Hi. I'm Diane McNelis, Award winning Texas Realtor(R) with Coldwell Banker Southern Homes. Selling and Buying homes in Southeast Texas can be complicated. I'm here to help. When we work together I become your advocate. My goal is to get you the best deal possible and to exceed your service expectations. On my blog, I share tips and strategies for selling and buying homes in Southeast Texas.

Down payments on Homes Vary across Southeast Texas
Ready, Set, Sell! Selling Homes in Southeast Texas. Episode 1

Homes for Sale in Beaumont Near All-Time Low

The number of homes for sale in Beaumont has been low all of 2020.   In February and March Beaumont had just a 3.1 month supply of homes for sale.  In August, Beaumont had a 4.1 months supply of homes for sale.  What does that does relative to a normal market?   A balanced, normal real estate market has a six month supply of homes for sale.  This means there is enough for buyers to choose from but not too much to decrease home values.  Any time there is less than a six month supply of  homes then buyers have less to choose from and prices tend to go up.  

The #1 Reason Not to Wait to List Your House for Sale

The #1 Reason Not to Wait to List Your House for Sale | MyKCM

Many industries have been devastated by the economic shutdown caused by the COVID-19 virus. Real estate is not one of them.

Mark Fleming, Chief Economist for First American, just reported:

“Since hitting a low point during the initial stages of the pandemic, the only major industry to display immunity to the economic impacts of the coronavirus is the housing market. Housing has experienced a strong V-shaped recovery and is now exceeding pre-pandemic levels.”

Buyer demand is still strong heading into the fall. ShowingTime, which tracks the average number of buyer showings on residential properties, just announced that buyer showings are up 61.9% compared to the same time last year. They went on to say:

“Normally, real estate activity begins to slow down in the late summer, but this year it peaked in July, August and into September.”

There Is One Big Challenge

Purchaser demand is so high, the market is running out of available homes for sale. Just last week, realtor.com reported:

“Since the beginning of the COVID pandemic in March, nearly 400,000 fewer homes have been listed compared to last year, leaving a gaping hole in the U.S. housing inventory.”

The National Association of Realtors (NAR) revealed that, while home sales are skyrocketing, the inventory of existing homes for sale is dropping dramatically. Below is a graph of existing inventory (September numbers are not yet available):The #1 Reason Not to Wait to List Your House for Sale | MyKCMHomebuilders are increasing construction, but they cannot keep up with the high demand. Bill McBride, founder of the Calculated Risk blog, in discussing inventory of newly constructed houses, notes:

“The months of supply decreased to 3.3 months...This is the all-time record low months of supply.”

What does this mean for sellers?

Anyone thinking of putting their home on the market should not wait. A seller will always negotiate the best deal when demand is high and supply is limited. That’s exactly the situation in the real estate market today.

Next year, when the pandemic is hopefully behind us, there will be many more properties coming to the market. Don’t wait for that increase in competition in your neighborhood. Now is the time to sell.

Final Thoughts

It used to be said that the spring was the best time to sell a home.  That isn't always true.  When a market has a low inventory of homes for sale that creates an opportunity for sellers.  Let’s connect today to get your house on the market at this optimal time to sell. 

Sincerely,

Diane

Diane McNelis, Coldwell Banker Southern Homes

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