Questions about this market can be confusing when looking at the national news. However, it really isn’t that complicated. Let’s start with interest rates. As of about August 8th interest rates have moved to a favorable 6.34% which is much better than last year at this time. Inventory, has grown significantly in all areas of the DFW area and that has increased the ability for home buyers to have more choices. It has also given home sellers more competition to deal with.
There are areas of the DFW area that I would consider a buyer’s market because the inventory has reached close to 5 months. However, the real estate gurus would say unless it is over 6 months it is more of a balanced market than a buyer’s market. I disagree. Why do I disagree? I am seeing the median sales price coming down in certain parts of our area. In fact, many of the areas are seeing a lowering of the median sales price. Why is this happening? It is happening due to the increased inventory and the number of showings on each listing. Realtors who don’t advise their home seller clients that they need to be aggressive on their pricing are doing them a disservice. When sellers are not reducing their list price, offers are coming in below list price and sometimes way below list price. Buyers of home should be aware that sellers are not going to give their homes away for ridiculous offers. However, sellers are willing to negotiate on offers that are workable.
Homes for sale are sitting longer on the market and sellers need to know that up front when they list their homes so they can plan accordingly. If homes are priced right, in very good condition and in an area of high demand then they sell quicker. Even if the area is not in high demand, then price is a great inducement to get more foot traffic. For buyers and sellers of homes this is a very important time to get the correct information about what it will take to purchase or sell a home in the market that they are looking to buy or sell in. The DeBerry Team of Keller Williams Legacy tracks all the areas in north Dallas, Collin, Denton and Rockwall counties to make sure our clients are equipped with the best information. Contact: Roxanne DeBerry @ 214-676-8040 to get the information you need to make your real estate decision.
Posted by Roxanne DeBerry on
Leave A Comment