Monday, November 20, 2017 / by Meagan Henry
IF YOU'RE LOOKING TO SELL A HOME IN GEORGETOWN, NOW MIGHT BE THE TIME
Now Might Be A Good Time To Sell A Georgetown Home
Here's a quick hit of Georgetown real estate market intelligence that would suggest now is the time to start talking with us about listing:
For each of the last 3 years, this month (February) has been when the Georgetown real estate market stepped on the gas pedal. Last year, those who waited and put their homes on the market in the summer missed the peak. While this is counter-intuitive, that was truly the story. There are two reasons I saw for this:
Buyers Hearing the Hype
1) Buyers were hearing the media hype about multiple offers and the market basically being "on fire." So many buyers got proactive...in other words, many of those buyers that really didn't need to be in a home until the summer..those folks started shopping earlier and due to market pressure, many went ahead and bought a home if they found one that suited them.
This moved the traditional "summer buyer" into a "spring buyer." This timing only helped to feed the frenzy during the spring.
2) Many home sellers watched the media hype last year and were licking their chops, thinking that most buyers would be in the market in the summer, and that they'd be able to really stretch the market with their pricing. Ultimately, what happened was that showing activity slowed dramatically around the time of high school graduation.
At that point, you had lots of listings entering the market with high prices that proved unattainable. The reduced buyer pool (remember, many folks bought earlier in the year) pushed back and rejected the pricing. This produced a feeling that the increased inventory gave them choices and removed their sense of urgency. All across the Austin market, sales in July were down 3% from 2013, and August was down 4%. Price adjustments helped sales performance pick back up later in the fall.
So, what's the point? It's the beginning of February. We're short on inventory again in the Georgetown real estate market and I believe buyer activity is about to pick up and get serious again.
At the Russ Phillips Team, we are actively looking for homeowners that are considering selling their property. Whether you want to hit the open market or be a pocket listing (like I discuss in this video ), let us hear from you at 512-698-RUSS (7877).