The Dallas real estate market is an ever-changing, living, breathing organism. “Market values” change constantly according to the most basic economic theory of supply and demand. The best way to see these changes most clearly is through the lens of recent home sales in your neighborhood. These “comps” are the best indications of what a buyer is willing to pay for a home similar to yours.
While it great to look at overall pricing statistics and averages for the Dallas metro area or listen to FOXNews or CNN for nationwide real estate news, it is important to remember that real estate is hyper-local. What’s happening in the real estate markets of Charlotte, New York, Atlanta, LA, or Las Vegas has very little bearing on what’s happening here in our Dallas real estate market. Even within our own market, there are pockets of appreciation and depreciation. Using all this information, you can properly assess your “mini Dallas real estate market” and determine the best plan of action for your individual situation.
If homes in your neighborhood were built by a production builder like a David Weekley, Toll Brothers, or Drees Homes, then recent sales will be an excellent indicator of market value because in most cases the square footage, the floor plan, materials, upgrade options and the flow of the homes will be very similar if not exact. If your neighbor sold their house for $250,000, then there’s a good chance your home will command a similar price.
WHAT IS YOUR HOME SELLING COMPETITION DOING?
In addition to knowing what has sold, you need to take the pulse of what is currently on the market—your competition. At what prices are homes currently listed? Can you compete with them on price? Three factors generally affect the how quickly a home will sell:
1) Price
2) Exposure
3) Condition.
Overwhelmingly though, price is the most influential factor at this time. If you can’t compete with the current pricing, then it may be better for you to wait to put your home on the Dallas real estate market. At the very least you should be prepared for the lower priced homes to sell before yours.
Finally, I would also recommend taking a glance at what homes have expired (the listing agreement with their Dallas listing agent has expired), been withdrawn (the home seller took the home off the market before the listing agreement term expired), and what is currently pending (Dallas homes for sale that are under contract).
THE IMPORTANCE OF A COMPARATIVE MARKET ANALYSIS (CMA)
An in-depth CMA done by a real estate professional can be one of the most important tools in your home selling toolbox. With a well-done CMA, you can make an educated decision about what your home is really worth in today’s market and whether the time is right to sell.
Want to know what is going on in your neighborhood? Contact us directly for a FREE CMA (Comparative Market Analysis) for your home.
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How can both buyers and sellers have an advantage in the Coppell Texas real estate market? Employ the services of a local Coppell real estate agent who has vast knowledge and experience of the market.
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The above information regarding the “Five common and costly mistakes to avoid when selling your Coppell home” was provided by Nitin Gupta. Nitin has experience helping families buy and sell homes in the Dallas/Fort Worth area. If you’re thinking of selling or buying, he’d love to share his knowledge and expertise.
The communities he proudly serves include Coppell, Irving, Flower Mound, Southlake, Grapevine, Trophy Club, Colleyville.
