This gorgeous Allen, Tx home had two offers and went under contract the same day it hit the MLS. While that's not unusual for a $400K home, that doesn't happen that often on a $900K plus home. Jennifer Hurst, one of our newest agents, is not only representing the seller on this home, she's also representing them on the purchase of another home listed at around $1.7 Million!
This just illustrates shows how incredibly strong this market is right now. In my 21 years of residential real estate, I've never seen a January even close to what we're experiencing and frankly, this rivals any of our best selling months ever.
The listings we've had that languished on the market have now all sold and we have new listings that are selling before they hit the MLS. One of those is a $750K home in Lucas. We're all working hard to replenish our inventory of homes to sell because they're selling so quickly.
Riding the Lightning
There are two things I know for sure about markets like this ...
It's driven by fear and
It won't last forever.
The fear is within buyers who have lost out on the purchase of home or two even after submitting a great offer, quite possibly over list price. I recently wrote a blog about a $350K home in Allen which had 109 offers within the first couple of days of hitting the MLS.
Every one of those buyers who lost out is going to remember that experience the next time they find a home that works for them. Chances are, they'll submit a strong offer as soon as they see it, maybe even over list price. That continues to fuel the upward spiral on prices and quick sales.
But I also know this market won't last forever. I've seen these incredibly strong cycles over the years (but never in January) and eventually the sales will start to slow down, homes will remain on the MLS for longer without offers and those prices will start to come down especially as they're joined by new homes coming onto the market.
At some point in time, buyers will lose that sense of urgency and just wait for a another home to come along. I wouldn't be surprised if by the time we are into our historical peak selling months of May thru July, the market doesn't slow down simply because so many buyers have already made their buys.
If you're considering selling your home this year, even though it's early in the season, I'd suggest getting it out there right now and ride the lightning.