How did the North Texas Real Estate market do in July? Why should you sell your home now? Learn the sweet spot of home sales, how many Days On Market and the direction home sales are headed from Van Alstyne Realtor Keith Laursen.
Should you Sell Your Home Now?
If you are selling a home in North Texas all the news is good. This is definitely a great time to sell because we are in the summer months when your home shows best. The MLS statistics show single family home sales are up 14%, prices up 7% and days on market down 14% over this month last year. This means it’s a very competitive market and multiple offers continue. While you always want to make your home easy to buy and be in top condition, there is less pressure to give closing assistance or do upgrades.
Home Buyer Strategy
For buyers, it means forget about low ball offers and expecting every little thing on an inspection report being fixed. Your best strategy is to be pre-approved, know what you want and have your Realtor set you up on automatic MLS e-mail notice of new listings. Also realize that agents are working long hours with many serious buyers. You should be working with a Realtor under a buyer’s representation agreement if you expect quality and responsive service.
Where is the sweet spot?
The sweet spot for home sales in North Texas is in the 200K to 400K range. That is where the home buyers are with almost 40% of all sales in this range. If you are considering selling, this is where you want to be to sell quickly.
Home buyers will of course face fierce competition in this range. As an example, the 300K to 400K range has a market share of 13.3% but the 400K to 500K range has only a 6.2% market share. If you can bump your budget just a little over the 400K range there will be considerably less competition for the same home.
The lower end is even more dramatic. By dropping your search just below 200K you will go from 15.7% of the sales to only 3.4%! Of course you want the right home for your family, not necessarily one you don’t have to fight so hard over. There are many choices but being armed with this type of data from your real estate agent can save you a considerable amount of time and money.
Days On Market
The days that a home sits on market before going under contract is the gold standard in telling the market condition. The majority of homes selling in our area are on market less than 90 days but many selling in a little less than half that.
There will be some slow down in the months ahead. School is starting soon and we will be coming into the holiday season. That is traditionally a slower time for home sales. Interest rates are also trending up but not enough to make a significant difference. Remember, in the DFW area it’s all about lifestyle and jobs. Large companies continue to relocate here and new home inventory remains low, so DOM (Days On Market) will increase but very slowly.
Year to Date Home Sales
If you think July could just be out of whack, take a look at the year to date MLS statistics. There are more sales and the average prices are running 8% higher than a year ago with an average home price of $261,417. Even rentals are up 7% at $1,599 for an average single family home. This is where you should be thinking, I should have bought a year ago!
What should you do?
You know the answer! Contact a good Realtor, one that understands the overall real estate market as well as the local Van Alstyne and surrounding rural markets. I specialize in properties from McKinney to Sherman but have helped home buyers and sellers all over the metroplex acquire and market homes in the suburbs or homes on acreage. See what my clients say about my service – Call Keith Laursen today!
Home sales statistics complied from Ntries – North Texas Real Estate Information Systems.
