The internet provides access to data that helps consumers better prepare for a transaction.
With home selling in University Park, 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 University Park 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 University Park home sales that can be found online, you might assemble something like the graph below.
Source: North Texas MLS (NTREIS) November 2017
The real estate graph above was created with information taken from closed home sales in University Park 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 University Park 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.
What A Real Estate Expert Knows
The analysis above is true and correct (mathematically), but a real estate expert will tell you that you have come to the wrong conclusion. There is deception hidden within the data, and without understanding its impact on the data, you have formulated a conclusion that will cause you to be homeless when you close on the sale of your home.
Roughly one in twelve closings in the North Texas MLS (NTREIS) were input for the purpose of providing sales data on homes that were sold without ever being marketed in the MLS. This means they report ZERO days from pend to close. Can you imagine the skew (to the left) when one in every twelve numbers measured is a zero?
A real estate expert who tracks all trends in the market is going to tell sellers to prepare for a pend to close period between forty five and sixty days in order to account for the majority of issues that will result from the mortgage process of the buyer (unless the home is likely to be purchased by a cash buyer).
Expertise is rarely valued by a home seller until it is too late and a significant amount of money is lost. Don't let this happen to you!
Take the time to find the real estate expert best suited for selling your home by interviewing several agents that are prominently featured online and who has amassed raving reviews from past clients.
You should figure that if hundreds of people are saying they received 5-star service from the agent, then you likely will too. Simultaneously, if an agent tells you they sell a lot of homes and yet you cannot find many reviews of them by past customers, shouldn't you be concerned about the results they have delivered in the past?
How to get your home SOLD fast with no stress for the most amount based on market?
Choose a Realtor you can trust
Price it right
Make sure your home shows well
Remove all the roadblocks from showing your home to potential buyers
It takes more than just these four suggestions but if you do the first one (choosing the right Realtor), you'll be in great hands!
If you are thinking about selling your University Park TX home and would like to find out the market value, you can use this link to get a FREE home evaluation. You can also call or text me at 469-269-6541 or visit www.NitinGuptaDFW.com
About Nitin Gupta, REALTOR
Nitin is a dedicated and professional agent that clients can depend on. Nitin also holds the Accredited Luxury Home Specialist (AHLS) designation - a prestigious appointment held nationally by only 3,000 real estate professionals dedicated to helping luxury home buyers and sellers fulfill their real estate dreams.
Get an Advantage
How can both buyers and sellers have an advantage in the University Park Texas real estate market? Employ the services of a University Park real estate agent who has vast knowledge and experience of the market.
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The above information regarding the “University Park Texas Real Estate Market Report – What's My University Park TX Home Worth? October 2017 Update" was provided by Nitin Gupta, REALTOR. Nitin has experience helping families buy and sell homes in the Dallas/Fort Worth area. If you’re thinking of selling or buying, he would love to share his knowledge and expertise. Learn more about University Park real estate market and Dallas County Real Estate news at University Park News & Homes
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