Quick update on Cedar Park for May 2014
The month averaged 500 Available homes for sale. (This number may even be inflated a bit by a couple of condo projects starting construction.)
Closed Sales = 156 (Sales mostly from prior months that closed in May.)
Median Price = $271,000 (Half of the sales were above, half below.)
Median Days On Market = 7 !!!
The takeaway here is that half of the homes listed will sell in about a week or less. Buyers need to be more than casually pre-approved. I am asking buyers' agents for pre-approval letters of course. I am also asking how many loans the mortgage broker has closed with the buyer's agent in the past few months and if documents were delivered on time. Unless it is a mortgage officer I know and trust.
We want to see that everything has been verified and approved by an underwriter.
Better yet - have cash!
There are a few more ways to help your offer be the one accepted. Of course, that's the teaser! If you know someone needing my help, please call me to set up an introduction.
Other zip codes? About half of them have single-digit median days on the market right now.