Home Selling in Houston>Question Details

Cathy, Home Seller in 77035

Can we expect to see the market improve this spring?

Asked by Cathy, 77035 Wed Dec 12, 2007

We have a house to sell in a very nice neighborhood close to the Medical Center. Unfortunately, it was put on the market just as things were beginning to slow down. We had good offers that fell through, and then a very low offer from a bargain hunter. We decided to take it off the market for a while, hoping that things will pick up in the spring.

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9
I hope your home is back on the market now. It cannot sell if it isn't on the market. The spring market is here a little late... but finally here. Pricing your home properly will be key.
1 vote Thank Flag Link Wed Feb 20, 2008
This is usually the slow time of the year anyway.. Houston is a great market.. things will look better this spring..
I am a loan officer in Katy...with Third Coast Mortgage Group and things are slow everywhere!!
0 votes Thank Flag Link Thu Dec 13, 2007
Excellent description by Keith. Basically everything I was saying but with more detail.

Great job Keith!
0 votes Thank Flag Link Wed Dec 12, 2007
Cathy
I don't know your local market. I don't know the history of these offers that fell through.

Waiting for things to pick up the spring means that you think your home will sell for a higher price, right?

I strongly suggest you talk with some Realtors and try to obtain a really good understanding of the market. I do not have a crystal ball, so projecting into the future is difficult.

Let me offer some likely scernarios:
1. the existing inventory decreases because people, like you, decide to pull their homes off the market and wait until spring. When spring comes, you'll have these homes, just like yours, back on the market, plus all the new homes of people that HAVE to sell. When supply goes up, price does___?

2. The current inventory level remains where it is (only a few people do what you did, most leave their homes on the market...which is what I would suggest) Some of those homes will sell because the sellers HAVE to sell, so prices will have to adjust...however there are fewer homes on the market right now so the prices might be higher than later in the spring.

3. A lot more people put their homes on the market in the spring, plus you and everybody else, listing inventory goes up, so prices go_____

Most markets in the US are either flat or declining. I do not know your market. It's possible it is going to go up in the spring. But what if it does not go up? You are gambling with your home's equity.

All things being equal, if you need to sell, I would price it 5% below market and sell it now, instead of waiting. if the value drops 1-2% each month, where will you be in May?



Cathy, probably not what you wanted to hear....I hope that you do okay.
Keith
0 votes Thank Flag Link Wed Dec 12, 2007
Keith Sorem, Real Estate Pro in Glendale, CA
MVP'08
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Cathy, That is too bad. Unfortunately I don't think anyone knows when the coasts will come back around with their markets. However, I would not let that hold you back.

When you decide to place in on the market again, just look over your pricing and marketing plan real well. I think you will do fine. In the mean time, I hope you enjoy the Holidays and best wishes in the New Year!
0 votes Thank Flag Link Wed Dec 12, 2007
A problem is that we've had serious buyers, but they can't commit because they're relocating from another area and they can't sell.
0 votes Thank Flag Link Wed Dec 12, 2007
Spring is typically the busiest time of year in Texas....April/May/June.

However typically my November and December business is very serious business. Less tire kickers, less neighbors just trying to see the competition. Typically much fewer showings, but much higher quality. If you are in an area that might attract relo buyers December is a good time to sell as there are also typically fewer homes on the market.

It's tough to tell what the lending situation or even the market situation will be in 6months, but most economists I hear are still predicting an 18-24 month shakeout due to ARM resets and falling prices. The good news for Houston is there is still moderate growth, prices seem pretty stable in most areas, and there is still demand. If you are considering taking it off the market I would do so in January/February, but leave it on for the holidays and be very accommodating to anyone wanting to look. I did sell a house on Christmas Eve last year. They were only in town 2 days. Too bad for the people who declined the showings or asked if we could come another day.
Web Reference: http://www.teamlynn.com
0 votes Thank Flag Link Wed Dec 12, 2007
Bruce Lynn, Real Estate Pro in Coppell, TX
MVP'08
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Hi Cathy,

I understand your frustration. This time of year the showings can be off and on. In regards to the mortgage situation, it seems to have over corrected itself at this point but economists expect it to even out a little sometime after Mid February. (after the auditors look over '07 financials)

As far as selling during the Holiday season....Traditionally, many people relocate for work around the beginning of the year. Some Corporations have already given their employees a deadline to move by, etc. There will be LESS showings in November and December, but again...traditionally, the showings that do occur are Quality showings. Home buyers looking this time of year are probably a little more serious than in other times of the year. Also, there is usually less inventory. (less competition for homes currently on the market.)

Houston is still in a pretty good market compared to the rest of the nation and as of the end of October, there were only 2 cities in the Nation with inventory lower than us. For the low offers and why it did not sell? There are many factors including condition, pricing, etc.

Have an agent come out and give a good overview for your specific home with details for Days on Market for homes that have recently sold, any ideas for small changes in the home for showing, any ideas for minor updating/upgrading that could make it stand out against the rest. (light fixture, paint, etc.)

Sorry for the long winded answer. :) I hope it helped.
0 votes Thank Flag Link Wed Dec 12, 2007
Owning a home is still an American Dream. The mortgage crisis over the past 11 months has only slowed down the ability to buy, but not the desire. Home buyers still want to buy homes. Just now days they have to work harder to prove credit worthyness. I believe that this spring and summer will be a hot market for selling homes because of pent up buyers. Buyers will have had over a year to mentally and financially adjust to an new market. So get your home ready, be competiive, and get a realtor now to help you prepare.
0 votes Thank Flag Link Wed Dec 12, 2007
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