Selling Your Home in a Changing Housing Market
What do they say? The only thing that stays the same is that nothing stays the same.
The housing market is no exception. Just when you think you know how the housing market is behaving, it changes!
This year, the Houston housing market has been red hot, reaching record levels!
But, is that where it still is?
Here’s what you need to know about the current state of the housing market in the Cy-Fair area, especially if you or anyone you know has been thinking of making a move.
The Market is Easing
In the Cy-Fair area, we are seeing a slight easing of the market.
The number of homes going under contract is slightly lower…about a 14% decrease from last year at this time (see the chart above). The days a home stays on the market before going under contract has increased over the last few months, however, it is a huge decline from last October (check out the chart below). And, the number of bidding wars or offers on one home has decreased compared to earlier this year.
None of this is cause for alarm, but if you have been thinking of selling, it’s a slightly different market than it has been over the last year.
The crazy high house prices and competition for homes from earlier in the year simply could not last forever (we wouldn’t want it to!) and it looks like the time for change is now.
Will This Easing of the Market Turn into a Full-on Cool Down?
It’s hard to say at the moment.
Partly because this time of year always sees a slight cooling. Makes sense with the holidays approaching. Who wants to sell their home if they don’t have to this time of year?
But rest assured I’ll keep you updated!
All said, though, homes are still selling, just with slightly different expectations and strategies as earlier this year.
Strategies for Selling in a Easing Market
1. Plan Ahead
Planning for all of life’s changes is no easy feat. But when it comes to making a big move like selling your home, you want to plan ahead. When the market cools as it’s doing now, homes don’t “fly off the shelves” with as many offers as they did in the hotter market at the beginning of the year.
And, now more than over the last year, it’s crucially important that your home look its best before putting it on the market to entice buyers into making their best offer possible as quickly as possible.
Yes, it takes a little more time and effort to get a home on the market, but it’s SO worth it when it comes time for offers.
2. Get Your Home Looking Its Best
There are slightly more homes on the market, and slightly less competition right now. Some homes that would have sold quickly earlier this year are taking a few extra days. Again, the market is not drastically changing but we want to always be one step ahead of it when we sell.
Many buyers felt like they’ve been through the wringer this year and have even taken a break from looking at homes until they see one they can’t pass up. That means if you want to sell your home quickly, you need to make it stand out and be as appealing as possible.
Sprucing up your home for sale does not have to be a major financial or time investment, however.
I recommend only making the upgrades that will lead to a higher price or quicker sale. What those items are specifically depends on your home, so if you are curious, reach out to me and I can do a walk-through to tell you what you can skip and what needs to be done to have buyers feeling like your home is “the one” they can’t pass up.
3. Price Your Home Strategically
How we price homes during a slightly cooler market is very different than when we price homes during a super-hot market.
You must strike this delicate balance of not pricing too high that it scares buyers away and you end up having to reduce the price.
But you also don’t want to price too low, because in a cooling market, pricing too low can really backfire and you end up not getting what your home is worth because there is not the demand there to drive up the price.
Pricing in an easing or a cooling seller’s market is an art and science. Or maybe more like Goldilocks and the three bears—it has to be just right. 😊
The Good News
Selling a home during a cooling seller’s market doesn’t need to be confusing and frustrating. Understanding what the market is doing right now can help set correct expectations. What happened with the house down the street only a few short months ago may not be what happens to your home right now, especially with the holiday season upon us now.
But the good news in all of this is—people are still looking to purchase homes in the Cy-Fair area and when you sell, it might be slightly easier to find your new home too.
I know how to navigate this type of market and I’d love to help you or anyone you know to get the very most for their home, no matter what the market is doing.
If you’d like some guidance, I’d love to help. Email me at firstname.lastname@example.org and let’s set a time to chat about your situation!
I'm Jennifer Mestayer (Med-E-A) and I love helping Cypress families buy and sell their
homes as they move through the varying stages of life. From first homes to forever homes...
Let me know how I can help you make your real estate dreams come true.
Cy-Fair Real Estate
16718 House & Haul Rd, St N
Cypress, TX 77433
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