Single-family housing sales across The Lone Star State rebounded by nearly 30% after three consecutive months of declines. As reported by Texas A&M University’s Real Estate Center, the second quarter of 2020 experienced record-breaking sales for new homes priced at $300,000 or less.
The forecasts, however, do not anticipate that the rebound will continue indefinitely. Buyers and sellers may gain an advantage by moving to a closing quickly.
Consider a property’s “days on market”
Timing may make a difference in a final sale price. A property’s average “days on market” time provides an idea of how quickly homes in a particular location have sold. The average overall DOM time for a home in Texas increased to 64 days during the spring of 2020. Homes in North Texas, however, had a shorter DOM time, according to The Real Estate Center.
As reported by Bankrate.com, it could take 30 to 45 days to close a residential real estate sale. Understanding how soon homes typically move to closing after their DOM time may aid in price negotiation and closing speed.
Detailed and customized contracts help ensure a smooth transaction
A property located in a more attractive area could provide buyers and sellers with some additional bargaining power. Investors may have an incentive to purchase available homes for use as rental units and demonstrate some extra motivation to make a quick purchase.
Homes sold to an investor have different requirements than properties sold to an individual who plans on living there. Drafting an agreement that very thoroughly details a property’s condition and also outlines a mutually agreeable financial arrangement could help move the transaction toward a faster closing.
