Success in Today’s Housing Market

September 12, 2011

The slow national economy and softer housing market is no secret, but many people want expert advice as to how they can still have success as a seller in today’s market in Bryan-College Station. Folks ask us questions like “Can I still sell my home in today’s market?”, “Just how soft is the market?” and “As a buyer, can I get the kind of deals that I read about in other areas of the country?” We’ve sat down to analyze and discuss what we are seeing in the market and how we can extend valuable advice to buyers and sellers who want to have a favorable outcome in today’s economy and local housing market.

Looking at the numbers, where are we in 2011?
Sales for this year have been very comparable to last year. In fact, July was the only month of 2011 that surpassed sales from the same month of 2010 (remember the big drop off after the tax credit expired). Overall, our year to date sales are at 1505, compared to 1558 at this same time in 2010. We’re still seeing the most sales in the 100-250K price range.

Can you give us a bigger picture of what the market has been doing over the past few years and how it’s led us to where we are now?
It’s very interesting to see how the gradual decline in sales has contributed to a steady increase in inventory, which has lowered home prices a bit and created a generally softer market than we’ve seen in a while. Here is a look at the year-to-date sales for the last 6 years (January- August):

2006: 1921
2007: 1961
2008: 1968
2009: 1631
2010: 1558
2011: 1505

As you can see, we saw a big shift between 2008-2009. Sales declined, yet homes continued going on the market, leading to a larger inventory of available homes. We continue to see this pattern now with more available homes and fewer buyers.

What does that mean for Sellers? How do you advise them?
In a nutshell, sellers have more competition, meaning they need to be strategic with their pricing and unrivaled with their staging & presentation. I advise sellers to think competitively. Their home needs to be priced well and they need to have expert guidance on prepping their home for sale. I encourage them to have the mindset that their home needs to be the most appealing option among similar homes in their neighborhood.

What about Buyers? What are you seeing and what advise are you giving to them?
Buyers have heard a lot about the soft market and most buyers are eager to find a great deal on a home. Although the market is weaker than past years, we are not seeing the dramatically low sale prices you hear about in other areas of the country. Are there homes out there selling for deep discounts? A few. But as a whole, we are seeing sellers willing to compromise on price if a buyer comes along who is in the general vicinity of the seller’s bottom line. Local buyers do have a great selection and interest rates are at record lows, meaning that if you are in a financial position to buy, now is a great time to purchase a home.

Is it possible to have a favorable outcome in our market today?
I sincerely think so. For buyers, get a good Realtor in your corner to help get you a good buy. You’ve got favorable interest rates and a healthy supply of homes to chose from. For sellers, in spite of negative news, people are still out there buying homes. With the help of an experienced Realtor, you can do everything possible to posture your home as the most desirable option among similar and nearby homes in your area.

If you’re wanting to buy or thinking about selling, give me a call. I’d be happy to consult with you about your specific situation and assist you toward a favorable outcome in today’s housing market.

Tags: Bryan College Station Housing Market, Bryan College Station Real Estate, How to Sell Your House, Margie Stibora & the Key Team, Success in a Slow Housing Economy

This entry was posted on Monday, September 12th, 2011 at 2:43 pm and is filed under Blogpost, Bryan College Station Real Estate, Housing Market, Margie Stibora & the Key Team.
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