I live in Somersett. It’s a wonderful new community, but, man, do we have a lot of inventory right now or what? We have 60 active listings on the MLS currently, not counting the builder non-listeds (which probably doubles it to at least 120, if not more). Most of the builders are throwing in buyer incentives and even paying referral fees to real estate agents… hello, can you say, surplus?
The average Somersett resale has been on the market for 90 days at an average asking price of $670K. The market absorption rate is about 6 homes per month. So, if you’re a seller in Somersett, you have a one in ten chance of selling your resale home right now (again, not counting builder new homes). So quite honestly, you need to make it the best deal out there. That is, if you’re serious.
The average list to sale ratio is 98%, in line with our MLS average. One of my clients, however, only paid 93% of asking price… a $54,000 savings. I thought this was the record until I found another home that sold for 91% of asking price, the lowest ratio to date. Hats off to Liz, the buyer agent in that deal. It just goes to show you… there’s plenty of room to negotiate.
