A Seller's Market Or A Buyer's Market?
Collin County has seen a bit of a turn in the market. What once was a red-hot seller's market has started to even out. Home sales for properties over $450,000 are actually proving to benefit the buyer. These homes are taking longer to get under contract and there are more available to purchase.
Check out this break down by price range. It shows the median days on market for the past 2 months of home sales in Allen. It also shows the current contract to listing ratio, which is a great indicator of the market. I have broken this down by price range. Homes under $300,000 are selling strong. There is a lot of competition among buyers for these properties. Once prices get up into the mid $300's the market is flattening and showing signs of slowing down. If you are looking to buy a home in this price range, now is a great time to do it. Seeing the contract to listing ratio in a pie chart helps demonstrate how each price range is so different. The blue areas represent available listings and the orange area are the listings that are under contract. The bigger the blue - the better to be a buyer.
Why is Wednesday Such a Good Day to Buy a Home?
Another strategy to get a great deal on a home – regardless of price range – is to consider buying a home on a Wednesday. Here is why. A typical week in real estate runs on common cycle. Most new homes will hit the market on Thursday and Friday, just in time for the weekend rush of showings. Buyers are looking at homes every day. However, most appointments to view homes occur on the weekend. Given that the bulk of the buyers are looking at homes on the weekend, the bulk of the contracts are negotiated on Sunday and Monday. If a seller did not get any activity over the weekend, they may adjust the list price. This usually happens on Tuesday and Wednesday. When prices drop, sellers are anxious to get their home sold. By the time the next weekend rolls around, new homes have hit the market taking the attention of buyers.
Savvy buyers looking for a bargain can take advantage of this cycle and focus on homes that experience price drops. As with any purchase, waiting until the price drops on your dream home puts you at risk of losing it to another buyer. You need to have patience and willingness to let some properties slip by.
Are you ready to buy a home in Collin County? Give me a call. I can give you a list of homes that have had recent price drops in your target area. Additionally you can get price-drop email notifications on a daily basis. Best of all, you can get an experienced negotiator working on your behalf every step of the way.