Mason Ohio Luxury Homes: How Much Can I Take Off The Price?
How much is it going to take to buy that Mason Ohio luxury home? The answer is of course: IT DEPENDS! But we can use past performance to give you an indication of what is LIKELY to be the case.
All data is derived from Cincinnati MLS recorded sales, so custom builds or For Sale By Owner homes won't be included.
We reviewed the time period of June 2014 to May 2015, and in that year 87 homes sold for $500,000 or above. $500,000 is the local price used to define "luxury". All homes were located in Mason City School district.
There are of course variables related to motivation:
- Has the owner already moved?
- Are they building another home that is almost completed?
- Is the home being bought by corporate relocation?
- Are the owners in financial trouble?
- Is the builder just starting the home or is it finished?
A total of 87 homes sold for $500,000 or greater since June 1, 2014. Of those, 68 were consumer owned, 14 were new construction, 4 were corporate owned (relocation company) and 1 was bank owned. As you can see, foreclosed homes in the Mason are practically nonexistent. Short sales are scarce also, with only 1 of the 87 homes sold in that category.
There are a limited number of subdivisions in Mason that can support the values needed for a sale above $500,000 and fewer still when you double that number. Long Cove & Heritage Club are your primary communities for million dollar homes, with Chestnut Hill in the tier just below that.
So back to the question at hand, how much can you expect to take off the price of a Mason luxury home?
We're going to exclude the lender, corporate and builder homes. Fact is with builder homes you're often not taking money off, but ADDING money to asking price as you add the options you want.
Consumer owned homes are the majority (68) of the 87 luxury homes sold. The chart below details the number of homes sold and the bottom numbers list the percentage off list price for the final sale price.
A few key takeaways:
- The average discount from asking price at time of sale was just under 6%.
- The median (half over/half under) percentage discount was 5%.
- There are a smaller number of homes sold giving discounts in the double digits.
What do the last year's worth of luxury sales indicate? That you can expect some dollars off, but most likely 5-6% OR LESS will be the amount of discount you can expect.
Stop and think about it from a seller's perspective. If they REALLY were okay with taking $100,000 less than their asking price, would they be at their current asking price? No, if they were motivated to sell and not just testing the market for highest dollar, they'd move their price closer to what the buyers will be willing to pay.
If you're a Mason home owner and would like to know what is your Mason Ohio home's worth just click the link.
If you're a potential Mason luxury home buyer, just click the link below to get started.
Any questions? Ready to start? Just contact us at 513-520-5305 or email Liz@LizSpear.com. And yes, we help buyers with new construction also!
Serving Mason's home buyers and sellers,
Liz and Bill aka BLiz
REALTORS(S) Serving Warren County Ohio & Adjacent Areas
The Liz Spear Team of RE/MAX Elite
Elizabeth & William Spear
Ask for us by name if you visit the office!
Two locations: Lebanon & Mason, OH
Direct #2: 513-265-3004
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