November
Dear Neighbor,
When you’re thinking about selling to simplify life and capitalize on the equity you’ve built, you know it’s a big decision. There is a lot at stake when selling your longtime home, so of course you deserve expert guidance while preparing to sell what is likely one of your largest assets.
You’ve worked hard to build equity in your home, and you want to fully understand the value of your assets in today’s real estate market. Here are the top three things you need to know about our current real estate market in Katy, Texas:
Interest Rates Continue to Fluctuate …. Competition is Expected to Increase.
Interest rates continue to fluctuate as we approach the end of the year. What does this mean for you as a homeowner thinking of selling? A strategic plan for positioning your home to be “best in class” will always be the winning strategy. We anticipate buyer competition to continue to go up as buyers who were sitting on the fence jump back into the market. Weighing the pros and cons of carrying costs for your current home, values of your new property, and your own life timeline are exactly why having a strategic guide is so important so you can get the best possible terms for
The Number of Homes for Sale is Approaching a Balanced Market
Katy now has 3.4 months of inventory, up from 3.2 in October 2023, reaching a more balanced market. Rising price points have kept sales from the breakneck pace we’d typically assume from the high demand for our market, which makes preparing, pricing and positioning your home to be “best in class” even more important. Done correctly, you want to be negotiating on offers for the best possible terms, instead of overpricing and needing to face multiple price reductions, often leaving buyers wondering what’s wrong. Strategic planning is always a good idea—especially so in our current market.
Median Sale Price is Up.
In October, the median sale price was $373,370, up 2.9% from $362,990 last October. Even with the number of homes listed for sale going up, median price is still increasing, which speaks to the volume of demand. As interest rates fluctuate and buyer competition continues to rise, having a strategic plan for positioning your home as best as possible and working with an expert negotiator can make navigating the market chaos and transaction curveballs much smoother.
As a homeowner, what does this mean for you?
If you’re thinking about selling in the next 12 months, now is the time to start preparing for market.
When you work with me, I make it a point to ensure that you feel comfortable and confident throughout your entire home sale. You want to feel certain that you have an agent who can calmly and proactively address any concerns that can show up during your home sale. To make sure we maximize your results, I will determine how best to prepare your home to increase its value to buyers and competitively price and position it on the market.
My commitment to excellence, creative problem-solving, and strategic negotiations are just a few reasons why my clients have trusted me with over $20 million sold in the Katy area. My process works, and I make it a seamless, simple experience for you.
If you are thinking about selling your home in the next 12 months, call me today for your Strategic Marketing Consultation → 225-368-5816
We will cover your goals and my unique approach to getting you the highest possible price in the fewest days on market.
Call Today → 225-368-5816
Cameron Balkom REALTOR
License # 0722810
Coldwell Banker Realty
cameronbalkom.sites.cbmoxi.com/
Cameron.balkom@cbrealty.com
225-368-5816
Katy Market Highlights
|
Single-Family Home Stats |
October 2023 vs. October 2024 |
Analysis |
|
Median Sale Price |
↑ Up 2.9% |
Median sale price is now at $373,370 up 2.9% from $362,990 in October 2023. When you price correctly from day one, you can maximize offers and ultimately sell for the highest possible price as quickly as possible. |
|
Median Days on Market |
↑ 6 days |
Median days on market is up but still low, at 27 in October—the current high demand and low supply market are still holding strong for those who price strategically. |
|
Sale-to-List Price Ratio |
↓ Down 0.6% |
From 97% in October 2023 to 96.4% in October 2024, we are seeing a slight decrease likely due to some aggressive overpricing the market couldn’t sustain, resulting in price reductions and more time on the market. That’s exactly why having a strategic plan is so important. |
|
Price per Square Foot |
↑ Up 4% |
Demand in Katy is on the rise, and price per square foot is now at $174/sq. ft. as of the end of October this year, as compared to $167/sq. ft. in 2023. This number has continued to inch up even with the pressures from inventory and demand, making it even more important to strike a balance when listing. |
|
Months of Inventory |
↑ Up 0.2 months |
We were at 3.2 in October 2023, compared to 3.4 at the end of October 2024—as inventory levels rise to a more balanced market, we will likely see days on market increase, making a strategic plan even more valuable for homeowners who want a more predictable path forward when selling. |
Source: Houston Association of Realtors.
Looking Ahead
Here’s what we’ll be watching over the coming months:
1. Interest Rates Dropping?
In the past few weeks, interest rates have been in flux, and some expect them to lower at the beginning of the new year. If it does, I anticipate that buyers who have been sitting on the fence will want to jump back into the market…increasing competition. And even if it doesn’t, demand in Katy has remained high even with rising prices and a bump in inventory.
2. Pricing and Positioning to Win (Even with Market Chaos)
The market is in flux—period. Rates have been up, now they have started coming down. Median sale price has been increasing, and even with inventory finally starting to come back up after years of very low numbers, sale prices are still inching higher. In today’s market, you need a strategic preparation, pricing and positioning plan to both play to win—and operate above the chaos with an expert guide at your side. As your go-to agent, I obviously don’t control the market, but with a strategic plan, we can position your home to be “best in class” so you can get the best possible results for your home.
3. What to Expect When Selling Your Home
The market consistently evolves–and you deserve to sell with the best possible terms, no matter what. The right marketing strategy, pricing knowledge, and negotiation power are what make the difference when you’re ready to sell your home and embark on what may be one of the largest financial transactions of your lifetime.
If you are thinking about selling your home in the next 12 months, call me today for your Strategic Marketing Consultation → 225-368-5816
