Dave & Pam Pettigrew
Fort Collins Real Estate
and Relocation Services
1-800-571-6532
FCRealtor@msn.com
Buying a Fine HomeThe pricing and marketing of a 'fine home' requires a different strategy from normal real estate practices. Fine homes are usually those that are priced in the top 5% to 10% of the market. In this area a home priced above $400,000 is in the top 10% of the market and a home priced above $500,000 is in the top 5% of the market.In the last two years there were just 346 homes sold at a price above $500,000. Divide this by about 1,000 real estate agents and it is obvious a lot of them do not have experience in the upper end market. Consider... In the last two years, Pam & Dave been involved in twenty two ‘sides’ (a side is either a buy or a sale) for sales of properties priced above $400,000 with a total ‘Fine Home’ volume of over $10 million. The ‘average’ agent might have one side of a ‘fine home’ property sale in a year or two. Pam & Dave know what it takes to get the job done. The average selling price of a single family home in our MLS is $268,000. Pam & Dave's average selling price is 25% higher at $336,000. Of all the listings taken and posted with our MLS, just 31% result in a closed sale. Pam & Dave's listings close 87% of the time. Pam & Dave rank in the top 2% of the 1,000+ agent members of the Fort Collins Board of Realtors for number of listings SOLD! The most important aspect of marketing a fine home is determining the right asking price. Pam and Dave have the experience to do this. Their listings sell for an average of 98.4% of the asking price. "Owners of fine homes should be especially careful to work with a real estate professional accustomed to pricing strategies in the upper-tier market. Establishing the right value for a luxury property in the current market requires careful consideration of a range of options. The best qualified professional is one who understands the market thoroughly." Some successful agents carry an inventory of 20 or 30 or 40 active listings. Pam & Dave normally carry 10 to 15 active listings, allowing them to devote more time and energy to each individual property. Pam & Dave are members of the Prudential Fine Homes Marketing Network and have received additional training focusing on understanding the unique needs of buyers and sellers of fine homes. "At the present time, there is an 18 month inventory of homes priced from $500,000 to $750,000 and a 48 month inventory of homes priced above $750,000. A normal, balanced market for supply and demand is generally considered to be a six month inventory. With the surplus of fine homes on the market it is more important than ever to select a real estate professional with the knowledge and experience to give you the best chance to get your home sold - in a reasonable amount of time - with the least amount of disruption - and for the best possible price." |
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