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Perspective And Real Estate
Avery Ranch & 78717 Real Estate Update
Let’s review the 78717 and Avery Ranch real estate housing market statistics for May, 2022. The number of homes sold was down 8% compared to 2021. Homes sold on average for $316 per square foot, up 16% over last year. The average sales price increased 14% to $772,180 and the median sales price increased 9% to $720,000.
The home that sold at the lowest price was in Brushy Creek Village for only $286,66. This home was sold off market and entered into MLS as a sale. This is a good example of how much money you can leave on the table selling off market. Last year the lowest priced home sold in April was only $265,000. The home that sold for the highest price at $1,705,000 was in Champions at Avery Ranch. There were 6 homes that sold for over $1 Million in 78717 in May. Last year only 3 sold for over $1 Million and the highest price was $1,225,000.
The smallest home sold was in Brushy Creek Village at 1,313 square feet and the largest home sold was in Champions at Avery Ranch at 4,802 square feet. The home that sold for the lowest dollars per square foot was the same home in Brushy Creek Village at $218 per square foot and the home that sold for the highest dollars per square foot was in Highland Horizon at $398 per square foot.
As of June 4, there were 47Active homes for sale in 78717 and 30 homes under contract. That is a large increase in active listings compared to only 4 Active listings in 78717 on April 4th. To put that in perspective there were only 26 Active listings on the market in 78717 on June 7th, 2019, the last time we had a “normal” market.
It’s hard to believe our baby is almost a year old. We also moved into our new house only a month before she was born. I was what they call a “motivated buyer.”
Most people I would have the perfect house, but that’s not true. Despite our house not being perfect (even I don’t get to buy a 100% perfect house) we love it and we are so glad we bought the home when we had the opportunity.
Whenever I tell someone I am buying or selling a house they tell me I’m lucky because I have an advantage due to owning a real estate company. Although that is true, my real advantage is I keep things in perspective. When it comes to perspective there’s nothing I am doing that you can’t do, too. As the market has started to change, I am noticing a dramatic lack of perspective from both buyers and sellers.
For sellers some tried to time the market and now say they are going to wait until they can get 10 offers on their home again. What sellers have to realize is what we have been through in the last 2 years will likely never happen again. That can be tough to hear if your friends and neighbors had a different experience selling a long, long time ago…like in April.
If you say you aren’t going to move until the market is so hot you will get 10 offers the question isn’t when can you put your home on the market. The question is what’s going to happen if you’re still in the same house in 20 years. Not making your life better if you can’t get 10 offers is a huge lack of perspective.
I’m seeing two mistakes buyers are making due to a lack of perspective. According to a recent Forbes survey 42% of buyers won’t apply for a mortgage if interest rates are over 4%. Those of us who have been around the block and have some perspective realize that means they may never buy a house. Interest rates have been artificially low for so long due to multiple crises it’s hard for someone who has only been paying attention to interest rates over the last couple years to understand that. In reality if we ever see interest rates as low as they were in 2021 it’s because the economy has crashed and the buyers probably don’t have a job anymore.
The second mistake I see buyers making is prioritizing pebbles over rocks. We’ve all probably seen a demonstration of someone filling a jar with rocks and pebbles. In the demonstration the big rocks have to go in the jar first. Otherwise, you fill up the jar with pebbles and the big rocks won’t fit. It’s a good lesson in focusing on the big things in your life first.
Because we are the hardest working real estate company in America, we see so many buyers at our Open Houses. I see their lack of perspective showing up every weekend. Buyers are more concerned about things like under-cabinet lighting, alarm systems and even things like water heaters and air conditioners they miss opportunities. To someone with no long-term perspective a water heater seems like life or death at the time but for those of us who have been around the block and have a long term outlook on life we realize none of that really matters in the long run.
This text message is from a client who sent it to me last week. I helped them buy a great home 15 years ago. The house wasn’t perfect when they bought it but over the years, they have made repairs, updates and upgrades. It’s a great house in an amazing area and they love it. Looking back on their decision 15 years ago they are grateful they had perspective and didn’t pass on the opportunity when the home was available for sale.
Even though it’s hard for a real estate broker to make a living if your clients own the home for 15 years, I’m happy for them. They are a great example of someone being happy with their home by keeping things in perspective. If you are able to keep things in perspective, too, you can be successful buying or selling real estate just like they are and I have been.
The information on this page may have changed since we first published it. We give great real estate advice, but this page (and the rest of our site) is for informational use only and is no substitute for actual real estate, legal and financial advice. If you’d like to establish a Broker-client relationship, reach out to us and we’ll tell you how we can make it official. Sending us an email or reading this page alone doesn’t mean we represent you.
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Posted by Eric Peterson on