The next two weeks will indicate what the spring selling market is going to bear.
Don’t stress if the days on market feel longer, the new reality of North Texas real estate is that it will take longer to sell homes. Many buyers will offer lower start prices than they would have done this same time last year, and be ready to take even a low offer seriously as buyers like the property enough to consider making an offer in the first place. At this same point last year, we had $11 million in homes already under contract, this year we have $15 million as a team booked in. We see this as a strong indication that we have turned a corner in buyer motivation and that buyers are willing to start making offers once again.
Phrases heard over the past week from clients and what it means for you:
Heard from Buyers:
“Why has this home been on the market 134 days?”
- When homes sit on on the market longer, buyers have the opportunity to view a home for more than 20 minutes before making an offer. Some buyers get to spend 3-6 hours in a home before offers and inspections are completed. There is a lot more time for buyers to choose if a home is right for them and be more serious once they commit. Being on the market longer doesn’t diminish negotiation power as we move into a more balanced market.
“Why won’t the other agent call you back when we have questions?”
- In a seller’s market, homes help sell themselves. Now that it’s taking more effort, persistence and energy; a lot of real estate consultants lack the skillset needed to be pro-active to get the home successfully sold. That’s where a team of professionals really makes a difference in delivering results.
Heard from Sellers:
“I’m just going to do the improvements needed myself, take the home off the market and list it later at a higher price.”
- Sometimes this works, sometimes it doesn’t. If a buyer is unwilling to purchase your home at the current list price, we will evaluate whether a price correction is needed to garner the best results or if it’s better to do the upgrades and re-evaluate pricing. Doing the updates doesn’t always promise a higher price.
“I know we are $3,000 part on this offer, I’m just going to wait to see if we get a better offer.”
- We find the first offer is often the strongest one (if the buyers are serious). A bird in hand is always better than two in the bush.
“Why should I make the updates when it may not be exactly what they’re looking for?”
- Buyers are looking at new homes and remodeled homes by investors at the same time they are looking at yours. For the best impressions, keep in mind that most buyers lack vision to see paint color, flooring, countertops and space. Having a home updated before hitting the market ensures that the largest percentage of potential buyers will view the home online and in person.
Happy Selling!
Seychelle & Team
