In my last column, we considered some surprising facts about Texas homebuyers, based on a recent survey of Texas homebuyers and sellers. This time, we look at the seller side of the equation.
First off, you're probably thinking that folks who sell their home want top dollar and they want it sold as quickly as possible. And you'd be right. The typical home for sale in Texas is on the market for six weeks, and a majority of sellers (54 percent) don't reduce their asking price before the home is sold, according to a recent survey of Texas real estate consumers by the National Association of Realtors®.
The demographics of Texas sellers
In Texas, the median age of Texas home sellers is 46, compared to the median buyer age of 41; the median household income for sellers is $89,500 vs. $75,000 for buyers. Seventy-three percent are married and 49 percent have no children under 18 living at home. Other findings:
- Typical sellers own their home for five years before selling.
- 89 percent use a real estate agent or broker to sell their home.
- 67 percent of all sellers are very satisfied with the selling process.
Conclusion: Texas home sellers tend to be older and more affluent than buyers, which makes sense when you consider that the median age for first-time buyers in Texas is 33 and the typical seller puts his home on the market after owning it five years. As time goes on, Texas homeowners build equity while increasing their incomes, which helps them at resale.
Sellers and their real estate professional
Nearly three-fourths (72 percent) of all sellers in Texas contacted only one agent before selecting them to help sell the home. When selecting a real estate professional, 45 percent of sellers received a recommendation from a friend, neighbor or relative. Other findings:
- 77 percent used an agent who provided a broad range of services and managed most aspects of the sales transaction for them.
- 63 percent of sellers said they'd definitely use the same agent again.
- 41 percent used the same agent to help them buy their next home.
Conclusion: Most sellers are very happy with their real estate professional, and tend to rely on recommendations from people they trust when choosing an agent.
The residential real estate market in Texas
Despite national headlines to the contrary, the residential real estate market in Texas remains comparatively healthy. In fact, the median-home sales price in the Greater Houston-Galveston area remained stable during the first quarter of this year, according to data from the Real Estate Center at Texas A&M University.
Interest rates remain at historic lows. Add to that healthy job growth statewide and an affordable cost of living, and the Texas real estate market looks pretty solid. Why do you think Texas has now surpassed Florida in domestic migration?
What stories in the media tend to overlook is the fact that all real estate is local. Texas sellers, with the proper counsel, are in a position to make wise decisions based on local market conditions.
Conclusion: Economic conditions point to a continued healthy real estate market here in the Lone Star State. As Texans, we're used to bucking national trends and this is no different.
Information for sellers, buyers and current owners
Whether you're interested in buying your first home, your next home, or just want to know more about homeownership in general, I encourage you to check out a couple of great online resources: http://www.texasrealestate.com/ or http://www.har.com/ and for all of your Pearland TX and Northern Brazoria and Galveston County real estate needs, please visit my site at http://www.danfrankrealty.com. All of these sites offer tons of useful, real estate-related information geared specifically for Texans.
Danny Frank is a local Pearland TX Real Estate expert.
This column was published in the 22June08 edition of the Galveston County Daily News