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Why Online Data Is Not Enough When Selling A Home in Southlake

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The internet provides access to data that helps consumers better prepare for a transaction.

With home selling in Southlake, as with many other assets and commodities, relying solely on data found online can lead to poor decision making for both sellers and buyers.

Here is a real world example that should cause you to better prepare when it comes time to selling your Southlake Texas home.

Let's say you had your home on the market and were waiting to put an offer on your next home until you received a good contract on your current one. If you studied data about Southlake home sales that can be found online, you might assemble something like the graph below.

The real estate graph above was created with information taken from closed home sales in Southlake in the North Texas MLS (NTREIS), from 2014 to 2017.

For the purpose of this article, we use the terms "under contract," "pend," and "off market" interchangeably, though for the analysis we utilized the earliest date that the listing agent recognized a contract on the home. By measuring the number of days from the date of closing back to the first date the listing agent recorded a buyer contract, we establish a period that is commonly referred to as "pend to close" within the real estate industry.

The blue graph show the average number of days that occurred between contract and closing for homes that have sold in Southlake since 2014. Similarly, the orange graph show the median number of days from pend to close.

What The Data Says

The two measurements show that the average is skewed by outlier closings that take significantly longer than the "norm." The median measurement is fairly consistent, so a mathematically inclined home seller could very well reason that the median pend to close time has been less than four weeks for the past seven years, thus using a four week plan to find, contract, and close on the replacement house should be suitable.