Lubbock has hit the sweet spot for people who are planning on selling their homes. President of the Lubbock Association of Realtors, Jeff Conn, called the current market a "seller's market" and encourages anyone who's looking to sell their home to think about selling it sooner rather than later.
"It's a great time to sell," Conn said. "Especially if you're under the $300,000 price range."
Conn explained there are currently more buyers than sellers, which gives the power to the seller. The market to buy a home is competitive causing houses to remain at high prices and sell quickly.
"If you're looking at homes less than $300,000, you have to be prepared to essentially make full offers with no concessions because there's many people looking at the same homes as you are," Conn said. "You need to move quickly."
Conn said one way to succeed in this seller's market is knowing the details of the market. 75 percent of Lubbock homes are listed at prices under $300,000, according to the Lubbock Housing Report.
The median price of a home is $167,000, which is 14 percent higher when compared to the same time last year. This is another figure that makes it positive for sellers. The sellers are making a profit off their investments whereas the buyers end up paying more for the same home.
Conn added that the number of homes on the market increased by 8 percent, bringing the total number of active listings to 921 homes in June.
Realtors recommend to sell now if you're thinking about it but waiting to buy until the market is more in the buyer's favor.
The summer is typically a seller's market because more families are moving while their kids are out of school. The fall usually transitions in favor of the purchaser.
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