The Market in Collin County for both new construction and pre-owned homes continued on a rampage in September. What do I mean! Competition for homes coming on the market are fierce in many areas. What does that mean? Multiple Offers! We are deep into a "Sellers' Market". However, mortgage rates are at all time lows and that is generating a large demand for homes. We started the year with very low inventory and with this high demand it is gobbling up our inventory at a rapid pace. Many areas are now only 1.5 months of inventory or less and that is all types of single family homes. The median price for most new construction homes have increased and that may be due to a large increase in the cost of lumber. I have been told that the increases are upwards to 60%! This is very difficult for builders to absorb at their present prices and that may be why we are seeing an escalation in the median sales price. What was interesting, last month many areas for pre-owned homes saw a decrease in the median sales prices over last September. With the demand as high as it is that is a little unusual to say the least. I do have to say some areas did not drop very much but there was definitely a slight decline compared to the same time last year.Â
What should Sellers expect in this market? I think you will get a much closer offer to your listing price this year than last year. However, don't expect offers way over listing price but you may see some like that if your listing price has been set correctly. If you are looking to sell, give us a call and we can help you determine where you need to be pricewise based on your market and specific neighborhood. For Buyers what should you expect? Depending on the price range you are buying in, you may be facing stiff competition for the home you desire, especially if it is a pre-owned home. If it is new construction just remember that builders are trying to cover for their additional expenses at this time. In either case, I always suggest to have a skilled Buyer Specialists in your corner like the ones we have on our team. Call 214-215-5106 for Buyer Assistance or Call 214-676-8040 for Seller Assistance. Our goal is to make your dreams come true in the home buying or selling process.Â
One last thing, our agents know where available homes are in both new construction and pre-owned homes. Our goal is to always provide a "More Than>" experience for those who use our services. The DeBerry Team of Keller Williams Realty
Posted by Roxanne DeBerry on
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