Dear Lochwood neighbor,
Can you believe it? It’s nearly fall, y’all! September 23 marks the first day of fall. Personally, Sully and I have been enjoying the cooler mornings when we take our walk.
Let’s talk market. Year-over-year, August 2018 and 2019 look pretty similar to one another. Inventory (supply) dropped down to 3 months in August from 3.9 months in July. Historically, inventory trends upward through October and then drops down through year-end. Three months of inventory translates to 34 homes that are being actively marketed for sale. The list prices for these homes ranged from $269,900 to $626,900. The days that a home was on the market before going under contract was down slightly year-over-year, as were the number of closed sales. Listings that were taken off the market by being either cancelled or expired were consistent. Here is a snap shot of the year-over-year performance for Lochwood:
Generally speaking, our neighborhood market continued to perform well through the summer selling season. Looking at the detailed table of homes sales that closed in August, it’s clear to see that the sellers who set their price correctly when they hit the market sold their homes more quickly and very close to their asking price per square foot.
I cannot express strongly enough how important it is to set the right price when putting a home on the market. This means that you not only have to look at the homes that have sold most recently, but also factor the existing supply of homes into your pricing equation. What I am currently seeing in the market is that buyers have a lesser sense of urgency to purchase a property. When buyers think a home is overpriced, they will simply wait for the sellers to make a price reduction, and then make an offer. In addition to a lesser sense of urgency, I am also seeing more buyers who have to sell their current home in order to finance their next home. The take away from this, if you’re considering selling your home, is that you may need to take an offer that has a contingency for the sale of another property. My advice is that you not rule out that buyer completely. As a seller, you still have the ability to work with another buyer who might come along and want to make an offer on your house. You would need to primary buyer to either waive their contingency, or terminate the contract. Again, please don’t rule out a contingency for the sale of another property as an option if you are truly motivated to sell your home.
As always, I hope you find this letter to be informative and useful as you consider whether to stay in your home, or perhaps it is time to sell and embark on a new adventure. Call me today at 214.793.8787. I’d love to help you evaluate your options.
~ Robyn + Sully