An inside look at the residential real estate market in Southeast Texas including: the hottest neighborhoods, proven home selling strategies, home buying and negotiating tactics, median prices by neighborhood, current school rankings, average days homes are on the market, and professional advice on how to get the best deal when buying or selling a home.
How do you know how much your home is worth? How do you know how long it will take to sell? These are two important pieces of information when it comes to selling a home in Southeast Texas or anywhere for that matter.
As the chart above shows, it took 114 days on average to sell a home in August. You can also see 13 homes sold in less than 30 days. Why do some sell so fast? The three primary factors that affect sales time are location, price and condition.
What will your home sell for? Well, the average sales price in the Southeast Texas MLS was $156,619. There were 12 sales under $29,999 and 1 sales above $500,000. The best way to determine the price of your home is with a professional valuation. A REALTOR, like myself- with access to the local market data is the best person to call when you need to determine the value of your home.
Other sources of value information that you can look at for guidance are your local appraisal district and internet valuation website such as Zillow. However, take care when using either of these. The value they place on your home could be off by a lot. Its fun to look at other sources of information but when you are ready to sell, contact a professional. Contact me. I offer professional home valuations at no cost to you and no obliagation. You can reach me on my cell at 409-504-9097.
Here's a quick look at how long it took to sell a home last month.
Red shows the number of homes. Blue shows how many days on the market. The total number of home sales for the month of August was 262.
On average it took 114 days to sell a home in Beaumont and Southeast Texas. If you are thinking about selling your home its important to keep the length of time in mind. More data about August home sales in Southeast Texas to follow later this week.
The upper niche in the Southeast Texas housing market may be small but there are some luxury neighborhoods in Beaumont that have been selling this summer. Since June there have been eight homes that have sold and closed above $500,000. Half of those sales happened in the same neighborhood.
This chart shows where the luxury sales are happening-
If you had to guess which neighborhood -of the five shown above- had the most sales this summer what would you guess?
Thomas Road had one sale. A 3 bedroom, 3 full bath, 2 half bath that had just under 6000 square feet of living area sold for $677,000.
Montclaire Estate had one sale. A 4 bedroom, 3.5 bath that had just under 7000 square feet of living area sold for $710,000.
Barrington Heights had one sale. A 5 bedroom, 3.5 bath that sold for $524,000.
Brownstone had one sale too.
But the big winner in the luxury home sales market this summer was Westchase Villa. About half of all homes that sold in Beaumont over half a million dollars sold in Westchase Villa.
If you are looking for a home no matter what the price, I can help you find a great home. Contact me as soon as you are ready to find your next dream home.
If you have been wondering how homes have been selling this summer, then here's a chart for you. This chart shows home sales in Southeast Texas for the month of July. (Yes, July.)
The majority of homes that sold were priced from $100,000-$199,999. It took an average of 129 days to sell a home. Keep that in mind if you are planing to sell your home in Beaumont, Lumberton, Vidor or any other part of Southeast Texas. On average it is taking approximately 4-5 months from list date to closing date.
All this data can be used to help you determine an accurate value for any home in our area. If you are planing to sell your home or looking to buy a home, contact me for a professional value analysis. Of course if you want a no obligation expert valuation of your home call me for that to.
Coming soon - August Sales Data covering all of Southeast Texas.
There is a lot of information online about the value of homes. The National Assocation of Realtors has created some entertaining ads that promote the importance of having accurate data when you are selling a home or buying a home.
After all do you want some computer in California telling you the value of your home? No, you want a local value expert - like me -to help you determine the accurate value of your home. I have access the the real market data for our area.
If you are planing to buy or sell a home in any part of Southeast Texas call me for a no cost, no obigilation accurate value of your home.
The top five facts you should know about home sales in Southeast Texas right now:
On average it is taking 125 days to sell a home
The average price is $147,855
Since Jan. 1, 2014 there have been 905 single family home sales
Average rent for a single family home in Southeast Texas $1775
The median price on a cash sale is $65,000.
Now take a look at this graphic. It shows some interesting sales data by area. (All information is gathered from the Beaumont MLS)
If your neighborhood is not shown on the graph and you want to know the facts about the current market just contact me. You can call, email or text. I'll be happy to provide you the real estate answers you need.
It's true. There are a lot of online home-value-generators. A really popular one is Zillow. I like Zillow. It has a lot of good information and its fun to look at the valuations.
One word of advice, "Don't base your offer or your sales price on a Zillow zestimate!" They are often wrong and you could make a mistake that costs you several thousand dollars. This is especially true is the home you are selling/buying is anything other than the cookie cutter house in a cookie cutter neighborhood.
For example: A home in with some acreage will almost always be valued wrong.
Here's an actual example: 8863 FM 418, Silsbee. You can see it on Zillow Here. The Zestimate of value $181,000. The actual sales price according to the Beaumont MLS was $160,000 and it sold in January of this year. If you based your offer on the zestimate you would have over paid by about $20,000.
There are a lot of examples I could post here but the whole point of this blog post is that when it comes to finding the real market value of a home you are selling or a home you plan to make an offer on is to get the advice of a professional REALTOR.
Do you need to know the value of your home? Contact me today.
An interesting thing came to my attention today when I was reviewing home sales. It seems that quite a few buyers are paying cash these days. Especially, in the Vidor market. In the past four months, of the 28 home sales, 10 of the sales were cash sales.
Take a look at this chart.
Other noteworthy tips:
The median price of the cash sales was $72,000.
Over 50% of the cash sales were foreclosures.
The median price of the sales that used FHA financing was $132,400.
There were 11 sales that used FHA financing.
If you would like to know the market sales data for your town or neighborhood, I'll be glad to provide that for you. You can call, email or text me. Knowledge about your neighborhood is powerful when it comes to buying or selling a home.