Happy New Year Neighbors!
What a year it has been. 24 homes were sold in our neighborhood last year as opposed to 14 homes in 2014. The average price per square foot ended up at $113.91 s/f vs. $104.25 s/f in 2014. Overall, sales prices increased by a little over 11%, with the average list price/sales price ratio at 97.36%, slightly lower from the year before of 97.65%. Average days on market dropped by over 50%, down to 40 days in 2015 from 85 days in 2014.
Though it’s still a seller’s market and lots of business is coming into our area, homes like ours at our price-points can take longer to sell, especially if they are not updated. We had our first seasonal slow down in 3 years here, so there is a perceived market “shift”. The year 2016 looks to be another good year for real estate, but the market will most certainly change again.
Here are my Top Ten observations for 2016:
- Always pick a great lender – So important to get to the finish line for sellers and buyers.
- Never sell a vacant house – Staging really does work and furnished homes make the house look
- Always read the fine print – Look over even the boring documents to be sure everything is
- Make sure your living trust is in place well before you buy or sell a home for yourself or a parent.
- Make sure you have thoroughly read through inspection reports and Sellers Disclosures.
- Beware of “flippers” – These homes may look pretty but most flippers cut corners, don’t pull
permits, and have shoddy construction.
- Be careful of who you hire to work on your home – Sometimes it is worth the wait to hire
someone who is trustworthy.
- Most buyers want homes that are updated – It is worth it to update a little every year if you plan
on selling in the next few years. Kitchen and bath remodels yield the highest return.
- Texas is getting less affordable each month and interest rates will go up.
- Go to see the “Big Short”! – Thankfully, lenders have gone the opposite direction and are only
lending to qualified buyers now. This circles back to #1 on the list – Always pick a great lender!
Click Here to see the latest EFC Neighborhood Real Estate statistics.
Have a safe and prosperous 2016!
Jeanne Gary, Realtor & EFC HOA Hospitality Director