It's serious people. We officially are at a 15 year low of housing inventory in Houston. We are currently at 3.7 months of inventory & a balanced market is usually considered 6 months. What does that mean to you, you ask? Well, it depends on who you are.
If you are a buyer that means you have to be ready to take action. Depending on the area of town, a house could have multiple offers on it quickly. Let's take for example the Heights area. If a new home comes on the market that is priced well, shows great and in a good location, you can expect multiple offers (think 4-5) within 24 hours of the house hitting the market. How to you beat those other offers you ask?
- Be the first offer in. Often times the early bird gets the worm in this case.
- Consider making your first offer your highest and best offer. Often things are selling for well above list. WELL above.
- Find out what is important to the seller (Be flexible on closing dates, option periods, etc)
If you are a seller, congrats, this is your market so take advantage! Have your house ready to go when you list it. Make sure your house is picture perfect, priced realistically and you are ready to sell. If you are in a hot area, expect your home to move quickly. Also, don't be too greedy on the price. If the house is priced right, it will receive an offer quickly or even multiple offers. If it's priced to high, it will just sit there - so be smart! Also, make sure your home is in pristine condition. A clean home always sells faster and for higher than a dirty home. People associate cleanliness with maintenance.
Best of luck on buying or selling!