“It’s a buyer’s market”, I hear those words at least once a week. They are usually accompanied by some low offer on one of our listings.
Newsflash! With the exception of homes over $500k, the buyer’s market in the North Dallas area is over. Properties that show well and are correctly priced are flying off the market. Many of our recent listings have fully executed contracts in less that 5 days. As a listing broker, it’s been nice to see the market shift back.
Recent numbers from the North Texas Real Estate Information System (NTREIS), the MLS in North Texas, show that we have about 4.1 months of inventory. For reference, the National Association of REALTORS® states that a 6 month inventory of homes is a balanced market. Levels above 6 months are a buyer’s market while levels below 6 months are a seller’s market.
If you’re a seller wanting to move this may be the best time in years to sell and be able to purchase a new home. Home prices are stable and interest rates are still at record lows.
If you’re a buyer, you simply cannot drag your feet or lob in low offers. If you do so, you may find the property is under contract or sold to a more reasonable offer.
Want more information on the housing market in Dallas? Contact us at 214-705-2470.
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