I just ran some numbers for my business coach. The numbers were absorption rates for 3+ car garage homes in Gwinnett.
I have been running these for a few months for homes in Gwinnett County, GA, in general, but I hadn’t run the numbers for 3+car garage homes… and they aren’t good numbers. This is going to get a little wonky, but please bear with me.
Absorption rate is this: If no more homes came on the market, and the sales pace continued at the same level, it would take ___ months to sell off the inventory. If the numbers get bigger as the time gets shorter, the market is still showing signs of slowing. They are. The only little bright spot is that they aren’t as bad as the last couple of months.
So, let’s get to some garage home numbers… I ran with several different price points.
Gwinnett 3+ Car Garage Absorption Rate
|$400k to $500k||18.20||23.60||32.50|
|$500k to $650k||27.20||36.00||42.30|
|$650k to $1m||25.90||34.50||40.50|
So, there are the numbers. There are a few things that I found interesting. Some good, some bad.
- The under $400k homes are reasonably close to the average in Gwinnett.
- Above $1m is pretty rough.
- But, $650k to $1m is easier to work in than homes that are slightly less.
- I would be a little happier if the garage homes were moving better… but I think I know part of the reason.
I think that what I am going to find is that when I break out the “All SFR (Single Family Residential)” by price range, that the numbers are going to be a little better for the lower prices, and unchanged for the higher prices. This is because at the lower prices, the garages push the price up in comparison to otherwise similar properties. But, when the prices got up, 3 or more car garages are average.
So, Lane, I’m getting bored…
Ok, give me a moment. I’m going to cover this a little more on the next Gwinnett County Market Report. But, there are a few things I want to leave you with… regardless of where you are located:
- The Price is Right… it isn’t a game show, it is the #1 tool to sell your home. If the price is too high, nobody even looks at it. If it is too low, there isn’t negotiating room.
- All the World is a Stage… and your home needs to be as well. It MUST be presented in its best light, and arrangement. Even if you have an eye for style, a stager has an eye for what buyers want.
- This Little Piggy Goes to Market… and not only does it need to be marketed, but it needs to be marketed to the RIGHT demographic. Golfers may not care about a 4 car garage… but car people will… in every price range.
- One Step Beyond… is what it takes to separate one house from another. Almost every real estate agent under 75 knows that 84% of buyers start on the internet… and 99.84% of sellers are there. Obviously, that is no longer enough. Interactive floorplans, virtual decorators, viral video and single property websites are what your competition might NOT be doing… so you should be.
I am developing a marketing plan that will knock the socks off of 94.3%* of the agents out there… but, there is only one way to find out more about it. I can sit down and tell you. Hit the Contact Lane button at the top of the page.
*94.3% is a totally made up and bogus stat… :^ )