Real Estate Market Review for Lawrence KS
Off to the right you can see my button on my shirt that says "Ask Me About Real Estate". The number one question I get is "What is the real estate market doing right now?"
It used to be where 75% of all Lawrence Kansas single family houses SOLD each year by July 31st of each year. The reason is because leases typically run from August 1 to July 31. If first time home buyers do not close by about July 31 they are likely to be renting for another year.
If first time home buyers do not buy then the sellers of houses they would have bought cannot buy until next year. This trend escalates up in all price ranges as the next group cannot buy the next higher price range.
That used to leave 25% of the sales occurring from August 1 through December 31. I used to sell 1 house total in November and December each year as no one wanted to move during the holidays or winter.
This has changed in the past 3 years as I have been selling 6 to 7 houses in November and December. The time of year does not seem to matter as much any more as to when people decide to move.
So far in 2017 (as of November 21) we have 617 home sales out of 880 or 70% occurring between January 1 and July 31. For 2016, we had 617 home sales out of 984 or 62% occurring between January 1 and July 31. For 2015, we had 642 home sales out of 958 or 67% occurring between January 1 and July 31. For 2014, we had 547 home sales out of 874 or 63% occurring between January 1 and July 31. For 2013, we had 574 home sales out of 864 or 66% occurring between January 1 and July 31.
This means about 10% of the home buyers on average have changed their buying habits from buying in January through July to buying in August to December.
Is it because buyers have learned that they might be able to get a better deal on the purchase price if buying "off season" (August through December)? This is a possibility as there tend to be few offers per house in "off season" vs peak season (January through July). For example, on a house where my buyer submitted an offer during peak season this year there were a total of 11 competing offers. Yesterday, a house where my buyer submitted an offer (off season) there were a total of only 3 competing offers.
There were about 5 offers on average per house where my buyers submitted offers this year. This is great fun for sellers where their house ends up selling for full asking price or higher but for buyers there is a lot of nail biting going on wondering if they will win the bidding war.
While I can't share all of this when a restaurant server or grocery cashier or whoever asks me is standing there "What is the real estate market doing right now?", I usually summarize my answer as "If selling, you can expect 5 offers on average and your house selling for at or over the asking price and if buying to expect to pay more than the asking price."
Want to know more about "What is the real estate market doing right now?" and/or other possible causes of why buyer habits are changing, text/call Rob Lang, At Home Kansas, 785-393-2274. Rob has lots of market information to share with you. Just ask.
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