November is the month to be thankful! Well I have a lot to be thankful for. My health, my family and by the grace of God, I have survived all of the stupid things that I have ever done. In my business, October was a good month for me and my business partner! We had 4 closing with some fantastic friends & family.
Get ready for some serious house-hopping updates! Ruth bid adieu to her sweet bungalow in LANA and scooted a few blocks over to a jaw-dropping Craftsman. I can’t wait to peep what she’s done at the housewarming bash! Ross and Alison ditched their wedding nest for a bigger pad in anticipation of Garrett Thomas’ grand debut! Bonus: it even has a grandparents’ suite! On the last day of the month, after a rollercoaster transaction, Cody, Emily & Colson happily settled into their first family home! Mama Sandi gave me strict orders to keep an eye on her baby, so I’m excited to watch their family bloom.
If you are thinking about buying a home in 2023, it is important to be prepared for a competitive market. You should also be aware that mortgage rates are rising, so you may need to factor that into your budget. If you are thinking about selling your home in 2023, you are likely to be in a good position. Home prices are still high and there is a lot of demand from buyers. However, you should still be prepared to negotiate on price and terms.
Overall, the real estate market in 2023 is expected to be challenging for both buyers and renters. However, there are still opportunities for people to achieve their real estate goals.
The overview below shows real estate activity from January 2023 to October 2023. You will see data comparisons between October and the previous month, the last three months and October 2022.
Average & Median Sales Price Let’s crunch the numbers, shall we? In October 2023, the median sales price was $219,000, slipping 3% from the previous month’s $225,773, yet still up 9.5% from October 2022’s $200,000. This marked the highest median sales price we’ve seen in October since 2021! Meanwhile, the average sales price in October 2023 was $236,649, dipping 4.89% from September 2023’s $248,815, but matching October 2022’s average. So, while we’re at a mid-level compared to 2021 and 2022, things are still looking up!
Sales Price / List Price Ratio The sales price to list price ratio is calculated by dividing the average sale price by the average list price of the sold properties, stated as a percentage. If the percentage is over 100, it indicates that the homes sold for more than the list price. Conversely, if it is under 100, it implies that the homes sold for less than the list price. In October 2023, the sales price to list price ratio remained constant at 97.91%, which is equivalent to the previous month and October 2022.
Number of Properties Sold & Absorption Rate In October 2023, a total of 189 properties were sold, a sharp decrease of -28.68% from the previous month’s 265 and a staggering -30.77% from the sales in October 2022 which were 273. This month’s sales have hit a record low compared to the sales in October 2022 and 2021. To calculate the absorption rate, divide the average number of sales per month by the total number of available properties.
Average Days on Market The average days on market (DOM) metric signifies the number of days a property is listed before it is sold. Typically, a DOM trend moving upwards indicates a shift towards a buyer’s market, while a downward trend indicates a move towards a seller’s market. In October 2023, the DOM was 35 days, representing a -32.69% decline from the previous month’s 52 days and a 12.90% increase from October 2022’s 31 days. The October 2023 DOM was the highest when compared to October 2022 and 2021.
Average Sales Price per Square Foot The sales price per square foot is a reliable metric to determine the trajectory of property value. In October 2023, the average sales price per square foot was $125, representing a decrease of -7.41% from the previous month’s $135 and a -1.57% decline from October 2022’s $127.
Inventory & MSI In October 2023, a whopping 737 properties were up for grabs, a 7.12% leap from the previous month’s 688 and a 1.10% rise from October 2022’s 729. The inventory was at an all-time high compared to the past two years. As for the Market Supply Index (MSI), a lower score is a seller’s dream come true, while a higher one is what buyers cheer for. In October 2023, the MSI was 3.9 months, the highest score compared to October 2022 and 2021
New Listings In October 2023, there were 314 new listings, indicating a 1.62% increase from the previous month’s 309. However, this figure was 5.14% lower than the 331 recorded in October 2022. It’s worth noting that October 2023 marked the lowest number of listings compared to October 2022 and 2021.
Based on information from Central West Tennessee Association of REALTORS for the period 11/01/YYYY through 10/01/2023. Source data is deemed reliable but not guaranteed.
The median sales price in September 2023 was $225,773, up 3.09% from $219,000 from the previous month and 18.83% higher than $190,000 from September 2022. The September 2023 median sales price was at its highest level compared to September 2022 and 2021. The average sales price in September 2023 was $250,684, down -6.50% from $268,100 from the previous month and 12.30% higher than $223,230 from September 2022. The September 2023 average sale price was at its highest level compared to September 2022 and 2021.
Average Days on Market
The average days on market (DOM) is the number of days a property is on the market before it sells. An upward trend in DOM tends to indicate a move towards a buyer’s market, a downward trend tends to indicate a move towards seller’s market. The DOM for September 2023 was 51 days, up 24.39% from 41 days from the previous month and 50.0% higher than 34 days from September 2022. The September 2023 DOM was at its highest level compared with September 2022 and 2021.
Average Sales Price per Square Foot
The average sales price per square foot is a more normalized indicator for the direction of property value. The sales price per square foot in September 2023 was $135,up 2.27% from $132 from the previous month and 14.41% higher than $118 from September 2022.
1 1/2 cups chocolate cookie crumbs, such as crumbled Oreo cookies (filling removed)
1/3 cup butter, melted (I used a 1/4 cup)
Filling
1/2 cup raspberry preserves (I used a raspberry pie filling)
1/4 cup water
4 (8 ounce) packages cream cheese
1 1/4 cups granulated sugar
1/2 cup sour cream
2 teaspoons vanilla extract
5 eggs (I used 4 eggs)
4 ounces white chocolate, chopped into chunks
Optional Garnish
2 ounces shaved white chocolate (optional)
Fresh whipped cream
Instructions
Preheat oven to 475 degrees.
Create a water bath by placing a large pan filled with about 1/2-inch of water into the oven while it preheats.
Combine the raspberry preserves with 1/4 cup water in a medium microwave-safe bowl. Heat for 1 1/2 minutes on high in your microwave. Stir until smooth. Strain to remove the raspberry seeds, then let the strained preserves sit to the side to cool.
Measure 1 1/2 cups chocolate cookie crumbs into a medium bowl. Mix in 1/3 cup melted margarine. Press the crumb into a 9-inch spring form pan that has been lined on the bottom and side with parchment paper. Use the bottom of a drinking glass to press the crumb mixture flat into the bottom of the pan and about 2/3 the way up the side.
Wrap a large piece of foil around the bottom of the pan to keep the cheesecake in the water bath. Put the crust in your freezer until the filling is done.
Use an electric mixer to combine the cream cheese with the sugar, sour cream, and vanilla. Mix for a couple minutes or until the ingredients are smooth and creamy. Be sure to scrape down the sides of the bowl. Whisk the eggs in a medium bowl and then add them to the cream cheese mixture. Blend the mixture just enough to incorporate the eggs.
Remove the crust from the freezer and sprinkle 4 ounces of white chocolate chunks onto the bottom of the crust.
Pour half of the cream cheese filling into the crust. Drizzle the raspberry preserves over the entire surface of the filling. Use a butter knife to swirl the raspberry into the cream cheese. Pour the other half of the filling into the crust.
Carefully place the cheesecake into the water bath in the oven. Bake for 12 minutes at 475 degrees, then turn the oven down to 350 degrees and bake for 50 to 60 minutes or until the top of the cheesecake turns a light brown or tan color.
Remove the cheesecake from the oven to cool. When the cheesecake is cool, use the foil from the bottom to cover the cheesecake and chill it in the refrigerator for at least 4 hours.
Before serving, sprinkle the entire top surface of cheesecake with 2 ounces of shaved white chocolate.
Father’s Day is a special occasion to celebrate and honor fathers and father figures. It’s a day to show gratitude and appreciation for all the love and support they provide. Whether it’s your biological father, stepfather, grandpa, or any other father figure in your life, take the time to let them know how much you care. Use this day as an opportunity to create unforgettable memories and cherish the time you have with them. Happy Father’s Day to all the amazing dads out there!
There are only a few things scarier and at the same time, as exciting as purchasing your first home. It is one of the biggest, most important investments you’ll make. Through out the month of June, I will be posting tips on my social media pages to alleviate some of the fear you might have about the 10 step process. So, if you have been thinking about buying or know of someone who is, be sure to follow my social media pages to grab those tips. If you want more one-on-one information, I will be happy to personally go over the buying process from start to finish. We can focus on those items that are crucial for first time buyers. Just give me a call!
To grab a copy of my complete buyer’s guide and sign up for my monthly newsletter:
Seriously, one of the least expensive investments you can make has a huge impact. Lots of folks ask about should they paint or remodel their bathroom to attract buyers to their properties. Now if your walls are purple or your bathroom has shag carpet dated back to the 1970s, those items certainly need to be addressed. But, in most homes, the important things cost nothing at all. Cleaning = Free. Decluttering = Free. Organizing = Free. Bright and matching light bulbs have the most impact!
For less than $100 you would be amazed by the difference it makes. I work with buyers every day that walk into homes that have so much potential, but it can’t be seen because it is too dark or because the improper lighting casts the wrong shadows. Look at the professional photographs of properties listed for sale. What is the most common thing about them? They are bright! Do yourself a favor. Get those new light bulbs in place. Huge Impact!!
“About 99 percent of home buyers between the ages of 23 and 56 used the internet to find homes in their home buying process.”
Then let’s show your home in the best way. Accordingly, professional photography is a MUST! That first impression is the most important impression. I want your property to make the best first impression possible, and that’s why I use a professional real estate photographer for my listings. Your goal in marketing your property is to bring as many buyers as possible. So if your pictures don’t show it in the best light, you are likely missing out.
Considering selling this spring? Here are 3 tips to get your home ready for the market.
1) Clean & organize. End to end, clean everything! While you are cleaning, declutter. Remove unnecessary items. If you aren’t going to use it before you move, pack it up. Less clutter makes for roomier appearance and easier to keep clean.
2) Catch up on deferred maintenance. Drippy faucets can be tightened up or easily remedied with a new gasket. Have HVAC units inspected and serviced. Put a new coat of paint on exposed wood. It could save you from issues arising during inspection periods
3) Remove highly personalized items. You may love your collection of hello kitty clocks, but others may find them distracting or unattractive. Pack them up so that they will be ready for the move to your next home. Additionally, if you have very boldly painted walls, you might consider painting them a more neutral color.
When potential buyers call you out for these things, it may seem petty. None the less, all these things can impact the value they see in your home. My goal is for sellers to net the best potential profit from the sale of their property. If you would like a constructive opinion of the preparation that would have the most impact, give me a call.
*BONUS TIP* Make sure all light bulbs are operational and, for the best impression, change them all out to matching bright tones.
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Seriously, one of the least expensive investments you can make has a huge impact. Lots of folks ask about should they paint or remodel their bathroom to attract buyers to their properties. Now if your walls are purple or your bathroom has shag carpet dated back to the 1970s, those items certainly need to be addressed. But, in most homes, the important things cost nothing at all. Cleaning = Free. Decluttering = Free. Organizing = Free. Bright and matching light bulbs have the most impact!
