September sales figures will close out by September 5th, so next week we will be able to see a month over month comparison on sales figures for Central Texas. We saw 277 homes expire in the MLS on October 1st. This is one of the largest months of expired homes in the MLS so far this year. What does this mean? That Sellers need to start looking at their sales prices more realistically if they aren’t getting the traffic they desire.
For Buyers, this means a slight softening of the market for Fall, which is normal for this time of year. You will see 3-5 offers on a home instead of 15-20 offers on the same home during the summer sales cycle.
We are still in a Sellers’ market here in Central Texas. The larger number expireds cause us to watch the market a little closer as we move into fall.
With interest rates still low, now is the time to take advantage of prices before interest rates tick up. Look for a quick video next week to explain the differences in interest rates on home prices.
Also, we are getting questions quite frequently on if Zillow Zestimates are accurate in Texas. Here is a quick blog read on a real life home valuation experiment we did this weekend for Zillow and home values. To see the results – read this: http://www.
vanpooleproperties.com/blog/ is-zillow-accurate-for-home- values-in-texas/