The summer real estate selling season is well underway. Appropriately priced and well marketed homes are selling within 60 days without the need for a price reduction. Currently the highest demand is for houses with a swimming pool under $500,000 on an oversized lot and any single story house. This does not mean other types of houses are not selling but there are fewer of the before mentioned houses for sale and a huge sector of buyers wanting them.
Who is buying right now? We are experiencing a generous influx of people being transferred in and they are ready to buy now. They want a house in great condition and many of them are opting for a home with a swimming pool. Another large group of buyers is the baby boomer-empty nesters. These buyers want a smaller, often newer, amenity packed, low maintenance one story house, with a smaller yard.
Because of this specific concentration of targeted buyers, some sellers are experiencing the highest prices ever paid for homes like theirs. It is not unusual for 30% of all listed homes to be under contract right now. While this is like a sellers market in terms of pace of sales, prices are somewhat tempered by the rest of the economy across the nation. This is actually a good thing because we are not experiencing (super) appreciation but more of a balanced appreciation that won't cause the bursting bubble effect in the future like some parts of the country are experiencing. Our prices are not depreciating either so when whenever you see a price reduction on a house, it's purely because it was not appropriately priced when it came on the market. Inappropriate pricing and/or poor marketing is the only reason any house in our area is not selling.
Many buyers coming in from depressed real estate markets are surprised to discover that our market is robust and learn the hard way by losing a house or two due to low offers. Even the foreclosures which are few and far between in our area, are selling for full value based on condition. Most foreclosures are not in good condition and we do not experience many foreclosures in 77450 and 77494. Over 90% of the foreclosed houses in Katy are north of I-10 along Mason and Fry Road. If you want to buy a real estate investment, then now is a great time to buy in that area. After you close, you can instantly lease the house with a positive cash flow of several hundred dollars per month.
If you are thinking about selling or if you are just curious about the value of your home, log on to KatyHomePrices.com for a free home evaluation. Dale Ross-Keller Williams Signature Realty.
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