Market Conditions in Killeen>Question Details

Troy Filburn, Home Seller in Ballston Spa, NY

I've had a rental property for 12 years in Killeen, TX and my tenant is interested

Asked by Troy Filburn, Ballston Spa, NY Tue Feb 5, 2008

in buying. I've been told it is a buyer's market to the point that the seller has to pay the closing costs these days in order to get the deal done. Any thoughts on the market in Killeen and where it is going would be much appreciated.

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Don't know Killeen but south Florida is more of a seller's market right now and I hear that many areas in the country are picking up as well. Just my opinion.
0 votes Thank Flag Link Wed Jun 19, 2013
Troy,
The honest truth is that there are 1900 plus properties on the market in the Killeen MLS. You are very fortunate that your tenant wants to buy it. The market is super competitive and if you have a need to sell, I would try my best to negoiate with my tenant. You don't want to risk them going to the open market in scearch of a better deal. Once they are exposed to the market they will find plenty of sellers eager to pay their cost and give them other incentatives.
0 votes Thank Flag Link Sat Nov 13, 2010
Shannon and Diantha,

Thank you both for the time you spent answering my question. Both of your responses were very helpful.

Much appreciated.

Troy
0 votes Thank Flag Link Thu Feb 21, 2008
Just in this past week our office has brought more than 16 new listings on the market. Depending on the price point of your home there could be a significant number of homes available for buyers to choose from. With so many choices available for buyers, sometimes sellers have to get creative to attract a buyer and that could mean pricing a home below appraised value, paying some or all of the buyers closing costs, making repairs to the property, etc. When considering whether to pay a portion of the buyer's closing costs most sellers are primarily concerned with what they will net from the sale. To make a property attractive, sometimes sellers ask less than the appraised value of the home and if a buyer wants closing costs paid by the seller the buyer will pay more for the house. Others offer closing costs paid as part of their marketing. When I provide clients with a market analysis one piece of information I provide is what other homes sold for and whether or not those sellers paid any closing costs and how much money they paid for the buyer. In some price points/neighborhoods it is rare for the seller to pay the buyer's closing costs, but in other neighborhoods its easy to see an average amount paid by sellers on behalf of their buyers. A recent study of housing markets throughout the nation listed Killeen as stable and not a 'soft' market. Its also continued to be listed as one of the most affordable places to own a home in the country.

If I can be of further assistance to you, please let me know. I am a licensed Realtor with a strong marketing background.

Diantha Shaffer, Realtor, ABR, ePRO, Military Market Specialist
Coldwell Banker United, Realtors
Killeen, Texas
(254) 338-2192
DianthaShaffer@yahoo.com
Web Reference: http://www.FtHoodLiving.com
0 votes Thank Flag Link Thu Feb 14, 2008
What you've been told is for the most part true. Due to the constant movement of soldiers into and out of the base, creating a lot of competition in listings, and the fact that most of the buyers in our area are soldiers using their VA, with no money down, it's very common for the sellers to pay the buyers' closing costs. You don't have to, but most of the other homes in the area will.
Since your tenant is already living in the home, and will incur moving costs if choosing to buy another home, that might be a factor in how much in closing costs you offer to pay. However, refusing to pay any costs may spur your tenant into purchasing another home. It's a gamble! The rental market is strong in the Killeen area, so chances are good you'll find another renter, but you never know how that will go either.
Bottom line, if you're ready to sell, it's probably a good idea to pay at least a portion of the buyers closing costs and sell to your tenant. If you're not ready, then don't sell, and possibly take a chance on another tenant.
If you'd like a market analysis and a more personalized look at the market in your specific neighborhood, let me know! I'd be happy to help.
0 votes Thank Flag Link Tue Feb 5, 2008
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