If you’ve been thinking of trading up to a more luxurious Dallas home, you’ll want to read this. You may have heard that we’re in the middle of a housing shortage here in North Texas. It’s certainly true for mid-market and lower-priced homes.
The number of such homes on the national market has declined over 40% in the last four years, and prices have increased accordingly. There are a few different reasons behind this. Builders have been focusing mostly on higher-priced homes. Investors have turned many lower-priced homes into rentals. More people are looking to buy thanks to historically low mortgage rates. So yes, there’s a shortage…but what does this mean for you?
First, if you’re looking to sell your home, the current market offers a great opportunity.
Thanks to the shortage in the market, you can sell your home more quickly.
In September 2017, the typical home stayed on the market for just 25 days. For homes priced between $200,000 to $299,999, there is only 1.5 months of supply available in Dallas market!
Days on Market Until Sale
Source: Collin County Association of Realtors, September 2017
You can also sell your home for more in today’s market. Prices are 8.9% higher now than they were a year ago, and many homes around North Texas end up selling for more than their asking price.
Curious about how much your home is worth in the current market?
I have a free online calculator that takes into account recent North Texas sales to give you a good estimate of the current value of your home.
Enter your street address to find out what your home is worth.
At the beginning of this article, I mentioned that now is also a good time to trade up to a bigger, higher-priced home. You see, prices of top-tier homes have grown at a slower rate than mid- and low-priced homes. In addition, 16% of top-tier homes over the last year sold for less than their asking price. There is also a greater supply of premium homes — they now make up 46% of available homes on the market.
Inventory of Homes for Sale
Source: Collin County Association of Realtors, September 2017
This means it’s a great time to buy a top-tier home!
What kinds of homes are for sale right now around North Texas?
If you’re considering trading up to a top-tier home, give me a call at (469)269-6541. I can give you my estimates on what’s possible in the current market.
Tip: Discover new construction homes or master planned communities in Frisco TX, McKinney TX, Prosper TX, Coppell TX or Irving TX which offer homes to suit every lifestyle and budget.
About us:
Whether you are an individual simply relocating to Dallas, or moving your entire family due to transferring with your company, we can help. Our relocation professionals ease the transition whether you are moving across town or across the globe. We will work with you to find an area that best suits your professional, family and lifestyle needs. If you are interested in moving to our great city of Dallas and need help finding a home, I would appreciate the opportunity to help you. I have lived in Dallas metro area for over 14 years. Since many of my clients are relocation buyers, I have all the tools you need to help your home search. Whether it is video previews of homes, extended work hours, digital signatures for documents or more, I can make this process as comfortable as possible no matter where you are located.
