How is the Real Estate Market? | June 2015

July Real Estate Conditions

Courtesy Republic Title

 

How did the North Texas Real Estate market do in July? Why should you sell your home now? Learn the sweet spot of home sales, how many Days On Market and the direction home sales are headed from Van Alstyne Realtor Keith Laursen.

 

Should you Sell Your Home Now?

If you are selling a home in North Texas all the news is good. This is definitely a great time to sell because we are in the summer months when your home shows best. The MLS statistics show  single family home sales are up 14%, prices up 7% and days on market down 14%  over this month last year.  This means it’s a very competitive market and multiple offers continue.  While you always want to make your home easy to buy and be in top condition, there is less pressure to give closing assistance or do upgrades.

 

Home Buyer Strategy

For buyers, it means forget about low ball offers and expecting every little thing on an inspection report being fixed. Your best strategy is to be pre-approved, know what you want and have your Realtor set you up on automatic MLS e-mail notice of new listings.  Also realize that agents are working long hours with many serious buyers. You should be working with a Realtor under a buyer’s representation agreement if you expect quality and responsive service.

 

Where is the sweet spot?

Home Sales Stats By PriceThe sweet spot for home sales in North Texas is in the 200K to 400K range.  That is where the home buyers are with almost 40% of all sales in this range.  If you are considering selling, this is where you want to be to sell quickly.

Home buyers will of course face fierce competition in this range.  As an example, the 300K to 400K range has a market share of 13.3% but the 400K to 500K range has only a 6.2% market share.  If you can bump your budget just a little over the 400K range there will be considerably less competition for the same home.

The lower end is even more dramatic. By dropping your search just below 200K you will go from 15.7% of the sales to only 3.4%!   Of course you want the right home for your family, not necessarily one you don’t have to fight so hard over.  There are many choices but being armed with this type of data from your real estate agent can save you a considerable amount of time and money.

 

Days On Market

The days that a home sits on market before going under contract is the gold standard in telling the market condition. The majority of homes selling in our area are on market less than 90 days but many selling in a little less than half that.

There will be some slow down in the months ahead. School is starting soon and we will be coming into the holiday season. That is traditionally a slower time for home sales.  Interest rates are also trending up but not enough to make a significant difference.  Remember, in the DFW area it’s all about lifestyle and jobs.  Large companies continue to relocate here and new home inventory remains low, so DOM (Days On Market) will increase but very slowly.

 Year to Date Home Sales

Year to date home sales chartIf you think July could just be out of whack, take a look at the year to date MLS statistics.   There are more sales and the average prices are running 8% higher than a year ago with an average home price of $261,417.   Even rentals are up 7% at $1,599 for an average single family home.  This is where you should be thinking, I should have bought a year ago!

What should you do?

You know the answer!  Contact a good Realtor, one that understands the overall real estate market as well as the local Van Alstyne and surrounding rural markets. I specialize in properties from McKinney to Sherman but have helped home buyers and sellers all over the metroplex acquire and market homes in the suburbs or homes on acreage. See what my clients say about my service – Call Keith Laursen today!

Home sales statistics complied from Ntries – North Texas Real Estate Information Systems.

Real Estate Market Condition Snapshot May 2015

Infographic showing market conditions reported by MLS in the North Texas

Data compiled from Ntreis MLS

Learn how the North Texas real estate market is changing from this Info-graphic provided by Republic Title. This is not representative of the Van Alstyne, Anna, Melissa or McKinney market condition specifically but will give you an idea of the overall North Texas market conditions.  For more in-depth analysis of your home value, contact Keith Laursen of Fathom Realty.

The days required on market to sell your home continue to go down and as you might expect, prices are increasing. This is a great time to list your home for sale in our area.  Buyers are bidding up prices and many homes receive multiple offers.

While that may sound easy, there are still homes with long days on market that are not selling. These homes in the Van Alstyne area tend to be in the upper price ranges due to the much smaller pool of available buyers for those properties.  Some homes regardless of price range are clearly overpriced or may need updating and maintenance.  A good Realtor can advise you concerning how to market these homes, price them to sell and things you can do to make your home more attractive to buyers.

Think about why you live here.  That is what many of these buyers also want. They are sick of HOAs telling them what they can’t do. They want a small town atmosphere, friendly people, well run schools like those run by the Van Alstyne ISD,  little traffic and room between them and the neighbors.  If you have a home in good condition on small acreage your home will be in demand!

Call me today to discuss the possibilities and how the market has changed for your benefit. If you are a buyer, you need to be ready to go, have pre-approval and be prepared to submit a clean offer quickly. I can help you structure an offer that has the best chance of acceptance.  To learn more, contact me through the form or call/text me at 469-233-1234.

Get Started Today ——– Call Keith Laursen 469.233.1234

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