The question I get most often being a real estate agent is; How is the market? And is now the best time to sell my house?
Well, the answer is 2 fold. I will go into detail and show you what the market is doing and why now might be just the right time to sell your house and buy another. But on the other hand, why it might be time to just sit tight and wait for the market to start the upswing in February or March.
Let's look at what the pricing is doing in the Pearland TX market. The chart below shows a two year period starting in Nov 2008 and goes through Nov 2010. A few things jump out to me and the first one is that the median price is FLAT... It has dropped $10K over the last two years... Understand the in the median price and not the average price...
What does the really mean? It tells me now is a great time to buy and if you have equity built up in your home, you can sell your home and maybe not make as much as you once could, and buy a house at a GREAT price. Thank about it.... You can get a house at an all time low price and get an interest rate at a record low rate. It's a win win for you....
Looking at the price per foot chart below, you can see the price per foot 2 years ago was $76.00 and at the end of Nov, 2010, it is still at $76.00...
Now let's look at the supply and demand in the Pearland TX market. WOW... Economics 101 tells us that the more supply we have the lower the price... Thus, the Pearland median price is down $10K at the end of November 2010. Before Hurricane Ike came to town, Pearland had about 10-12 months of inventory and it was climbing... Then after Ike we only had 1.5 months of inventory left.... Pearland is in the first stages of pulling itself out of any recession we might have been in.... I think Pearland will have a very strong real estate market in 2011... I'm not saying pricing will climb much, but I don't think it will fall either... I just think our home pricing will remain strong and robust. The national media has everyone running scared... And that is just not the case in the Houston/Galveston and Pearland real estate markets. Sure our home prices have drooped just a bit, and you might be upside down on your loan, but unless you sell your house, you will not feel any real pain... You might even get a price break from the tax man.... And you should fight for that, and I can help you with that as well...
Okay, now you are ready to put your house on the market... If you price it right, it will sell in no time at all... In Pearland, the average days on market, Time To Sell, or DOM last month was 89 days. When you price your home below market value, it will sell faster than the average and if you price it above the average it will take longer to sell... Plus when you price it to high, you will miss out on what I call the "RUSH" , or the first 45 days of great marketing.... DO NOT OVER PRICE YOUR HOME...... You will not get any showings and the only thing you will do is help sell lower priced homes in the area....
you can cantact me for a FREE indepth CMA on your house, Let's talk... Let;s see what your house is really worth...
Whether you're interested in buying your first home, your next home, or just want to know more about home-ownership in general, I encourage you to check out a couple of great online resources:http://www.texasrealestate.com/ or http://www.har.com/ and for all of your Pearland TX and Northern Brazoria and Galveston County real estate needs, please visit my site at http://www.danfrankrealty.com/. All of these sites offer tons of useful, real estate-related information geared specifically for Texans.
Remember, Danny Frank is a local Pearland TX Real Estate expert! You can see my entire blog athttp://www.pearlandrealtyblog.com
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