Other than "How is the Southeast Texas real estate market?", the question I hear the most is, "How much is the seller willing to come off their asking price?". Home buyers are always eager to know the magic number. The reality of it is that often there is no magic number. The motivation of the seller often determines how much they are willing to come off their asking price. Some sellers won't come down much at all but others with a motivation to sell often do come down on price.
That said, we can look at sales by area over the past ninety days and look for trends. The data analyzed is from the Beaumont MLS. 245 homes sold within the past ninety days priced from $100,000-$200,000 which is the most active market segment at the present time. Cool chart inserted below:
It may seem obvious but the shorter length of time a home is on the market the less likely the seller is to come down on price. Areas shown above with the lowest average days on the market also have the highest % sold price to asking price. As days on market go up sellers usually become more negotiable.
Look at the two areas with the longest average days on the market for the past ninety days. Beaumont North 5 and Pinewood both average over 185 days on the market and less than 90% of the asking price for the final sold price.
Five things you need to know about Southeast Texas home sales ($100,000-$200,000) that closed in the past three months:
- The average days on the market was 110.
- FHA loans have been used than any other type of financing.
- Lumberton and Beaumont are the areas with the most sales, followed by Silsbee, Vidor, and Orange County.
- The median price was $136,000.
- Over 20% of home sellers sold for the full asking price or more. (Not including closing cost contributions)
- On average sellers throughout Southeast Texas sold their homes for 94% of their asking price.
So next time someone asks you how much to offer for a home you know to tell them there's no magic number but 94% of the asking price is a pretty good guess at how much the seller will be willing to come down. If you want more strategies on how to make the best offer call me.
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