Hi Everyone! This is the first official blog posting of Dallas Invests, brought to you by Andrew Wetzel of Wetzel Investments.
The blog of Dallas Invests is going to try and come out with blog postings every Monday about the real estate market in Dallas and how it may affect you as a buyer, seller or an agent in the Metroplex. So, unless there’s a crazy circumstance where Andy is on vacation or not able to access the internet, you can pretty much bet that you’re going to get a tasty little tidbit of real estate on Mondays.
That said, there’s an interesting trend going on with the housing market in Dallas right now. Remember the good ol’ buyer days where you could get a house for $400,000 under list price because it was the recession and people needed to get rid of their houses? I exaggerate of course, but there was a healthy buyer’s market going on in the Metroplex for a while. Generally, sellers were having a hard time avoiding “low-ball” offers on their homes because of the market they were in. Many times, sellers would have to consider these low offers as it was a buyer’s market, and it was better to sell the house for a lower price than to sit on it and wait for your price to roll in.
While there are still some pockets of that left in Dallas, the general market conditions are swinging towards a sellers market again. Check out these charts below, comparing December 2011 inventory to December 2012 inventory (Courtesy of the Collin County Association of Realtors):
Inventory is so low, if you went to the Homes Store and tried to buy a home, it would look like this:
So what does that mean to you? If you’re a buyer, it looks like your roller coaster of Firesale-like prices is coming to an end because sellers are starting to be more in the driver’s seat again. Obviously your real estate agent is going to do the best job for you that they can possibly do, but be prepared for the possibility that you might pay a little higher than the past to get that house you’ve always wanted. However, if you are thinking about buying- now’s the time. As the trend continues, the prices on houses are only going to go up. It’s better to get in sooner than later.
As a seller? In general, you are more likely to get an offer that is close to market value in your area. That means, if you and your agent priced your house well from the get go, you can generally expect higher value offers and you might even enjoy shorter days on the market.
However, are you someone who’s thinking about selling? Let me break it down like a fraction: It’s a wonderful time to sell your house right now. Simple supply and demand. If you’re on the fence about whether or not you want to sell, or if you are holding onto your house because you’re afraid that it isn’t the right time: get off the fence and don’t be afraid! As stated above, selling now creates a wonderful opportunity for you to get higher market offers and potentially lower days on the market. It’s a great time!
Questions? Want to talk more about selling your house? Wetzel Investments is here to help. Just email at us at firstname.lastname@example.org or give us a call at: 469-795-1522. We’d love to tell you more about listing your home in this market. We also just love talking to people so if you just want to chat, that’s great too. See you next week!