There is an alarming trend among many buyers of real estate these days. We're seeing more and more people who want to "place bids" rather than to "make offers" on a home.

Real estate is not eBay. While some real estate is sold in an auction format, the vast majority of sales are not. I realize that in some markets buyers are in full control given the volume of short sales and foreclosures, but in many places the markets are balanced and in some places there are seller's markets.

In the north Dallas suburbs, there is a severe shortage of good properties under $150k. Last weekend I was out with some first time homebuyers who had been looking for weeks. We found a home the first day it was on the market. By day 3 there were multiple offers and my clients actually had to offer more than list price in order to secure the contract. It's a seller's market for good homes under $150k.

I've seen buyers totally upset when their low "bid" was not countered while a more reasonable offer was negotiated and accepted. That's not to say that a lower offer is not appropriate at times such as with an overpriced property. However, throwing in a bid at 70 percent of market value on a hot property is usually a waste time.

Many investors use this approach but don't really care if hundreds are rejected while they look for the one seller who will sell at that price. The average home buyer will quickly become frustrated using this method.

Many of our younger buyers have grown up bidding online and to some extent bidding has become part of America's landscape. While I suspect this trend will continue in consumer goods, I don't think it will last in the housing market and certainly does not apply to seller's markets.

My advice is to know what kind of market you're looking in and use an appropriate strategy rather than always going in with a "bidding" strategy.

Photo licensed from iStockPhoto

Originally posted at http://www.thebranchteam.com/wordpress/2012/01/25/real-estate-is-not-ebay/

Thank you Ray Dunlap for allowing us the opportunity to gain knowledge about Fairview and what it has to offer to our potential clients! We learned an abundant amount of information that is sure to help us better educate our past, present, and future clients! Please contact me if you would like any information on the town of Fairview, TX. I'm happy to help!

Fairview TX is a small bedroom community located east of US 75 at Stacy Road. According to the Fairview Texas Website:

Fairview offers the warmth of a small town and the convenience of a big city. Located north of Dallas at U.S. Highway 75 and Stacy Road, Fairview is an alternative to the North Texas communities that are known for their cookie-cutter sub- divisions. The majority of Fairview is zoned for residential lots that are one acre or larger, with a few areas reserved for smaller home sites.

The housing market is Fairview is very stable. This month we'll present median sales price, days on market, and months supply of housing charts. Click on any chart for a larger view.

Median Sales Price

The median sales price in Fairview has recovered nicely from the low in the summer of 2009. Zoned to Lovejoy ISD and boasting estate sized lots, Fairview continues to attract buyers. The opening of the Shops at Fairview brought upscale shopping, dining, and entertainment to Fairview. In November 201 the median sales price was $279,995 and it has risen to $307,900--a gain of 10 percent.

Days on Market

The Days on Market in Fairview remain stable at about 118 days. While this is slightly over the average in the local area, 118 days on market is still very good considering the higher price points in Fairview.

Months Supply of Housing

The months supply of housing is slightly over 7.9 months. The National Association of REALTORs states that a 6 month supply of housing is a stable market, supplies under 6 months are a seller's market, and supplies over 6 months is a buyers market. While Fairview is slightly over 6 months, I still believe the market is balanced given the higher price points in the area. Fairview had an 8.3 month supply of housing in November 2010. It sits at 7.9 months now--a decrease of 4.2 percent.

See Recent Sales in Fairview TX | Fairview TX Homes for Sale

Feel free to contact us if you have questions or need any additonal information.

Photo: Copyright 2011 - Tom Branch | Source: NTREIS on December 30, 2011

Originally posted at http://www.thebranchteam.com/wordpress/2011/12/31/fairview-tx-market-report-november-2011/

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