Hunt County Texas here is your quick One Minute Market Update for residential sales in December 2018. Click the Play Button.
Existing-Single Family Home Sales Drop Over 25% in December
Existing-home sales in Hunt County dropped in December from 93 transactions in 2017 to only 68 in 2018. For the year, a total of 1125 home sold, up only ONE from 2017.
Currently there is less than a 3 month’s supply of homes on the market. In all of the county there are only 270 single family homes on the market. By comparison in January 2017, there were 221 homes for sale.
While home sales were down for the month of December, we once again saw a jump in the average and median sales prices. In December 2017, the average sales price was $174,118 in December 2018 the average was $203,893. The median sales price in December 2018 was $189,293 compared to $165,000 in December 2017.
The highest recorded residential sale in December 2018 came in at $480,000.
Homes that closed in December 2018 were on the market an average of 74 days.
Data was gathered from the North Texas Real Estate Information System on January 14, 2019.
Hunt County Real Estate provides real estate services to residential buyers and sellers in Hunt County, Texas. Contact us today for more information on Hunt County real estate and for professional assistance navigating this sometimes complex home market. You can visit our main website at www.HuntCountyRealEstate.com
If you’re thinking about purchasing a home in Hunt County; GET PRE-QUALIFIED!
Buying a home in Hunt County has changed over the past several years with most properties selling quickly and some with multiple offers, talking with a lender first and getting pre-qualified is a great place to start.
Here’s why getting pre-qualified is important.
First, a question. If you’re serious about wanting to purchase a house, why would you not want to know how much home you can afford? Many factors come into play when qualifying for a home loan. How long have you worked at your current job? What is your income? How much cash do you have available for a down payment and closing costs? How much debt do you have? Any judgments, liens unpaid child support? These are just a few of the factors lenders consider.
Second, don’t believe the monthly payments shown on many websites. These payments are typically based on a buyer putting 20% down and do not include your taxes and home owner’s insurance as part of your payment. With most home loans, you will have to escrow for taxes and insurance and this makes a BIG difference in your total monthly mortgage payment. A general rule of thumb is your payment will be about 1% of your loan amount.
Third, many seller’s require that their home only be shown to pre-qualified buyers. Also home sellers are less likely to consider or reply to an offer unless it is accompanied with a pre-qualification letter. Put yourself in the seller’s shoes for a moment, if there are multiple offers on a property, which one would you take? The one with the pre-qualification letter or the one without.
Finally, as a courtesy for your real estate agent. On average, home buyers will look at 10 homes before making a purchase. Considering that it will take 4-5 hours to look at that number of homes and the fact that many times showing are on nights and weekends, when otherwise agents could be with their family, asking you to spend 30 minutes and to get pre-qualified is not asking that much. Real estate agents will do their best to be respectful of your time and try to work around your schedule, all they ask is that you do your part and get pre-qualified.
Best of all getting pre-qualified is FREE.
So, if you’re serious about purchasing a home in Hunt County, get pre-qualified. You’ll be glad you did.
Don’t bank on a done deal or other verbal promises from listing agents until you sign a contract.
In heated markets across the country, sales agents are giving buyers false hope and using their offers to bid up the price for preferred buyers who they think can pay more and close faster. Have other homes in mind.
Strategies such as pre-approval (versus pre-qualification), proof of funding, closing flexibility and the always-risky practice of waiving inspection and repair contingencies can help sway sellers.
For added clout, tell sellers you’re willing to “escalate,” or exceed all offers to a certain limit. Some agents even advise buyers to write so-called “love letters” to sellers, telling them how much the home will mean to their families.
I am here to help you walk through the home buying and selling process. Call me today for a consultation!