East Texas Real Estate Market Update (March 2023)
The “busy season” in real estate is typically from February 1st—July 4th so we are in full swing! There’s not as many buyers in the market as there have been in the past because interest rates are not what they were. However, that doesn’t mean it’s not a good time to buy. A lot of millennials are continuing to rent in hopes of prices coming down, but prices are continuing to go up! This means if buying a home is on your to-do list, then it may be better for you financially to just bite the bullet rather than continue waiting. Not to mention…there aren’t near as many buyers in the market right now so you won’t have as much competition! Of course, we can chat this through in detail if needed.
Here’s the real estate market update for the month of March in East Texas:
The average sales price has once again INCREASED from $261k in February to $281k in March. That’s a $20k increase! Anticipate receiving multiple offers still if your home is priced fairly and competitively.
We only have 1.9 months of inventory which screams SELLER’S MARKET! Again…any time this number is less than 6 months, it’s a seller’s market. If it’s greater than 6 months, it’s a buyer’s market. Sellers, if you have property you need to sell, NOW IS DEFINITELY THE TIME! All you need to do is price your home RIGHT.
Here’s how prices were distributed:
$0—$99,999 (4.2%)
$100,000—$199,999 (27.8%)
$200,000—$299,999 (44.4%)
$300,000—$399,999 (12.5%)
$400,000—$499,999 (8.3%)
$500,000—$749,999 (2.8%)
$750,000—$999,999 (0.0%)
$1,000,000+ (0.0%)
As I wrap up this blog post, I find myself thinking about why it’s important to have integrity and build a business that lasts. I believe in being faithful in the little things and going above and beyond what is expected of you—not what you can get by with. Just because you CAN get by with something doesn’t mean you should.
I’ve mentioned this before but want to reiterate—realtors are the most expensive part of a real estate transaction. Typically, up to 6% of the sales price will go towards real estate commissions (this is then divided up between the two brokerages and then the agents get a percentage of that split). When someone chooses to work with a real estate agent, they are simultaneously choosing to trust that agent with the biggest financial decision they will ever make.
I don’t believe in doing the bare minimum or cutting corners. I’m passionate about empowering others and guiding my clients every step of the way during a transaction because I believe my clients should get their money’s worth (and then some). We’re transitioning into a different kind of market than the one we experienced during/after the pandemic. During that time, it was honestly extremely easy being a real estate agent because interest rates were low. Agents didn’t have to work as hard in order to get and maintain business. As a result, they got sloppy simply because they could. They stopped taking professional photos (or having professional photos taken) and settled for 1-2 sentences in the listing description (if they wrote anything at all). They slapped a “FOR SALE” sign in their client’s yard and called it a day. There was no need to get feedback on showings or maintain communication with agents. That’s not going to be the case moving forward!
It’s extremely important you interview a few different agents BEFORE agreeing to let them represent you. Find out about their work ethic and see examples of their previous listings! Ask them about the home buying process and have them explain how you’ll help them write a strong offer if you end up in a multiple offer situation.
Buying a home is an emotional process, so PLEASE make sure you choose an agent you can trust to keep your best interest in mind at all costs.
Kristin Koonce Burroughs, REALTOR®
(903)241-2608
kristinkoonce@gmail.com
BOLD Real Estate Group