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In a hot market, does any house sell?

In a hot market, does any house sell?

 

Our housing market, in the Dallas Northern Suburbs, is hot. Houses go under contract in a few days, multiple offers, and bidding wars feel all too common. According to the Collin County Association of Realtors (CCAR), Collin county’s housing inventory for December 2020 was 0.8 month, where 6 months is considered a balanced market.

 

This is the best seller’s market I’ve seen in the last 20 years as a realtor. 

 

Here is a quick snapshot for the last 30 days of sold data in one of the areas I monitor – roughly between 121 and 190, along 75. Build on and after 2000, priced over $350K (as of 1/25/2021).

 

In a hot market, does any house sell?

 

The average days on market is 48 days, the median is 13 days. Sold price over list price are 99.71% and 99.79% respectively. Those amazing offers we hear about “Sold in a few days with much higher than the list price” might not be the majority, still, these are great numbers.

 

Does it mean even houses in poor condition would sell for top dollars? Quite contrary. Today’s able and willing buyers are educated and picky. Access to the vast information online enables them to filter, sort, and compare many properties, and help them quickly focus on the attractive selected few. 

 

Appropriate pricing and great conditions buyers can see through photos (appealing and genuine ones) play ever more important roles in their online searches. It’s not rocket science. Looking at the data while staying cool and putting some effort to make your house appealing are the two fundamental things that would bring the results you want. 

 

Whether you’re ready to make a move or need help weighing your options, I’d love to help. We can determine your current home’s value and help you prepare your house if you decide to move forward. 

 

One thing you may consider doing even if you’re not ready to move is decluttering – deciding what to keep, store and get rid of – to reduce stuff in your house. It’s the first step to start preparing your house and make it attractive. Because no one knows better than you do, which items have certain meanings and values to you, you probably want to make those decisions yourself. So, start it now when you’re not under time pressure.

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