Whether you’re looking to buy, sell, or simply stay informed, I’ve got you covered with the key stats and tips you need to navigate the current housing market in Sienna and beyond.
What's Happening in the Sienna Real Estate Market?
It’s been a rollercoaster of a summer, and the real estate scene here in Sienna has been no different. Here’s a quick overview of the major shifts we’ve been seeing:
Key Highlights:
- Active Listings: As of now, there are 287 homes on the market, marking a nearly 30% increase year-over-year. In fact, this is the highest inventory we've seen since 2019!
- Home Prices: The average sales price in Sienna is holding strong at $592,507, showing a slight increase of 0.5% from last year.
- Days on Market: Homes are now sitting on the market for an average of 63 days, up 57.5% from last year. With more homes to choose from, buyers are taking their time to make decisions.
- Sales Volume: In August, only 71 homes were sold, a 14.4% drop from last year.
Despite the slowdown in transactions, the real estate market in Sienna remains resilient with prices holding steady. If you’re looking to sell, it's essential to position your property correctly to stand out in this competitive market.
Interest Rates: What You Need to Know
Current interest rates for a 30-year fixed mortgage are sitting at 6.12%, the lowest they’ve been since February 2023. While this isn’t quite low enough to drive a surge in buyer activity just yet, experts predict that if rates dip into the 5% range, we could see more buyers jumping back into the market.
Thinking of Selling? Here Are 5 Expert Tips
If your home is sitting on the market longer than expected, or if you're thinking of listing soon, these five strategies can help you sell faster and for a great price:
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Price it Right from the Start – Buyers are most active when a home first hits the market. If your home is overpriced, you risk it sitting unsold. Be realistic about pricing.
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Offer Attractive Buyer Agent Commissions – Incentivize buyer agents to show your home by offering a competitive commission. It can make a difference in this market.
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Negotiate Wisely – Be open to offers and ready to negotiate. The goal is to make a deal that works for both you and the buyer.
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Make Your Home Available – With fewer showings happening compared to last year, it’s crucial to accommodate interested buyers whenever possible.
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Get Your Home in Tip-Top Shape – Ensure that all major systems like HVAC, roofing, and plumbing are in good condition. Buyers will be less likely to back out if everything is in order.
If you’re considering selling or buying in the Sienna or Houston area, feel free to reach out to me at The Adams Group for a free, no-pressure home evaluation. We’ve got you covered with up-to-date market insights and expert advice.
Don’t forget: We’re also sponsoring the first-ever Pickleball Tournament in Sienna on September 28th, complete with food trucks, games, and fun for the whole family. Come out and say hi!
Contact Us Today for All Your Real Estate Needs
Visit www.theadamsgrouptx.com to get more info or schedule a consultation.
