1044 West Hills Terrace sold for 105% of list price in three days!
The trends for Saginaw April home sales continued with new construction, low inventory for less expensive homes, rapid sales and higher dominating the market. Of the thirty-eight homes sold ten were new construction. These homes sold in the subdivisions of Spring Creek and Creekwood in 76131 and Saginaw Springs, the Dominion and Willow Vista in 76179. The least expensive newly construction home was in Spring Springs and sold for $214,290. The most expensive new home sold in Creekwood for $309,900.
Buyers competed fiercely for the less expensive homes. Only three homes sold for less than $150,000. All were in the Rancho North subdivision and were built in the 1960’s. The competition has driven the prices up for many homes. If the purchase involved a mortgage, the appraisal could limit the sales price, but often buyers agreed to pay more than the appraised price. The potential for a low appraisal makes sellers favor cash offers and offers with large down payments. In this environment of ever higher prices, some transactions will fail, including extremely high offers without comparable sales to back-up the contract sales price or available cash from the buyer for the difference between the appraised price and contract sales price.
Homes continued to sell quickly. The average days on the market was 29 for all homes, but homes owned by individuals sold faster than new construction. Of the twenty- seven homes sold by individuals, 14 sold in a week or less, and the average time on the market was eleven days. New construction averaged 79 days on the market. Newly built homes often sell more slowly because they generally are more expensive than preexisting homes, and they include the homes that builders are using as model homes.
The statistics for the percentage of the sold price compared to the list price in April were interesting. My listing at 1044 West Hills Terrace was listed for $149,900, but my sellers sold the home for $157,500, which is 105.07% of the list price, the highest percentage above the list price among the April sales for homes sold by individuals. By having an open house and aggressively advertising my property, I received strong, competing offers for my sellers. The home that sold for the greatest discounted needed repairs, and the seller received accepted $19,000 off the list price and accepted a cash offer. The average percentage of list price to sold price was 99.50% for homes sold by individuals, and sixteen of the twenty-seven sellers sold for at least their list price. The prices for new construction were even less negotiable. Only the home on Mangrove Trail that had been on the market for 197 days was sold at a discount. The other nine new homes sold for their list prices. The one HUD foreclosure, a four bedroom in Parkwest, was listed for $137,000 but sold for $160,000.
April was a wonderful time for Saginaw homeowners with amazing selling opportunities because homes were selling quickly at historically good prices. Now might be a good time for you to sell your home. Please call me, text me or send me an e-mail, and let’s talk about how I can help you.
– Kathleen Wheeler –