Austin TX Real Estate - Hill Country Austin Lakeway Homes for Sale: Richardson TX Market Breakdown

Richardson TX Market Breakdown

Richardson, TX is having a very interesting year thus far.  I was comparing numbers year to date to 2006 year to date, and the numbers astonish me.

People keep trying to say that it's a buyers' market because houses are staying on the market for months and months, even years, and sellers will sell their homes for whatever you offer.  Most of this comes from the National news, and some comes from those late-night infomercials.  Many areas are in such a buyers' market that you can offer 20% of asking price and potentially meet in the middle or even more towards the buyers side after the homes have been on the market 6 months or even a year.

Here are the numbers for Richardson:

2006
Original Asking Price: $191,242.17
Reduced Asking Price: $187,328.88
Sales Price: $183,079.59
List Vs Sales Price: 95.73%

2007
Original Asking Price: $189,943.31
Reduced Asking Price: $185,606.63
Sales Price: $179,606.60
List Vs Sales Price: 94.56%

At first glace, you might think that Richardson is having depreciation going on because the average list and sales prices are lower.  But that's what happens when you look at those numbers alone.  What you don't see within those houses are that in 2006, the average home was a 4 bedroom home.  In 2007, the average home is a 3 bedroom home.  People will pay more for the 4th bedroom as the sqft is also larger, on average.

Also, even though we've moved into a very different market, you'll be amazed to know that the average days on the market in 2006 was 71 days, and this year, it's ONLY 64 days!!

With this, all I can say is price the home right, and it'll sell!!  You need to price according to the current market, not last years market or 5 years ago.  Price it to today, and you'll see results!

Remember, I work all of North Dallas County and Collin County including Richardson, Plano, Allen, Frisco, Carrollton, Garland, Rowlett, McKinney, etc... my car will take us anywhere you need to go!! 

 ARE YOU PACKED YET?!

Comment balloon 5 commentsDonna Harris • June 26 2007 06:31PM

Comments

I have never heard of offering 20% of the asking price????
Posted by Anonymous about 11 years ago
It happens all the time.  I currently have a listing for $109k and the offer came in at $86k.  Where does it NOT happen?  It's all about if it's going to work or not, and we're not in a market where that works.
Posted by Donna Harris, Realtor,Mediator,Ombudsman,Property Tax Arbitrator (Donna Homes, powered by JPAR - TexasRealEstateMediationServices.com) about 11 years ago

You should be getting a call from a friend of mine soon for a Plano listing....

Sorry, it isn't a Million Dollar$

;-)

Posted by Tom Burris, Texas/Louisiana Mortgage Pro - 13 YRS Experience (NMLS# 335055) about 11 years ago

Hey Tom! 

Thanks so much!  I'll keep an eye/ear out for him.  $1M or not, a referral is a referral and increased business is based on referrals!

Posted by Donna Harris, Realtor,Mediator,Ombudsman,Property Tax Arbitrator (Donna Homes, powered by JPAR - TexasRealEstateMediationServices.com) about 11 years ago
Great breakdown!  Your market looks relatively good!
Posted by Jim Crawford, Jim Crawford Atlanta Best Listing Agents & REALTOR (RE/MAX Paramount Properties) about 11 years ago

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