January 2017 is in the books, and it was a really good start to the year. January brought us a 12.26% increase in the Average Sales Price, an 8.93% increase in Total Sales Dollars, and a 3.8% decrease in Number of Units Sold. I know some people may look at the last stat there and see the decrease as a negative; however, the reason for the decrease is because there were nearly 1,000 less active listings in December than there were in November, so we can see as to why there was a decrease – when you have less units to sell, you’ll see a decrease in units sold! Overall, it was a healthy start to the year and all data is currently pointing to a strong 1st quarter.
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*Market data includes Collin, Cooke, Denton & Grayson Counties
Thinking of Making an Offer? 4 Tips for Success
- Understand how much you can afford – getting pre-approved is the first step you should take. You should be pre-approved before you even start looking for a home. By having a pre-approval letter ready, it shows home sellers that you are serious about buying, and will allow you to make your offer with the confidence of knowing that you have already been pre-approved for a mortgage for the amount you’re offering. Need to be pre-approved for a home loan – APPLY HERE!
- Act fast – when you find “the one” you should be ready to move fast! There are a lot of buyers in the market right now making it a very competitive atmosphere.
- Make a strong offer – your strongest offer will be comparable with other sales and listings in the neighborhood.
- Be prepared to negotiate – it’s likely that you’ll get at least one counteroffer from the sellers, so be prepared. The two things most likely to be negotiated are the selling price and the closing date. Give that, you’ll be glad you did your homework first to understand how much you can afford!
Thinking of Selling? Why NOW is the Time
It is common knowledge that a large number of homes sell during the spring buying season. For that reason, many homeowners hold off on putting their homes on the market until then. The question is whether or not that will be a good strategy this year. The other listings that do come out in the spring will represent an increased competition to any seller. The 3 months in the 2nd quarter of the year are consistently the most popular months for sellers to list their homes on the market. Last year, the number of homes available* for sale in January was 9,158. That number jumped up 13.7% in May to 10,611 homes for sale.
So what does this mean to you?
With the local job market still showing strong growth, and mortgage rates projected to rise later in the year, buyers are not waiting until the spring; they are out looking for a home right now. If you are looking to sell this year, waiting until the spring to list your home means you will have the greatest competition for a buyer. The bottom line is that it may make sense to beat the rush of housing inventory that will enter the market in the spring and list your home today.