Sellers Wanted - Let’s talk about this crazy real estate market in Temple TX.
I don’t know if you’ve heard, but housing inventory is at an all-time low here in Central Texas as well, which has increased the average home selling price in our area, particularly for zip code 76502 to $211,000, compared to February 2020 at $201,015. That's an increase of 4.967%.!
Buyers of all backgrounds are coming out of the woodwork to throw offers on any home that seems nice. There are more buyers with cash in hand than we’ve seen in a long time. If you are a buyer and involved in a multiple-offer situation here are a few of the things I do to help my buyer clients be as competitive as possible and win out in this red-hot seller’s market. When you are ready to sell your home, Mick McCanlies is your listing agent in Temple TX.
1. Make your best offer first. Waiting for counteroffers and haggling isn’t an option anymore. If your offer, on a reasonably priced home and in good condition is below the asking price, you have no chance of winning. All the decent houses that are moving on the market are getting exactly what they’re asking for, if not well above listing price. (In some cases, homes are selling for substantially above the asking price). It’s more than possible to get into a home that you love, but if you think you’ll be able to negotiate some sort of killer deal, you’re in for a world of hurt. The market being against you doesn’t make a home a bad investment. Historically speaking, real estate always appreciates over time.
2. Make sure your financing is secure. Before you even start searching for homes, you need to speak with a LOCAL lender and get all your financial ducks in a row. You need to make it clear to sellers that you’ve done your homework already and are highly qualified. Plus local lenders have in-house financing and know the market here better than a lender from another state or town in Texas, not to mention the appraisers that will appraise the home tend to be from the area that the local lenders use.
3. Be strategic in what you ask for in the contract. Price isn’t the only term that matters. The seller will compare your offer against a handful of others. Depending on their circumstances, They will look at the type of loan, VA, FHA, Conventional or CASH, they may be putting a premium on an accommodating move-out date, a longer escrow period, a short option period or no option period at all, or the ability of the buyer to bridge the gap between sale price and appraised value. Try as best as you can to present the best offer; are there any contingencies that you’re comfortable with eliminating? The fewer strings attached, the better.
4. Write the seller a letter. Buyers have found success with this approach. I had a closing March 18th due to the first time home buyer writing the seller's a personal letter. In scenarios where you are competing against offers that are similar to yours in price and terms. Going the extra mile and including a thoughtful, personal touch can help the seller differentiate between parties in a transaction and real-life people. Never forget that selling a home can be just as emotional as buying one; the seller wants the home to go to a deserving person or family.
In the letter, tell them how much you love their house and what it would mean to your family to live there. Just be aware that there are sellers out there who are unashamed to admit that they’re just after top dollar, so they won’t care about a letter. But ultimately, It can't hurt!
What does that mean for you as a seller? If you’ve ever considered selling your home, it means now might be the perfect time to think about preparing your property for sale, on or off market. With inventory levels low, you can rest assure your home will sell at or above the fair market listing price and in a lot less time. Mick McCanlies is a listing agent in Temple, TX and has seen homes sell the day it gets listed in the MLS. Mick is a great listing agent in Temple, TX and can get you more for your home.