Every year in early March I look at our portfolio of properties and can make a pretty good guess how our year is going to turn out. If we have great homes going into the early selling season, we're probably going to have a great year throughout, and vice versa.
Our inventory this year was hands down, the very best we've ever had. Every home we had in March in every single price point was outstanding. Well cared for, well priced, great areas, etc. I felt 100% sure it was going to be a great year and we were going to be making a lot of sellers happy. And then the Covid scare hit.
The months of March thru May were abysmal for us. It was scary slow. No calls, no showings, and not surprisingly, no offers. But we kept working through it. We continued going after great listings and preparing our properties for the market with the hopes the market would come back. We just didn't know how long it would take.
We finally started to see some encouraging activity in the last week of May and first week of June. We were starting to get showings and with those, came offers. So when we hit 12 properties in title with a volume of about $12 million several weeks ago, I was ecstatic. After what we'd been through, I felt that was amazing. But nothing prepared me for what's happened since then.
30 properties in Title With a Value of $23.4 million
June just exploded for us. We've never had 30 properties in title at one time and many are in the higher price points, $1 million and up. If you'd like to see some of these homes, here's the LINK.
Will This Torrid Pace Continue?
I can't answer that question nor can anyone else. My guess is even with a second wave of partial shutdowns, it will never get as bad as it was in April.
But there is one thing I do know, now is a great time to have your home on the market. The market, at least where we work, is superheated and there's no guarantee how long that's going to last. But there's something else to consider.
If you're going to buy a home, and need to sell your home first, don't put the cart before the horse. Get your home sold or you won't have leverage when you make an offer on the home you're trying to buy. Let me explain.
We have a very nice home in Allen which is priced fairly, exceptionally well cared for, with a great pool and spa, privacy in the back yard, great school district, and great location. We had 6 offers on the home within the first couple of days of it hitting the MLS. Of those six offers, five were contingencies, which means the buyer had to sell their home before they could buy it. The seller accepted the only non-contingency offer because they didn't want to tie down their home in the hopes the buyer could sell their home first.
We're Starting to Run Low on Our Inventory
Fully half of our inventory is under contract right now. I'm certainly not complaining and it's a great problem to have, but we need more homes to sell! If you're thinking about selling your home this year, this is the time to have it out there. If you're thinking about buying, we still have some fantastic homes for sale so please check our inventory.
For a free, no cost or obligation opinion of value, please contact me. My cell phone is 214.850.1519 and my email is firstname.lastname@example.org