Kathleen's Blog

Saginaw Home Sales Update August 2019

At first glance sales appeared to be unchanged from the most recent previous months, but a closer analysis shows a slower, more balanced sales market than earlier in the year.  Twenty-nine preowned homes were sold through the multiple listening service in Saginaw in August of 2019.  The least expensive home was $145,000 and the most expensive was $353,900. The average sold price for a home was $220,328.

The average time on the market in August was 32 days, but ten homes sold in less than two weeks.  The four homes listed for $180,000 or less sold in less than two weeks. These were built in the 1970’s and 1980’s.  Only one home that was listed for more than $220,000 sold in less than two weeks.  This special property was on a cul-de-sac and offered an inground swimming pool.

The average seller’s sold price was 99.43% percentage of the list price.  The lowest percentage of the list price accepted by a seller was 95.56%. These numbers reflect two realities, a healthy market where sellers are still receiving good prices for homes and a trend toward a more balanced market.  A careful analysis of the multiple listing records revealed that ten homes had price reductions before the final list price.  Homes sold for more than $230,000 particularly required price reductions before they sold.  The ten houses that originally were listed too high to sell required an average of 72 days on the market.   The second new reality is sellers paying buyers’ closing costs.  Eleven sellers paid closing costs ranging from $600 to $10,000 for buyers.  When sellers agree to pay the buyer’s closing costs, qualified buyers with less cash can buy homes, allowing new buyer opportunities not available in the hot sellers’ market in the recent past.

If you would like more information about the value of your home, the home buying and selling process, the real estate market in our area or neighboring communities, or my services, please contact me by text, e-mail or phone.  I look forward to serving you!

– Kathleen Wheeler –

Saginaw Residential Real Estate Update

Owners sold forty-five homes through the NTREIS Multiple Listing Service in July in Saginaw, Texas.  The average sold price was $224,029 and the median price was $215,000, which demonstrates that home prices have been quite stable for the last few months in Saginaw. Houses continued to sell at nearly their list prices, and less expensive homes sold quickly.

Let’s look at the sales prices for July.  The least expensive home sold for $154,000.  It was fixer-upper in Willowstone Estates built in 2001.  This sale was a surprise because typically, the least expensive homes are in older neighborhoods, such as Saginaw North or Rancho North. Four homes sold in Saginaw North with sold prices between $170,000 and $180,000.  Parkwest had five sales ranging from $208,000 to $225,000, and Highland Station added four from $193,000 to $240,000.  Four Saginaw homes sold for more than $300,000.  Two of these had swimming pools, and three had over-sized lots.  These homes were in the following subdivisions: Saginaw Springs, the Dominion, the Courts of Willow Creek, and Creekwood.

The statistics show that Saginaw homes sold for 99.96% of the original list price.  Eight homes sold for more than their list price.  These great numbers might reflect a few multiple offer situations with buyers competing for homes, but more often the higher prices show that the buyers were rolling seller paid closing costs into their contract prices.

Twenty-five homes sold in two weeks or less.  Usually the less expensive homes sold more quickly. The houses listed for more than $234,500 were on the market about a month.  I believe the time on the mark reflects the greater number of homes for sale at higher prices, including all the new construction in our area.

Now is a fine time to buy or sell a Saginaw home.  Homes are selling relatively quickly with an average time on the market of only twenty-two days, and sellers continue to receive full price offers on many homes, especially if the home is priced right.  The market is also good for buyers because buyers will find more homes for sale and less competition from other buyers than in the recent past.  Sellers seem more willing to give buyers concessions, such as help with closing costs.

If you are interested in buying or selling, please give me a call, send me an e-mail or text me, and let’s plan to meet.  I will give you specific information about the market and Saginaw neighborhoods and how I can be of help to you.  I look forward to serving you.

– Kathleen Wheeler –

Sales for Saginaw, Texas, June 2019

June is traditionally one of the best months of the year for home sales, and this month’s sales followed the trend with robust sales, short times on the market, sold prices near list prices, and a sustained high average price for homes sold by individuals.

Thirty- six homes sold in June.  They ranged in size from 1241 to 3245 square feet with sold prices ranging from $158,350 to $407.500.  The average size of 2044 square feet is larger than homes that have sold some months. This size preference in June probably reflects the fact that this is the time of the year when families with school age children traditionally purchase homes. The smallest, least expensive home was in Rancho North and the largest, most expensive home was in Creekwood.  The houses that sold were built from 1962 until 2017.  The average year built was 1997.

Twenty-four of the homes sold in less than two weeks, the average time to sell was 19 days, and the longest time on the market was 77 days for these homes selling in June.  The average time on the market for the current active listings is 52 days.  These statistics mean that desirable homes in good condition which are priced correctly are selling quickly, but homes that are too expensive, need repairs, have a poor floor plan or present a special challenge could be for sale of months.

Homes sold for an average of 99.56% of the final list price.  The lowest sale was 88.77% of the list price, and ten homes for more than the list price.  The notes in the Multiple Listing Service identify at least four as having multiple offers.  Three of these homes are in Parkwest.

If you wish to list your home in time to attract families with school aged children, now is the time to call, text or e-mail me to market your home as soon as possible.  Most sales transactions need approximately one month to close.  School will start in August, and families are scrambling to purchase a home and move prior to the first day of school.  If you are a buyer looking for the perfect home, please contact me and I will use all of my local knowledge and experience to make your search easy and successful.  I look forward to serving you!

– Kathleen Wheeler –

Saginaw, Texas, Home Sales  2019

Reluctant sellers in Saginaw finally listed their homes, and forty- three homes sold in May as compared to only twenty- seven sales in April.  The average time on the market was twenty-six days, although twenty-six of the homes sold in two weeks or less.

The average home sales price was $210,536.  The homes that sold last month ranged in price from $144,900 for a home built in 1962 in Rancho North Addition to one in Willow Vista constructed in 2015 selling for $279,000.  Sixteen homes sold for less than $200,000.  The newest was built in 2001, and all had less than 2000 square feet.  Certain neighborhoods had several sales last month, including nine for Highland Station and five each for Heather Ridge and Rancho North.

Sellers received an average of 99.64% of their list price.  This average needs some explanation because some sellers had already lowered their prices when they received their full price offers, and some of the sellers allowed buyers to raise the price to cover buyers closing costs paid by the seller.  There appear to be few multiple offers, but the market continues to be very good for sellers.  Sellers are receiving good prices for their homes, and most homes are selling quickly.

Now is also a good time for buyers.  With an increase in the housing inventory and less competing buyers than in previous years, a qualified buyer has an opportunity to find a home to purchase, and multiple offers have become much rarer. Sellers might even consider paying closing costs for the buyer.

If you are thinking about buying or selling, please call me, text me or send me an e-mail.  This is the best time of the year to buy or sell a home, and I am here to help!

– Kathleen Wheeler –

Saginaw, Texas, Residential Home Sales for April 2019

Twenty- seven homes sold in April with prices ranging from $168,000 to $348,000.  The average sales price was $227,743.   The average home sold for 99.11% of the list price, but this statistic does not account for seller paid closing costs for the buyer or price reductions.  Sellers are still receiving good prices, but buyers can expect some concessions, too.

The average time on the market was 28 days, but thirteen homes sold in less than two weeks.  Which homes took the longest to sell?  The three homes that are over 3000 square feet took 107 days, 166 days and 31 days to sell.  These numbers reflect the fact that in this market fewer buyers want to purchase a large home.  The trend is for current buyers to be Millennials or Baby Boomers competing for the smaller homes, especially the one stories.

To look at the sales statistics in more detail, let’s divide the Saginaw sold market into two parts using $220,000 as the division price.  This price is very close to the cost of the least expensive new construction in our area.  Homes that sold for less than $220,000 averaged 1595 square feet, were built between 1966 and 2003, and sold in an average of 17 days.  Only two homes sold in the oldest neighborhoods.

The Saginaw homes selling for more than $220,000 ranged in size from 1747 to 3938 square feet with an average of 2523 square feet.  Many of the homes are single story homes of about 2000 square feet.  The largest homes are in Highland Station and Heather Ridge.  The most expensive home sold is in Creekwood and sold for $348,000.  It is 2905 square feet.  These more costly homes were on the market for an average of 38 days as compared to the first group that sold in 17 days.

This is still a good market for both buying and selling.  Homes are selling at historically high prices. Many are selling quickly. Since fewer buyers are looking for homes than in the last couple of years, buyers will like being the only one making an offer and not having to compete with other buyers in a multiple offer situation.  Buyers can now often negotiate for seller concessions, such as closing costs and repairs.  Because of the low inventory, buyers may need to patiently wait for the home of their dreams to come on the market.  Please contact me so that I can set up a free, online search for you for that perfect home.  I can help you find new construction and assist you with the process of buying a home from a builder and assist you in choosing just the right builder for you.  I will facilitate your search for the perfect preexisting home and do everything possible to make the purchase easy for you.  When I list your home for sale, I work to sell your home for the highest price in the shortest time with the least amount of stress for you.   Please call me, text me or e-mail to learn how I can serve you.  There’s no obligation.

– Kathleen Wheeler –

March 2019 Saginaw, Texas, Home Sales

Twenty-three homes sold through multiple listing in March.  These statistics do not include new construction.  The median price was $200,000, and the average sales price was $202,720.  These prices are very similar to the sales in January of 2019.  Prices have not fluctuated this year.

The most expensive home sold for $280,000.  Two of the three highest sales prices were for homes in Willow Creek Addition last month.  Rancho North homes were three of the four least expensive, and one was in Saginaw North.  A home built in 1950 sold for $113,500, but all other homes sold for $165,000 or more.

Only eight homes sold in less than two weeks.  The average days on the market was 40 days.  The least expensive new construction in our area starts at about $216,000, and Saginaw homes that took twenty days or more to sell were those listed for more than $220,000.  The competition from new construction appears to directly effects prices and time on the market for these sales.

When sellers list their homes for the right price, they are still receiving nearly full price offers.  Homes sold for an average of 99.04% of list price.  These prices might be slightly deceptive because without multiple offers, some sellers are paying some buyer’s closing costs.  Buyers and sellers are both winning in this market as sellers sell for the high prices reflecting the recent appreciation of their homes, and buyers can purchase homes without the disappointment of many multiple offer situations when even a full priced offer wasn’t enough.

This is a great time to buy or sell!  If you would like more specific information or if I can help you in any way, please contact me.  I look forward to serving you!

– Kathleen Wheeler –

February 2019 Saginaw, Texas, Residential Home Sales

Saginaw homeowners sold 29 homes through the Multiple Listing Service in February of 2019.  Eleven homes sold for less than $200,000, and only one of these was on the market for more than two weeks.  In other words, homes in this price range are coming on the market, but they are selling so fast that a buyer must be aware of all new listings immediately and be ready to make an offer quickly.  Although the least expensive sale was in the Parks Addition for $130,000, all other homes were more than $175,000. The average price of a Saginaw home was $217,959.  The most expensive home was almost 3000 square feet and located in Creekwood. It sold for $315,000.

The average time on the market was 39 days.  I sold a beautiful home in the Dominion that was on the market for 202 days.  My clients lowered the price slightly after the first couple of months on the market, but they held out for the price they really wanted, and eventually the home sold for 97.97% of the list price.  The average home sold for 99.28 % of the list price.  The home selling for $130,000 sold for the lowest percentage of the list price, 92.92%.  Originally it was listed for $139,000.  This home was a gutted investment opportunity which would not qualify for regular FHA, VA or conventional loan.  Only occasionally are such homes that offer real flipping opportunities available in Saginaw.

If you are thinking of selling, now is the time to call, text or e-mail me.  Only fifteen homes are currently actively for sale in Saginaw for less than $250,000.  We have buyers who have been waiting for their dream home to come on the market, and we have new buyers beginning their home search as spring approaches.  If you contact me, I will give you more information about the market as it pertains to your neighborhood and your home, and I will tell you all about the listing and selling process.  With good information, you can make good choices.  I look forward to serving you.

– Kathleen Wheeler –

With home prices softening, some are concerned that we may be headed toward the next housing crash. However, it is important to remember that today’s market is quite different than the bubble market of twelve years ago.

Here are three key metrics that will explain why:
Home Prices
Mortgage Standards
Foreclosure Rates

HOME PRICES
A decade ago, home prices depreciated dramatically, losing about 29% of their value over a four-year period (2008-2011). Today, prices are not depreciating. The level of appreciation is just decelerating.

Home values are no longer appreciating annually at a rate of 6-7%. However, they have still increased by more than 4% over the last year. Of the 100 experts reached for the latest Home Price Expectation Survey, 94 said home values would continue to appreciate through 2019. It will just occur at a lower rate.

MORTGAGE STANDARDS
Many are concerned that lending institutions are again easing standards to a level that helped create the last housing bubble. However, there is proof that today’s standards are nowhere near as lenient as they were leading up to the crash.

The Urban Institute’s Housing Finance Policy Center issues a quarterly index which,

“…measures the percentage of home purchase loans that are likely to default—that is, go unpaid for more than 90 days past their due date. A lower HCAI indicates that lenders are unwilling to tolerate defaults and are imposing tighter lending standards, making it harder to get a loan. A higher HCAI indicates that lenders are willing to tolerate defaults and are taking more risks, making it easier to get a loan.”
Last month, their January Housing Credit Availability Index revealed:

“Significant space remains to safely expand the credit box. If the current default risk was doubled across all channels, risk would still be well within the pre-crisis standard of 12.5 percent from 2001 to 2003 for the whole mortgage market.”
FORECLOSURE INVENTORY
Within the last decade, distressed properties (foreclosures and short sales) made up 35% of all home sales. The Mortgage Bankers’ Association revealed just last week that:

“The percentage of loans in the foreclosure process at the end of the fourth quarter was 0.95 percent…This was the lowest foreclosure inventory rate since the first quarter of 1996.”
Bottom Line
After using these three key housing metrics to compare today’s market to that of the last decade, we can see that the two markets are nothing alike.  If you would like more information about our local market and how the national market might affect you, please contact me.  I’m here to help you with all of your real estate needs.

– Kathleen Wheeler –

Quiet January Real Estate Market for Saginaw, Texas

Individuals only sold fifteen houses in Saginaw in January.  The least expensive sale was a home on Franklin Street that sold for $125,000 and the most expensive was the one on Commonwealth Drive for $295,000.  The average sales price was $203,117 and the median price was $200,000, which does not represent much change from recent months.  Many of the houses that sold were older this month; the average year built was 1988.  Eight houses were built before 2000, and seven were built after 2000.

The average days on the market for Saginaw homes selling in January increased to 35 days.  Only four homes sold in less than two weeks.  What a radical change from a few months ago when many houses in Saginaw sold within the first two weeks!

Despite the longer time on the market, sellers are still receiving close to their list prices for their homes.  The lowest percentage of the sales price that a seller accepted was 90.20%, and the average sales price as a percentage of the list price was 98.07%.

If you are considering selling, this is a great time to sell with only 24 preowned homes actively for sale in Saginaw.  Buyers are waiting anxiously for more homes to come on the market so that they will have more choices.  My clients check the Multiple Listing Service via my e-mails every day and wait impatiently for the homes they desire.  You can take advantage of this market with so few competing homes for sale.  Please give me a call, text me or e-mail me for more information about the market and how I can serve you.

– Kathleen Wheeler –

December’s Saginaw Home Sales Were Like a Christmas Gift to
Buyers and Sellers

The thirty-one homes that sold in Saginaw in December were good news for both buyers and sellers.  As multiple offers became less common, buyers were able to negotiate prices and ask for closing costs.  Sellers paid their customary closing costs, and buyers were able to purchase a home without competing with several other potential buyers.  Sellers received prices that reflected the steady appreciation for all of 2018, and the lack of inventory still brought eager buyers to sellers.  The least expensive home sold for $155,000, which was $5100 over the list price.  This home was built in 1955.  The sales price for the most expensive home was $283,000.  My statistics do not include new construction.

I am so excited about this new, more balanced market.  After months of working with potential buyers who lost in bidding wars, this market gives me hope that I can again help families purchase their dream homes.  Many sellers are also buyers, and the new, more balanced market will favor them as they purchase their new homes.

The most amazing news in December was the way that sellers paid closing costs for buyers who purchased homes for less than $210,000.  Almost 60% of the sellers paid an average of $3141 in buyer’s closing costs.  The closing costs paid by the seller ranged from $1000 to $7800.  This closing cost assistance allows buyers to have bring less cash to closing.   The sellers who paid closing costs for the buyers usually received at least a full list price offers for their homes; therefore, the sellers and buyers both benefitted.

Fourteen houses sold for more than $210,000.  Ten of these had price reductions before they sold, and only one seller paid closing costs for the buyer.  The prices were reduced either before the home sold as a price reduction shown in the MLS listing, or the lower price is reflected in the difference between the list price and the final sold price.  When a home was listed for the correct price, sellers did well, receiving at least 97.83% of list price.

This is an excellent time to buy or sell a home!  Please contact me to learn more about our market and how I can serve you.

The average days on the market was forty-one days.  This average included eleven houses that sold in two weeks or less, and three homes that were on the market for more than a hundred days.  The average days on the market is very deceiving because many homes sell immediately when they come on the market. Ofter a buyer is waiting for a home in a certain neighborhood or for an affordable price.  Smart agents have these buyers on automatic searches that will notify the buyers immediately when these desirable homes hit MLS.   The homes that were on the market for months may have needed a price reduction before they sold.

– Kathleen Wheeler –