May 2013 Stats

May 2013 Stats

from the WCAR

The number of single family residential closings increased by 21% in May 2013 compared to May 2012. The median sales price for a single family home was $336,440 in May of 2012 with an increase to $376,007 in May of 2013. Days on the market decreased from May 2012 compared to May 2013.

Media reports quick sales and a lack of necessary inventory across the country. Williamson County’s real estate market is experiencing many of these effects on our market as consumer confidence in housing grows. reports in a recent survey of agents from Zillow that larger properties usually are given more lengthy descriptions.

The study found that property descriptions for homes under $100,000 used a median of 25 characters, compared to a median of 487 characters for houses priced higher than $1 million.

Some experts speculate that lower end properties have less square footage and fewer features, translating into shorter remarks because there is less to describe. However, College of William and Mary real estate professor Michael Seiler says 41.5% of buyers do not read remarks although once they narrow down the list of possibilities, the remarks gain importance.

While some real estate agents abbreviate certain features, experts caution against too much shortening as it can confuse readers, adding that some might think a brief description or lack of adjectives means the home has potential problems.

Moral of the report, spend a little more time thinking about your description of a home and what you would like to know as a potential home buyer. This may not be the first thing that draws a potential buyer towards the property, but it can be a big factor once the properties are narrowed down in creating excitement around a particular listing.

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