During the month of March, when the covid scare was at its worst, we were singing the blues. The real estate market came completely to a stop. We had a lot of properties listed and weren't getting showings, much less offers and this is the best portfolio of properties we've ever had going into Spring when the market should start to heat up.
Three months ago I thought one of two things would happen. Either our real estate economy would be crushed (as in 2009) and it would take a couple of years to recover or, once the fears subsided, it would take off at a torrid sales pace. I honestly didn't know but we had two choices.
We could either "hunker down", binge watch Netflix and wait for the market to return or we could hope for the best and continue to be proactive and productive. We chose the second and used the time wisely.
All of our agents, administrators, and marketing staff have been working every day for the past three months making sure all of these beautiful homes were ready for the market and our social media was in place when it did come back. It's now starting to pay off in a big way.
Last week, 1760 Ridgemoor in Fairview went under contract the same day we put it on the MLS. At the time, all we had were some quick, non-professional photos I took with my phone. In fact, we still don't have the professional pictures, but you can take my word, it's a beautiful, well cared for single story home. It has so much going for it, we knew it would sell, but frankly, the speed with which it went into title surprised even us. The home is priced at $850K.
Several days ago, 690 Forest Oaks Dr in Fairview went under contract after only 5 days on the MLS. It's priced at $849K. We haven't finished our initial marketing setup on this home either, but you can see the interior pictures.
So why did these two homes go under contract so quickly? First, they were beautifully cared for and showed perfectly. Second, they were priced fairly right out of the box. The sellers were realistic and not trying to hit a home run in a market we're all still unsure about. Third, they were in the most popular price point in FLP ($700K to $890K). And finally, there's pent up demand from the Covid slowdown.
Although potential buyers were not physically walking through homes, they were still able to see them online and in great detail on our website and the MLS. When they saw these homes they probably knew if they didn't make a move on them right away someone else would. That sense of urgency is what creates a strong real estate market.
Yesterday, 1410 Susan Circle in Lucas, also went under contract only two days after hitting the MLS. It's listed at $1.1 million. This is the first offer we've seen on any of our million dollar plus homes in months. We had so many agents requesting to get into the home, we rushed it onto the market without pictures, but you can see them now.
Then there's 1705 Versailles in Allen priced at $524,900. Even during the worst of the covid scare we thought we'd see an offer on it, but we didn't. The seller became discouraged and decided to take it off the market. We convinced him to give it another try when the market started to pick up and within a day of the home hitting the MLS again, it also went under contract.
Just today, we got 111 Summerhill Lane in Fairview under contract. It's priced at $725,000. This is another home I thought would sell faster that it did but we're happy to have finally found the right buyer.
If you think the activity at the upper price points is encouraging, look at what happened to our listing at 2018 Greenview in Carrollton. We had seventeen offers within hours of this home hitting the MLS. Most were either at or above the asking price and we executed the contract at well above the list price of $239,900.
So what about lots? 1651 Shady Ln in Lucas, shown to the left and priced at $189K, was under contract one day after it hit the MLS. Believe me, that's very, very fast for a lot sale and we're still getting calls on it.
And finally, this lot on Bloom Street in Lucas has been listed for almost two years at $259,900. We just couldn't find the right buyer, but we now also have it under contract with a great offer.
We've gone from having a glut of homes on the market with no buyers to properties flying off the shelves. In fact, we need to start acquiring new listings to replace those we're selling.
Are other agents seeing this same type of great activity? I have no idea. We keep our head down and do our own thing. Nor do I know for sure whether this incredible activity is the result of having exceptional listings or it's happening to everyone?
Will all these properties close? We won't know until they close and lots of things can happen when a home goes to title. Will we be hit with another wave of covid infections and if so, will that impact these sales and others? Those are all questions I can't answer but there's one thing I know for sure.
If you're thinking about selling your home, this is the time to have it out there. And I mean right now! You want your home out there during the peak selling season when homes are moving quickly not when the market is sluggish.
Please give us a call or email if you'd like to discuss listing your home or are interested in buying a home. My cell phone is 214.850.1519 and my email address is firstname.lastname@example.org