The most telling numbers are Median Days on Market and Total Homes Sold. Nationally, total homes sold rose 22%, compared to this same time last year; while median days on market dropped down to only 28 days, surprisingly a whopping 37% decrease from this same time last year. Locally, homes are selling just as fast and price per square foot has increased to $103.00. Overall, Border housing sales accelerated 8.3 percent in September, on top of an upward revision to the prior month’s reading, bringing quarterly growth to 39.2 percent.

Nationally the median sold price increased to $336,000, up 14% from this same time last year. Locally, annual home-price appreciation accelerated, bolstered by shrinking inventory during record sales activity. The metric in McAllen posted solid annual gains, rising to $177,900, respectively.

Houses are selling extremely fast and in many cases selling for more than the asking price. If you are looking to sell your home, this is the time to do so. Not to boast but our team has sold numerous properties throughout the years in 45 days or less but never have we had back to back, to back properties, go under contract and close in 45 days or less, like we have this year.

Please, feel free to contact us, so we can help you sell your home, for the most money, in the shortest period of time.

The post Despite the Lockdowns and Negative News, Real Estate Numbers are Soaring! appeared first on Portfolio Realty and Property Management.

1) Unless you are a seasoned investor with both real estate experience and remodeling experience partner up with a true and experienced real estate professional. Find a Realtor who has vast experience in both online and live auctions. Ideally look for a Realtor who has invested their own money in buying and selling real estate and is an investor like you. This experience is important because the agent understands how important it is to buy at the lowest price and either lease or sell for the highest price.

2) Research, research, research. Make sure you do your homework on all the properties you want to target and make 100% sure you visit all the properties you may be targeting. Not physically going to look at the property is a recipe for disaster. Make sure you see both the interior and exterior of the property. Doing a drive by is not enough.

3) Always have as much money available as possible. I compare this to the old saying of “It’s better to be over dressed than under dressed”. The truth is auctions are popular for a reason, the main reason being you can really get an incredible deal 20%, 30% sometimes 50% less than market value.

Don’t set a limit, always set a range. For example, you want to buy a $200,000 home in McAllen but don’t want to pay more than $150,000 and all you bring to the auction is $150,000. This would be a mistake and here’s why. The house could go for $151,000 and no one bid on it!!!!!! Another example of where limiting yourself hurts is when an excellent piece of property comes up that you never thought you could afford and it sells for only a few thousand dollars more than what your cap was. So always take more money than what you want to spend and if you don’t need it that is icing on the cake.

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