What is the current market for Bryan/College Station in 2015?
The ADOM (average days on market) of residential listings that have been listed and sold since January 1, 2015- March 30, 2015 is 12.16 days. What does this mean for you if you plan on selling or buying a house in the B/CS Market? Be prepared to make a decision and move quickly when an opportunity presents itself. I will use this blog to provide tips for both buyers and sellers.
Congrats! You picked a great time to consider selling your property. With the demand high and the supply low you will not have as much competition when the time comes to put your house on the market. However, it is your job to make the house sell itself.
Have a plan. 12.16 days is not a lot of time in the grand scheme of things. As the seller you have to know what your next move is going to be once you receive a solid offer on your house. Ask yourself what do I do if my house sells the first day on market? Once you have this answered and a plan in place you are ready to move forward.
Set your house apart. Have your house professionally cleaned. Having a clean house will allow potential buyers to overlook small defects your house may have. If you're not a staging connoisseur seek advice from your realtor on ways to make your house more marketable. Your goal should not be to attract a buyer, but every buyer that is looking for something similar to your house.
Establishing a Price Point. Set the price at or below the market value. This will allow you to attract more buyers which will in return bring you more offers. Setting the price above market will not only turn away buyers, but slow the selling process down. There may be buyers who are willing to pay extra for a home. However, if they are not cash buyers the house will still need to appraise.
Picking an offer. In a market where houses are lasting on average of 12.16 days the offers are going to come. If you receive multiple offers set a time and day where you will no longer be accept offers. The highest priced over may not always be the better option. Seek advice from your realtor on what makes one offer more attractive than the other. You can then combine those with your needs and pick the offer you feel is the most suitable.
Choosing the right realtor. With houses only lasting 12.16 days you want to choose a realtor that you feel comfortable with and trust. This is going to be your biggest asset in the home buying process. Build a relationship with your realtor so they know exactly what you are looking for. As soon as a property that matches your criteria hits the market you want a realtor that is going to let you know about it.
Have your ducks in a row. It is a must to be overly prepared in a seller's market as a buyer. As soon as a property hits the market time is of the essence. Meet with a lender beforehand and have them prepare a pre-approval letter to submit with your offer when you find the perfect house.
The cleaner the better. When you get ready to submit an offer you want to make it as clean as possible. You will not be able to low ball the sellers, so throw that tactic out the window. You will want to ask yourself what is the property worth to me? Your realtor will also be a useful resource when determining an offer price. If there are no major damages to the house avoid asking the seller to fix small cosmetic deficiencies.
Find a competitive edge. There is a great chance that you will find yourself in a multi offer situation. This is where your realtor will really be of assistance to you. They will let you know certain things in the offer that will appeal to the seller more. They could also get an idea of when the current owners would like to move out. The sellers may want to move out ASAP where a 20-30 day close could be more appealing, or they may need a little more time where a 30-45 day close works best. Details in the offer in a multi offer situation may be what sets your offer apart rather than the price.
Whether you plan on selling or buying a home in the Brazos Valley be aware that it is unique market at the moment. If there is any way I could be of any assistance I would be more than happy to help.
Photo Credit: Morgan Mangan