Any home sellers have input on the real estate market? (Katy: wood floors, cul-de-sac)

[Jtxg]

I'm about to list my house for sale in a subdivision in Richmond, Fort Bend County - near Fulshear and Katy. The house is 1.5 years old and has been lightly lived in. This is a neighborhood that is fully built out, but the oldest homes might be about 4 years old, built by Lennar and Ashton Woods. In this zip code (77406) newer than 5 years old, there is only one home 'available' listed under $300k, per HAR. The real estate agent I'm listing with suggested a list price about $10k higher than what I anticipated (still keeping this one under $300k). It's probably a 'stretch' by a little bit ($5-10k) compared to what has sold, but it's also on a cul-de-sac lot and has actual wood floors, as opposed to 'luxury' vinyl.

I guess my question is primarily to people who have listed their home recently, or maybe if you are a current buyer. I'm just curious what the experience was like? Tons of showings and offers? I've read that some people are waiving appraisals, etc., so I just wanted to get a feel for what people have experienced, especially in the under $300k range. I get that price is a very local thing....really just want to see what other people have recently experienced.

Thanks for the input C-D!

[gwarnecke]

We just bought a home and have our current home listed for sale or lease.

We knew the house was coming on the market and saw it before it was listed. We submitted a nearly full-price offer the day it was listed. There were several showings later that day and we later heard that at least one other offer had been received. We did not waive inspection/appraisal. The house appraised over our offer price, but the inspection did reveal some issues that we used as a basis for negotiation.

Our current house has been listed for sale or lease for a couple of weeks. We deliberately priced it high on the sale side (although not out of line with recent comps or other listings in the area). We've received a verbal low-ball purchase offer and are currently reviewing a couple of serious lease applications. We've had showings every 2-3 days.

As usually happens in the spring, more inventory seems to come on the market every week. If you currently have little competition, you might want to get your house listed ASAP. If you aren't already working with a realtor, try to find one who will rebate a portion of their commission. With low inventory, many agents are hurting for business and will negotiate down from the standard 3%.

In summary, our experience suggests that the market is competitive but not insanely so, at least in the areas we're involved (bought in Memorial Villages, selling/leasing in Energy Corridor). I have heard that the $300k price point is much more competitive and multiple offer scenarios are the norm.

[Jtxg]

Thanks for your input, gwarneckle! I have the lockbox on the house and the agent's sign in my garage. It'll be on the market (most likely) Monday next week. The agent did negotiate commission, though my family has used her multiple times so that may have helped as well. Hopefully next week I'll be able to re-visit this thread and share my insight.

[RVD26]

We will have our home on the market in two weeks. Our home is in Katy, near Fulshear and Richmond.
Our Realtor is expecting our home to sell for over asking price.
I did notice she is charging 6% commission of the sale price. Is this typical?

[Waffleton]

Isn't it usually 3% to seller's agent and 3% to buyer's agent (but paid by seller). So 6% in total, but not just to your agent.

[Jtxg]

Originally Posted by RVD26

We will have our home on the market in two weeks. Our home is in Katy, near Fulshear and Richmond.
Our Realtor is expecting our home to sell for over asking price.
I did notice she is charging 6% commission of the sale price. Is this typical?

It's 'normal' for the listing agent to ask for 6% (3% to buyer's agent, 3% to seller's agent), but I asked for a 5% (3% buyer, 2% seller). She didn't complain/argue/try to negotiate this, but she's made good money off me in the past as well. She sold me the house I am about to list less than two years ago. After closing costs, I'm not making much so it's not like I'm getting rich off this either.

Glad to hear you are anticipating strong offers driving up the price....we're most likely just a few miles apart from eachother!

[RVD26]

Originally Posted by Jtxg

It's 'normal' for the listing agent to ask for 6% (3% to buyer's agent, 3% to seller's agent), but I asked for a 5% (3% buyer, 2% seller). She didn't complain/argue/try to negotiate this, but she's made good money off me in the past as well. She sold me the house I am about to list less than two years ago. After closing costs, I'm not making much so it's not like I'm getting rich off this either.

Glad to hear you are anticipating strong offers driving up the price....we're most likely just a few miles apart from eachother!

Yes, after doing some further research it seems as if 6% is the norm.

At first I was thinking our home would sell for under $300k since a house with the same exact floorplan (just mirrored) just down the street sold for $275k last year. Our Realtor anticipates our house will sell for well over $300k now. Market is hot right now and we're selling at a perfect time now that summer is almost here and demand will be even higher.

[Jtxg]

Originally Posted by RVD26

Yes, after doing some further research it seems as if 6% is the norm.

At first I was thinking our home would sell for under $300k since a house with the same exact floorplan (just mirrored) just down the street sold for $275k last year. Our Realtor anticipates our house will sell for well over $300k now. Market is hot right now and we're selling at a perfect time now that summer is almost here and demand will be even higher.

Yea it's nuts out there (apparently). For me this was a very short-term purchase and I honestly planned on losing money after closing costs and Realtor fees...does not look like that is the case *fingers crossed*

[WRM20]

Originally Posted by RVD26

Yes, after doing some further research it seems as if 6% is the norm.

At first I was thinking our home would sell for under $300k since a house with the same exact floorplan (just mirrored) just down the street sold for $275k last year. Our Realtor anticipates our house will sell for well over $300k now. Market is hot right now and we're selling at a perfect time now that summer is almost here and demand will be even higher.

We have never paid 6% to a realtor to sell a house. We've used the same realtor several times, and since he gets our sale and our purchase, he knocks us down to 4.5% or 5% on the sale. It helps that we find the houses we want to look at, and his job is to take us to look at them, and do the paperwork and closing.

[gwarnecke]

With the market so hot, I think anyone selling a house should be able to negotiate less than a 3% commission to the listing agent, as long as the property isn't an overpriced total wreck.

On the other hand, buyers agents are earning their 3% these days! I probably wouldn't ask for a commission rebate from a buyers agent unless I had already narrowed down to a few homes to see and/or were shopping at the upper end of the market and/or was buying and selling with the same agent.