Warren Real Estate 2017 Housing Market Report Greater Binghamton 1
The WARREN Community Philosophy We believe that giving back to our community is the most meaningful and important investment we can make. The health and growth of our community is an initiative we take very seriously. Below are just some of the amazing organizations that we support: 2017 Warren Real Estate NEWS 64 Years Strong Warren Real Estate is proud and honored to have served the real estate needs of so many in the community for 64 years. Expanding on a legacy started by Ann Warren in 1953, her grandson Bryan leads the company into the future and has grown to be the area s #1 premier real estate services provider. warrenhomes.com Warren Real Estate understands the importance of keeping up with the online marketplace. We have fully renovated and improved our online presence! On our new website, you will find cutting edge technology and extremely enhanced overall user e x p e r i e n c e! 2 All local stats in this report are based on GBAR MLS reporting data. Information deemed reliable but not guaranteed.
The WARREN ADVANTAGE COMPANY SNAPSHOT Choosing the right company makes all the difference. 1. Track Record and History For over 64 years, Warren has been a successful and highly reputable force in the Finger Lakes real estate business. Year after year, our stats show why we are the best choice: HIGHER Selling Price TOP PRODUCING AGENTS RESULTS you can see 4. Longevity Oldest area family-owned real estate business with deep roots in Central New York. 5. Tools and Resources Warren utilizes the latest technology, state-ofthe-art facilities and the best sales techniques to fulfill all your real estate goals. 2. Experienced Agents with Outstanding Results The average sales of Warren agents outperformed the average agent sales of our largest competitor by 25% 3. The Local Choice Fully committed to the health and growth of our local community. Warren chooses local vendors and our revenues stay local. Thank you for your trust 64 years strong. Our success is directly connected to your success. Thank you for choosing the best in the business to help represent you in the buying and selling of your property. www.warrenhomes.com 3 All local stats in this report are based on GBAR MLS reporting data, information deemed reliable but not guaranteed.
COMPANY The WARREN ADVANTAGE SNAPSHOT Experienced Agents. Outstanding Results. When you choose Warren Real Estate, you are choosing the best in the business. Full time, results focused, industry leading agents that network within the office and are proven professionals at getting your home SOLD. 2016 Agent Production by Office $2,600,000 $2,066,667 $1,533,333 Keller Williams C21 Sbarra Exit Realty RealtyUSA WARREN $1,000,000 Warren Real Estate 2017 Warren Real Estate is excited to celebrate 64 years in the industry. Since 1953, Warren has been providing first class service to home buyers and sellers in Tompkins County. Source: Greater Binghamton Board of Realtors 2016 Avg Agent 4 Production per MLS data. Information deemed reliable but not
COMPANY The WARREN ADVANTAGE SNAPSHOT Higher SOLD Prices Median Residential Selling Price $160,000 $141,103 $151,999 $132,500 $110,500 $120,035 $105,000 $77,500 $50,000 2015 2016 GBAR Warren SOLD in Fewer Days on Market 90 95 100 105 110 WARREN 94 GBAR 105 5 Source: Greater Binghamton Board of Realtors 2016 MLS data
National Data buyers sellers warren Northeast Region NAR 2016 National buyer and seller trends derived from National Association of Realtors (NAR) 2016 Home Buyer and Seller Profile, a comprehensive annual study 10 The number of homes a typical buyer viewed over an average of 12 weeks 66 The percent of home buyers who were married 10 How many years the typical seller lived in their home 20 Median distance (in miles) between old home and new home 64 The number of years Warren Real Estate has been the best in the business 80 How many top notch real estate professionals working everyday at Warren to help home buyers and sellers 88,200 43,100 178 The average gross household income of a typical buyer The average amount of equity in a home when it sold in 2016 Millions of dollars in volume of sales in 2016 9 in 10 buyers would use their agent again or recommend to others TOP10 What Buyers and Sellers can expect from their Warren Agent: 1)Immediate Access/Response 2)Honesty and Trustworthiness 3)Experience and Education 4)Good Communication and Technical Skills 5)Professional, Friendly, Assertive 6)Neighborhood Knowledge 7)Price Guidance 8)Wide Network 9)Negotiation Skills 10)Market Knowledge Warren Real Estate is in the business of providing high level service to buyers and sellers. On this page is a list of what you can expect from any Warren agent, and what skills you should ask for from any real estate professional. Thank you for allowing us to do what we love and what we do best - providing you with the best possible real estate service. 6
www.warrenhomes.com LAND Selling or Buying LAND? KNOW YOUR LAND MARKET The Finger Lakes is abundant with beautiful land. With over 64 years experience buying and selling land, you can rely on Warren as your resource for finding answers to questions related to land values, trends, inventory, zoning, land planning, subdivision, building lots, improvements, commercial, due diligence and more. With a Warren agent, you will find many of the resources, techniques and tools that you ll need in order to make more educated decisions about buying and selling land and real estate investing. How many parcels of LAND sell yearly in GBAR ALL LAND SALES 2016 Average Selling Price $51,866 # of Properties Sold 128 125 Greater Binghamton? Average Sell to List Ratio 91% 83 Company B 42 0 2009 2010 2011 2012 2013 2014 2015 2016 7
www.warrenhomes.com RESIDENTIAL Selling or Buying a HOME? KNOW YOUR MARKET Since 1953, putting people in their dream home has been the way of life at Warren. With 64 years experience buying, selling and marketing property, you can rely on Warren as your resource for finding information related to market trends, property values, inventory, zoning, land planning, subdivision, building lots, improvements, commercial, due diligence and more. With a Warren agent, you will find all of the resources, techniques and tools that you ll need in order to make more educated decisions about buying, selling and real estate investing. 2,000 1,667 1,333 How many homes sell yearly in Greater Binghamton? GBAR ALL RESIDENTIAL SALES 2016 Number of Homes Sold 1,723 Average Selling Price $120,035 Average Days on Market 105 Average Sell to List Ratio 95% 1,000 2009 2010 2011 2012 2013 2014 20152016 8
GREATER BINGHAMTON HOMES Market Overview: Yearly Residential Homes Sales $299,779,802 $300,000,000 $278,689,582 $246,294,449 $221,953,563 $215,729,345 $217,243,856 $211,175,491 $203,788,773 $196,068,279 $237,059,518 $229,475,846 $250,000,000 $200,000,000 $150,000,000 2006 200720082009 2010 2011 2012 2013 2014 $100,000,000 2015 2016 In Detail Source of information: Greater Binghamton Board of Realtors Multiple Listing Service. Statistics based on total residential sales reported to GREATER Binghamton Board of Realtors. Information deemed reliable but not guaranteed. 9
Greater Binghamton Real Estate Market Trends When Do Homes go Under Contract? 2016 GBAR Accepted Contracts by Month 250 187.5 125 62.5 Jan Feb March April May June July Aug Sept Oct Nov Dec 0 In Detail Source of information: Greater Binghamton Board of Realtors Multiple Listing Service. Statistics based on total residential sales reported to GBAR on a five-year average. Information deemed reliable but not guaranteed. 10
Trend of Selling Prices GBAR Avg. Residential Selling Prices $140,000 $130,108 $126,903 $128,330 $124,330 $125,863$126,908 $128,775 $130,000 $122,256 $120,035 $120,000 2008 2009 2010 2011 $110,000 2012 2013 2014 2015 2016 $100,000 GBAR ALL RESIDENTIAL SALES 2016 Number of Homes Sold 1,723 Average Selling Price $120,035 Avg Days on Market 105 Avg Sell to List Ratio 95% 11
WARREN REAL ESTATE MARKETING The Best in the Business In order to stay one step ahead, we must know consumers needs and desires. Whether it is helping our sellers position their property online in the best possible way to reach their selling goals, or making it easier for buyers to search on our website, we always do our homework first! You will find all these features and more at Warren Real Estate. WHAT DO ONLINE BUYERS MOST WANT? Importance of online features for home buyers in the home viewing process Detailed Property Information Photos 99% 98% Detailed Info on Sold Properties Neighborhood Information 87% 85% Virtual Tours Agent Contact Information Pending Sales/Contract Status Interactive Maps Open House Information 51% 82% 75% 75% 72% Source: National Association of Realtors, Profile of Home Buyers and Sellers 12
WARREN REAL ESTATE MARKETING The Best in the Business WARREN ADVANTAGE MARKETING SELLER S PACKAGE Listed on MLS, exposing your listing to all the area s buyers. High quality photography and brochures to maximize buyer appeal. Your OWN single property website and associated marketing plan of action. Enhanced Realtor.com listings with additional photos, virtual tours and agent and office contact. Weekly print advertising with your local newspaper. Timely response to email inquiries, incl. evenings and weekends. Offices open 7 days a week to service our clients with 4 highly visible locations. Easily recognizable Warren Real Estate Sign placed on property. Annual open house extravaganza and other featured open house weekends. Syndication to hundreds of websites. National and international referral network. Premier craigslist posting and monthly re-posting. Broker inspections and open houses to showcase property. Campaign to potential buyers and sellers. Follow up with buyers feedback and monitor showings. Comprehensive marketing reports. 13
YOUR OWN PROPERTY WEBSITE PREMIER SERVICES For each Warren seller, a single property website is included in your marketing package. We are the only brokerage in the area that offers this cutting edge service! LISTING SYNDICATION As soon as we turn ON your single property site, your listing data will be syndicated to all the most important online real estate search sites. YourPropertyAddress.com MULTI-LINGUAL CAPABILITIES so we never miss a buyer! Afrikaans Albanian Arabic Belarusian Bulgarian Catalan Chinese (simplified) Chinese (traditional) Croatian Czech Danish Dutch English Estonian Esperanto Filipino Finnish French Galician German Greek Hebrew Hindi Hungarian Icelandic Indonesian Irish Italian Japanese Korean Latvian Lithuanian Macedonian Malay Maltese Norwegian Persian Polish Portuguese Romanian Russian Serbian Slovak Slovenian Spanish Swahili Swedish Thai Turkish Ukrainian Vietnamese Welsh Yiddish MOBILE WEBSITE INCLUDED Latest technology gives you 24/7 mobile access. Your home will have its own mobile website! Looks great on Iphone or Android...even works great on older phones! 14 90% OF CONSUMERS BEGIN THEIR SEARCH ONLINE! More buyers mean a better chance of finding one willing and able to meet your terms, price and desired closing date. EVERYTHING A BUYER COULD NEED Maps and aerial view, showing request, and so much more!! The more information we can provide, the easier it is to attract a serious buyer. Ask your Warren agent today for a virtual walk-through of the features.
INTELLIGENT PRICING Amenities If a property fails to appraise at fair market value, it will either force the buyer to make up the difference in cash, the seller will have to reduce the price down to market value, or the sale will fall through. Since mortgages are based on fair market value, not the sale price, more buyers will consider your property when it is competitively priced. If your property is priced right, more buyers will be interested when it first hits the market. Size & Condition LOCATION OVERPRICING 15
WARREN REAL ESTATE warrenhomes.com BINGHAMTON OFFICE: 3456 Vestal Parkway E. Vestal, NY 13850 Phone: 607-217-5673 Fax: 607-238-7334 ITHACA OFFICES: 830 Hanshaw Road 140 Seneca Way Ithaca NY 14850 Phone: 607-257-0666 Fax: 607-257-8801 HORSEHEADS/CORNING/ ELMIRA OFFICE: 829 W. Broad Street Horseheads, NY 14845 Phone: 607-398-4616 Fax: 607-398-4617 16