The North Texas real estate market has been on fire. There has not been a single analyst that would have said otherwise for at least the last 4 -5 years. As the Dallas / Fort Worth market pulled itself out of the busted bubble in the 2007–2008 time frame there were many in McKinney, Plano, Frisco, Carrollton and other Dallas area suburbs, who wondered if they would ever be able to recover. Thousands of foreclosures, massive market corrections of home values and loans that should never have been made for a variety of reasons, (highly recommend viewing the Big Short,) left many people upside down in their homes, turning to rentals and so many that just gave up and walked away.
Now has we are coming into the last quarter of 2017 we have enjoyed a wonderful housing recovery in Dallas. But the analysts and talking heads, this one included, are starting to see a shift from the sellers’ market that we have been in for the last several years. Home prices have risen an average of ??% over the last XX months. Sellers have enjoyed multiple offers and prices above asking and/or appraised value. But as with all things that go up, eventually they peak and settle or come down. In that regard, the real estate housing market is no different than any other market. It goes up, comes down and stays flat. But it is always in flux. However, the real estate housing market is somewhat unique in the aspect that real estate is a micro economic environment. That means while one neighborhood is struggling to maintain home values, another may be struggling to keep prices stable and inventory up. It goes the same for the markets in cities, regions, states, etc.
All the indications that we have tell us that we are leaving the sellers’ market in the D/FW market place and heading into a buyers’ market. It is time for the market to level off and reverse a little to normalize itself. So is this the time to buy, sell or hold your home. The answer is, yes. The time to buy and/or sell is when you need to buy and/or sell. Just if you are a seller you need to plan for longer days on market and pricing your home to sell in the time that you need. Price and days on market typically have an inverse relationship in real estate. If you are a buyer you can expect that sellers will start being a little more reasonable to deal with and that you may be able to get concessions, closing assistance or some other negotiated items. If you want to know what your home is worth we are happy to provide you a market analysis. If you need expert assistance in selling your home or negotiating that new dream home, we are here to help.
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