TEAM BLOG
October BCS Real Estate Update
November 11, 2010
Here’s a look at the October 2010 BCS real estate stats:
Total Sales Closed: 100
Average Sales Price: $175,681
Sold Dollar Volume: $17,568,112
Average Days on Market: 132
Total Number of Active Listings: 1530
Total Number of New Listings: 368
Here’s a brief discussion with Margie Stibora, who gives her professional input on what we are seeing in our local real estate market, what it means for buyers and sellers, as well as her predictions for 2011.
Recap this year in BCS real estate.
It’s been a crazy year in real estate. The beginning of the year was off to a good start, following the same general bell curve trajectory that we normally see. Then the summer came and sales plummeted. Even when sales are slightly down for any given year, the busiest months are still June, July and August. We were all surprised to see that sales peaked in late spring. So this year felt very strange in that regard.
What differences have you seen in your office since June?
Far fewer buyers, more frequent and larger drops in home prices. There continues to be more supply than demand.
What differences are you seeing in buyers?
Because the knowledge of the slowdown is so widespread, the majority of buyers are expecting a great deal. Buyers know that they are in the driver’s seat, so their expectations and demands are higher.
A buyers market must be challenging for sellers. What aspect of this market is most challenging for sellers?
Buyers markets can be tough for sellers. One of the biggest adjustments I see is that sellers cannot (as a general rule) expect as large of a return on the improvements they’ve made to their home as we’ve seen in years past. This is difficult because those improvements are often necessary to get the house sold, but the amount of return in sales price is lower. When there are ample choices for buyers, they want the best house and the best price, which can be difficult for the seller to accept when they look at what they paid for the home and what they’ve put into it.
What can sellers do to help their house sell?
First, I would advise that they be very strategic in pricing. With so much competition, strategic pricing is vital. Buyers have a lot to choose from, so it is unlikely that they will pay a higher price when there are better values for similar homes. Secondly, I would advise that you get your home in its best possible shape and work hard to keep it looking its best. If there are small things that need fixing, fix them. Also de-clutter, clean and stage your home to make it stand out as much as possible from your competition. Lastly, work closely with an experienced Realtor and follow their advice.
Where do you see the market going?
As for the rest of 2010, I expect things to remain pretty slow as we enter the holiday season. But I am hopeful that 2011 will be a better year. As the federal 1st Time Home Buyer Tax Credit is further and further away in the rear view mirror, I am optimistic that a new crop of buyers will begin to emerge. I am also hopeful that the recent mid term elections will re-energize consumer confidence. While some may disagree, I choose to be optimistic. I’ll make sure to keep you posted!
Join in the conversation on the latest news on the Bryan College Station housing market on MyBCS!
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