This week’s highlights in Greenwich real estate:
- 30 new to market listings
- 26 sold properties
- 17 price reductions
- 14 contingent contracts
- 19 pending contracts
The number of new listings on the market is already picking up. We should see more listings each week for the next several months. Buyers are ready and waiting for new inventory to become available.
Sellers are hoping to take advantage of this strong market, which will work in their favor when they price their homes correctly. One misconception among sellers right now is some believe that their home values have skyrocketed due to the pandemic and they want to list their homes for more than they are worth.
Greenwich buyers are smart and they won’t overpay. Although values have gone up slightly, about 10 percent in some cases, overpricing your home will almost always work against you and result in your home selling for less money than it would have if it was priced correctly when it was first listed and it will sit on the market for longer than necessary.
Most sellers prefer not to have an excessive number of people walking through their home unnecessarily and that is certainly the case now due to Covid. The best approach is to listen to your agent’s recommendation, study the comparables and price your home realistically, with a little room for negotiation but not high enough to discourage showings or offers.
If you plan to sell your home, contact an experienced Realtor, ask for a price opinion of your home and ask your agent about their marketing plan. How will they advertise your house and does that plan include social media and digital advertising? The power of social media and digital marketing is not to be dismissed and both are much more powerful than old fashioned open houses. Most buyers who attend open houses are simply browsing or nosey neighbors, they’re not ready to commit to an agent and they’re not ready to make a purchase. Of course, there are exceptions but I would choose an agent with a strong social media presence over one who emphasizes public open houses any day. Ask your agent how many homes they have sold as a result of an open house vs how many they have sold through having an online presence.
There are 33 public open houses this weekend. Please bring a mask and gloves and plan to social distance.