah luxury home market and all new listings. Sign up below.



Savannah Island Real Estate Recovering

Savannah Island Real EstateSavannah Island home values are moving in the right direction. Over the next few posts, I’ll look at specific areas in Savannah that are seeing encouraging increases. I’ll start with the top four areas measured by median sales price, but first; let’s look at the median value for all Savannah area homes.

Savannah Metro Home Values
The median (or midpoint) value of a Savannah Metro home is $144,000 as of April 30, 2014. That’s an increase in price of about O.2% quarter over quarter and 0.4% year over year. However most of Savannah’s higher-valued neighborhoods have increased by larger percentage year over year.

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Why Use Median Value Instead of Average Price

The reason most realtors use median value instead of an average value is it’s a more reliable reflection of a group of home values. It removes outliers — like million dollar homes with acreage or a distressed property sold at a very low price, which can skew home values in the area. So instead of just taking the value of all sales and dividing it by the number of houses sold, you simply list the prices and take the value in the middle or at the midpoint. So let’s look at the 5-year median price trends for four of Savannah’s highest valued communties. (If you want to view current luxury listings in the areas, simply click on the links.)

Skidaway Island has a median sales price of $418,000 as of April 30. Tybee Island has a median sales price of $344,300 as of April 30, 2014.
Isle of Hope has a median sales price of $260,200 as of April 30, 2014.
Wilmington Island has a median sales price of $218,200 as of April 30, 2014.

Savannah Metro Home Values

As you’ll notice, all of these areas — except for Isle of Hope — lost value from July of 2009 until April 30, 2014, but have started to trend back up somewhat over the last two years or so. Now let’s look at the value trend over the last 12 months as housing has started to recover.

Savannah Metro Home Values

Here’s a breakdown of month over month (M/M), quarter over quarter (Q/Q) and year over year (Y/Y) changes.

Skidaway Island — M/M: -O.4%; Q/Q: +0.1%; Y/Y +3.5%
Tybee Island — M/M: -O.3%; Q/Q: -0.1%; Y/Y -0.2%
Isle of Hope — M/M: -0.6%; Q/Q: -0.1%; Y/Y +8.6%
Wilmington Island — M/M: -0.2%; Q/Q: -0.1%; Y/Y +3.4%

As the graph shows, all of these areas, except Tybee Island, increased in value during the last 12 months. Isle of Hope led the way with a 8.6% gain, followed by Skidaway Island up 3.5%, and Wilmington Island higher by 3.4%. If you look at dollars instead of percentages, you’ll see that the median home on Isle of Hope climbed by $13,200 from May of 2013 to April of 2014. Skidaway Island and the Landings rose by $10,000, Wilmington Island increased by $7,000 and Tybee Island declined by $4,700 during the same period.

The Takeaway
The trend over the last few years shows that the housing market is gradually improving and some areas, like Isle of Hope, are almost at double digit returns from a year ago. Prices did drop slightly across the board during April, but the the longer-term trend is clearly positive. This should continue throughout the summer of 2014 and hopefully beyond. If I notice any significant changes in the trend, I’ll let you know immediately. Simply subscribe below to get my Savannah Luxury Home Report alerts.



(All statistics are provided by Savannah MLS and Zillow)

Ed Yannett, Savannah Luxury Home ReportEd and LIsa Yannett Savannah Real Estate ReportNext week, I’ll overview four more communities: Richmond Hill, Whitmarsh Island, Pooler and Guyton, which also have home values that exceed the Savannah metro median sales price. In the meantime, if you want to know the specific value on your house, go here to get a detailed assessment of your property’s value. If you have any questions, contact me at [email protected] or 912-844-9000.”

Savannah Luxury Homeowners: 5 Tips on Flood Insurance

Savannah Home Flood damageHurricane season is here and it’s a great time to review the new Savannah flood insurance requirements. Here’s what you can do to prepare for what’s ahead.

1. Understand Changes
In 2012, Congress signed the Biggert-Waters Flood Insurance Reform Act. This legislation reworked the flood insurance requirements. Congress did this to try and correct some long-term problems with the National Flood Insurance Program, or NFIP.

In 1968, the NFIP was developed to manage the damage and financial costs of floods. It was also supposed to reduce the tax burden of flood disaster relief. Savannah and Chatham County — and other cities or counties that participated in flood management plans — could access the flood insurance, which was backed by the Federal government.

Unfortunately, the program ran into problems and has accumulated a $25 billion dollar deficit over the last 10 years. Mostly due to the impact of major hurricanes causing heavy flood damage.

2. Expect Rising Premiums
Savannah homeowners could face substantial increases to premiums under the new law. Coastal areas, like Savannah and Chatham County, could find themselves paying much more for their flood insurance .

Under the new law, the NFIP can raise yearly flood insurance premiums by 20% instead of 10%. Also, second homes and investment properties could see premiums jump by 25%. Some subsidies were also removed from the flood program. However, a March extension pushed the implementation of the increases out 48 months.

3. Consider Flood Insurance Even if You’re in an X Zone
An article by local business columnist Julia Ritchey overviewed a recent meeting of realtors. During the meeting, local flood insurance agent, Jeffrey Brady, told realtors that almost 40% of all flood claims occur in areas where flood insurance is not mandated. Claims in these X zones average about $65,000.

Brady estimated that the homeowners in the zone could cover their homes by purchasing a flood policy for a little over $400 a year. ($250,000 in building coverage/$100,000 for contents).

4. Stay Updated on Changes to the Flood Map
Savannah’s flood plain administrator, Tom McDonald, said map changes were on the way. Pooler and Bloomingdale will see changes. Homeowners can also expect changes in a broader area from Hilton Head to south of the Florida line after FEMA completes its research on coastal surges. This should happen in 2015 or 2016.

5. Cut the Cost of Your Premium
Some Savannah homeowners can qualify for lower flood insurance premiums even if their homes are in required flood insurance areas. They key factor is the elevation of the house. If it’s above the base flood elevation (BFE) level, homeowners can reduce the cost of their premiums. The cost for figuring out the exact elevation can range from $500 to over $2000.

The Takeaway
The implementation of the new flood insurance requirements is an ongoing process. To successfully and cost-effectively navigate the details, Savannah homeowners need to keep up with the changes. They also need to work with a realtor well-versed in the details of flood insurance. When all is said and done, the cost of flood insurance can add to or take away from your purchasing power, so you should carefully evaluate it when buying a home.

Ed Yannett, Savannah Luxury Home Report“Flood insurance is just one of many details Savannah homebuyers need to consider when they buy a house. Our team of qualified professional realtors can help you stay on top of the details and make a great buying decision. Please check out all the listings and contact us if you’re interested in more information. You can reach me at [email protected] or 912-844-9000.”

If you want to stay in tune with the Savannah luxury home market, sign up for the Savannah Luxury Home Report.



Million Dollar Luxury Homes Sell at Twice Historical Average

Savannah Luxury Homes Report 2The million dollar luxury home market is booming across the nation. In February, sales of million dollar plus homes represented 2% of real estate transactions — matching 2008 levels — before settling back to the historical average of 1% in March. The leveling off in March was blamed on problems in the credit markets.

Luxury home purchases also jumped nearly 8% from March of 2013 to March of 2014.  Savannah luxury homes ($750,000 and up) have also seen big gains so far in 2014. Read my last post for a detailed breakdown.

Drivers: Better Economy and Stock Gains
Since 2009, stock values have climbed over 300% and consumer confidence — especially among affluent buyers — is growing. Increasing real estate sales typically indicate optimistic buyers and the housing market is showing that wealthy buyers appear to be the most confident purchasers at the moment.  In the article, Gary Wasserman, CEO of Allied Metals Corp pointed to the fact that many are seeking to “monetize” and “concretize” their stock gains by investing the proceeds in real estate.

Demand  Rises for $500K+ Loans
The Mortgage Bankers Association data also showed that loan applications for $500,000 plus home loans rose, while all other loan value segments declined in February.  This mirrors a trend that has occurred broadly as affluent buyers gobble up luxury items at a higher rate than most other consumer goods. This further indicates that these buyers feel good about the future of the economy.

Vacations Homes Making Gains
Vacation properties also jumped to a share not seen in seven years, as the transactions comprised 13% of real estate deals in 2013 according to the National Association of Realtors.  Investors also came back into the market aggressively. Institutional and other investors are buying lower-priced properties and offering them as rentals. This is further pressuring the housing inventory in the lower price ranges ($250,000 or less). 

New Construction Targets Affluent
Homebuilders are also following the demand by focusing on higher-priced construction. Why? They know affluent buyers  can access credit or pay cash to get the deals done. Credit seems to be much harder to come by for middle to lower income buyers.

What It Means
If you own a million dollar home and are considering selling it, now is the time to put it on the market. Hopefully, the good economic news and stock market gains continue, but if they don’t the luxury market may shift quickly and this selling opportunity could be lost.

If you’re a buyer or ready to upgrade to a more luxurious home, you’re facing increased competition. However, the million-dollar inventory is still good and now may be your best time to find the home you’re looking for.

To view all the luxury listings in the Savannah Area go here.

Keep Your Finger on the Pulse of the Savannah Luxury Home Market with the Savannah Luxury Home Report. Sign up now.



 

Ed Yannett, Savannah Luxury Home Report“Lisa and I are pleased to announce a new service that Team Yannett is offering to our luxury home sellers. If you or your parents need help transitioning to a new property, retirement community, or assisted-living arrangement, we can help. Our transition concierges will help you or your parents make minor repairs, maintain lawns, and pack sensitive items like fine china, jewelry or other valuables so that you can move with greater control and peace of mind. Send me an email [email protected] or call me at 912-844-9000 for details.”

 

Savannah Luxury Home Sales Off To Fast Start in 2014

Savannah Luxury Homes - Savannah Luxury Living BlogGood news came down the pipe in April for Savannah luxury home sellers. Sales of Savannah homes in the $1 million plus price range jumped 125% over the same period in 2013. Also,  Savannah homes in the $750,000 to $999,000 range climbed 60%. Obviously, a welcome sign for sellers who have watched high-priced homes sit in a stagnant market since the real estate bubble burst in 2008.

Check out the chart below and you’ll see how the luxury market ($500k to $1 million plus) is taking off on a percentage basis compared to all other price segments.

Savannah Luxury Home Sales

On Pace for the Best Year Since 2008
If 9 more million-dollar homes sell this year, it will be the best year for Savannah home sales in the $1 million and over price segment since 2008. For comparison sake, 79 homes sold for $1 million or more that year. In 2009, only 18 sold in the Savannah area.  

In the first quarter of 2014, nine houses — $1 million or above — have already sold, while eight have sold in the $750,000 to $999,000 range. Most sales have been in the Skidaway Island and Savannah Historic District. According to the MLS, 22 sold in 2013 — 5 in the first quarter — so all signs indicate sales will surpass 2013 numbers in 2014.

Facts About Homebuyers of Luxury Homes

  • Percent of first-time and repeat buyers with household incomes of $200,000 or more: 8%
  • Percent of first-time and repeat buyers who bought homes priced $500,000 and more: 9%
  • Percent of first-time and repeat buyers who bought homes 3,501 sq ft or more: 10%

Source: 2013 NAR Profile of Home Buyers & Sellers

Networking and Marketing
As you can see, the market for prospective buyers in these price ranges is limited and strategic networking and marketing are the key to moving luxury properties.

Here are a few suggestions on how you, as a seller, can position your luxury property for a faster, more lucrative sale.

  • Stage Your Home with Gusto – You have to capture the imagination of buyers of million dollar homes. That means going beyond the typical open house to capture their attention.  Consider throwing a party at your home to display its beauty.
  • Target your Marketing Plan – Affluent buyers are a targeted market and you need to work with a professional who knows how to target your luxury home to those who can actually afford to complete the purchase.
  • Utilize a Network – Real estate professionals who specialize in selling luxury properties have a network of financial planners, accountants, investment managers and other professionals who work alongside affluent buyers. They will have expertise in utilizing this network to find buyers who have the means to buy your property.

The Bottom Line
Be encouraged if you’re selling a million dollar property, the worst of times seem to be behind us. This could be the year you sell your home even if it’s been on the market for months or years. Also, if you gave up and delisted your home now is the time to list it again. If I can help you in any way, please let me know.

Contact Me at [email protected] or 912-844-9000.

Sign up to receive the next Savannah Luxury Home Report as soon as it publishes.



 

ed-yannett

Ed Yannett has been involved in some facet of the real estate industry for over 20 years. He rehabbed and sold his first house in Denver. After moving to Savannah, he renovated and sold dozens of properties throughout the Savannah area. He also owned and managed two large apartment complexes with 240 units.

After graduating from Metropolitan State University of Denver where he studied Economics, Finance and Real Estate, he worked as an executive recruiter. Ed launched his full-time real estate career in 2000 after moving to Savannah, his wife Lisa’s hometown. After renovating and selling his first property in the Savannah Historic District, he and Lisa purchased a house on Isle of Hope to raise a family.

Why Work with Ed?
Ed offers you something most realtors can’t. He has firsthand knowledge of all sides of a real estate deal – buying, selling, renovating, investing and financing. So whether you’re looking for the perfect home for yourself or your family, want to sell your property quickly, or are interested in generating investment income, he can provide you the expertise you need. Contact Ed at [email protected].