2010 Home Sale Success Rates for Rutherford County

John Jones begins 2011 by taking a look back at the 2010 Market Statistics for Rutherford County to see the Success Rate of homes listed compared to homes that actually sold in the same year. 

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Transcript

JOHN:  Hey, John Jones here with another edition of Tuesday Morning Coffee.  In fact, it’s our first edition of 2011, so I’d like to wish you all a Happy New Year.  I’m really excited about this year.  I hope it’s the best year for you guys out there, and I hope it’s the best year for me.  We’re going to at least give it that effort.  Let’s talk about an interesting statistic a lot of people don’t talk about in real estate, and that is a success ratio.  How many homes were put on the market this year in Rutherford County in residential real estate and how many actually sold?

This past year 2010, 7,500 home were put on the market, 3,155 sold.  So we’re operating at about a 42% success rate.  The year before was around 45.  Take it on down to 2006, which was a banner year, we were operating at about a 65% success rate.  So only 4 out of every 10 homes that are put on the market are actually selling.  Okay?  Interesting statistic, 4 out of every 10 are having success in selling.  Now, I was in a subdivision the other day and I was doing a market analysis for a couple and we looked down there.  And there were like five homes that sold in the last six months in that subdivision.

And the ones that sold all averaged around 34 days on the market.  There were about 10 in there for sell at the time I was there, and they averaged around 140 days.  Okay?  So a lot of times people go, “What’s the average days on the market?”  If you price your home right and you get it in great shape, your time on the market will be within 45 days.  If you don’t, it could be forever.  And that’s what a lot of people are finding out right now.  With the success rate this low, it is imperative that you hire a professional that can not just list the home for what you want to get out of it, because no offense everybody, but oftentimes that’s not going to work out for you.

But can really show you the market, where it’s going, where it’s been, and how to be successful in it.  And also have the tools to allow you to get the home in the best possible condition, a professional stager, some things like that to give you an advantage over the competition.  And then expose the house in a bunch of different areas.  And I’m talking about advertising and marketing the home.  So extremely competitive market.  Four out of 10 are successful though, and typically, it’s because they’ve done the things I just mentioned.

So anyway, interesting statistic, we call it a success rate.  Forty-two percent were successful in 2010.  I hope we can take that number up in 2011.  Anyway, thank you guys and we’ll see you next week.