“I’ll make him an offer he can’t refuse.” This is, perhaps, one of the most well-known quotes in movie history. Even people who have never seen The Godfather have heard this line from the iconic 1970s movie. But what does this have to do with Houston real estate? The market is changing, and for those interested in purchasing new constructions, learning to make “The Godfather Offer” is going to mean the difference between having an offer accepted, and having it ignored.
Understanding Current Houston Real Estate Trends
Everyone’s heard about the real estate slump and how low property values have gone. Yet, in Houston, realtors are seeing something different. Since 2003, average home price has grown by roughly $50,000. While this is not a huge change over a 10-year period, it is definitely growth. Also, Houston fared the best out of the four major cities in Texas during the slow period.
But where change is really happening is in new constructions. Harris County is seeing 200,000 new people moving in every year, and those people need a place to live. This need has sparked a renewed interest in new construction. In 2012, 25 percent more permits were issued than in 2011. Those new constructions are driving up property values throughout Houston.
How This Growth Affects Prices
While these statistics are interesting, what’s really interesting is what’s happening with prices. Homes that had been sitting through 2012 without offers are suddenly getting re-listed with higher prices, and selling for more than the asking price. People are ready to start purchasing again, and the market is shifting from a buyer’s market to a seller’s market.
How to Make an Offer a Seller Can’t Refuse
This summer Houston properties are seeing multiple offers, often above the listing price. This has created a situation where buyers need to embrace their inner Godfather and make offers that sellers simply can’t refuse. This is the type of offer I like to call “The Godfather Offer.”
Here’s how it works. In a typical sale, when an offer comes in that is higher than an existing offer, the potential buyers are given the option to raise their offers if they wish. When you submit a Godfather offer, it’s so high that it blows away the competition, and the seller isn’t even interested in seeing if others will raise their offers. This is known as “The Godfather Offer.” When you are looking at a house that perfectly meets your needs, and you want to ensure that no one else out-bids you, then submitting the Godfather offer is the key.
How can you submit a Godfather offer? You need to work with an agent who understands current pricing trends and the changing Houston market well.
Are you ready to make an offer a seller can’t refuse? Is your inner Godfather ready to come out and make an appearance in the world of real estate? Then partner with Bill Edge to tackle this changing market and successfully secure your dream home.
Call Bill Edge at 713-240-2949 to see Houston homes in 24 hours or less