We have officially entered November and as everyone has heard, the market is starting to cool. The lower priced homes are still moving at break neck speed however; the higher you go and more square feet the longer homes have been sitting on the market.
First, the builders have caught up with the demand, or pretty close. When builders start offering 5% commission, Realtor bonus’s and even a year long BMW car lease, then you know they have to move their inventory. Existing homes are also competing against these builders which keeps sellers on the market for an extended period especially now that we are in the Fall season.
Our larger listings in north Austin and North Fort Worth are sitting. Higher price points and more sq ft means that it will take longer for that qualified buyer to come along, especially families that are not ready to move due to school.
We don’t know what 2019 will bring. The expectation is that homes will continue to gain equity, especially at the lower price points, but at a slower rate. We expect the home sales to pick up in the summer months, which they traditionally do, we just don’t know yet what that is going to look like.
If you have any questions about this article or want to know what your home might sell for and days on market, please contact us and we will walk you through the current market and discuss if selling is right for you.
If you are a buyer, you currently are in a position to negotiate and get concessions that weren’t there even 4 months ago. Make sure that your Realtor is knowledgeable and knows how to negotiate in a neutral or possibly a minor buyers market!