Over the past several years homeowners have had an advantage when it came to selling their home. With many houses only lasting mere hours before going under contract once hitting the market, home prices have been surging. As homeowners, this is the type of market you want if you make the decision to sell your home. In a seller’s market, serious buyers are willing to offer more for the house, giving you the opportunity to sell your home for over list price. If houses are on the market for less than 90 days, it’s considered a seller’s market.
On the flip side, if you’re a buyer, especially a first-time buyer, a cold real estate market is the market you want when purchasing. There are more homes available on the market than there are buyers, so many serious sellers are willing to cover closing costs and be more flexible with negotiations. Watch houses in the neighborhood that you live in or wanting to live in, if they are sitting on the market for longer than 7 months, the market is more likely geared toward buyers.
In 2019, we’re starting to see what is considered a neutral market. A neutral market happens when there is a balanced number of buyers and sellers. The way you can tell that a market is considered neutral is because houses will tend to sit on the market for 4-6 months before going under contract and median sale prices have started to flatten.
Prior to putting your Possum Kingdom house on the market or purchasing a new home, request that your agent runs an absorption report, so you know before making any decisions what type of market you’ll be facing. It’s not uncommon for many agents to bend the truth when explaining the market. Make sure you understand what to expect before jumping into anything.
While the national median home price is expected to hit $266,800 in 2019, up 3.1% from 2018, some housing markets are still in better shape than others across the country. Falling into that category is Texas. Here is a look at the five hottest and not so hot housing markets across the nation.
Currently in Possum Kingdom, Texas, the median home price is $367,500 and the average days are market is around 190 days.
Hot Real Estate Markets
Remember, hot real estate markets are areas where homes are selling faster than 90 days.
Median home sale price $359,700
Median home sale price $175,000
Median home sale price $139,100
Median home sale price $235,727
Median home sale price $488,400
Not So Hot Real Estate Markets
Now that the hot markets have been covered, here are some of the cooler markets in the country with the number one being the coldest as of December 2018.
5. South Carolina
Median home sale price $177,300
Median home sale price $152,800
Median home sale price $210,000
Median home sale prices $189,200
Median home sale price $262,600