Thirty-two homes sold in the City of Saginaw during March 2018. The sales included new construction in the 76131 zip code area; one home sold for $271,060 and another for $305,000, the most expensive sale in town. My statistics only show homes sold through the Multiple Listing Service and not the many sales directly sold by builders. The five newly constructed and home and those built during the last three years sold for $260,000 or more.
The least expensive home sold for $125,000 and was built in 1965. Only three houses sold for less than $150,000. The average list price of a Saginaw home was $213,870, and the average sold price was $210,821. The average home that sold in Saginaw was built in 1998.
Homes sold for an average of 98.80% of the list price, a reflection of our low inventory. Eighteen buyers paid list price or more for their homes. The fact that many homes are selling close to list price is not a coincidence. Even if the original contract price is much higher than the list price, especially after negotiations where the seller has multiple offers, a lower appraisal will bring the final sales price back in line with a price that will allow the buyer to finance the property. If the selling agent listed the home at the proper price, the appraisal price and the list price should be close. When a buyer pays cash, these rules do not apply. A cash buyer in a multiple offer situation paid 105.71% of the list price for a home in Parkwest in March, which meant the house originally listed for $175,000 sold for $185,000.
Lovely homes priced below the cost of new construction sell quickly, and fixer-uppers and more expensive homes sell more slowly. The average time on the market was 34 days, but the median time on the market was 14 days. Twelve homes sold within the first week and 15 in less than two weeks. On the other hand, thirteen houses were on the market for a month or more.
Now is the time to plan seriously for two of the busiest home selling months of the year, May and June. If you are thinking about selling this spring or summer, please call me now to let me tell you how to take advantage of this incredible sellers’ market and how to prepare your home for selling. In this market with so little inventory, you may need to do less cosmetic work than you imagined, but you will need a plan for where to move when your house sells. I would be delighted to meet with you, give you a free comparative market analysis, and talk about your moving plans. Moving is often stressful, and one of my primary goals is to make the process as easy as possible for you. I’m here to help!
– Kathleen Wheeler –