We’ve finally reached May 2018, so today we’re going to talk about the state of the real estate market.
The No. 1 question we hear is, “Are we in a buyer’s or a seller’s market?”
For years and years, it’s been a seller’s market. We’re still in one, but we’re seeing signs of resistance to increasing prices. There are fewer offers on properties and homes are still selling quickly, but the market is slowing down.
Another question we’re asked is, “What is the current inventory like?”
Once upon a time, there were almost no houses for sales in certain areas. Though inventory is still relatively low, there are a few more listings on the market nowadays. Instead of selling in 10 or 15 days, homes are selling now in 21 to 30 days.
“How does the current level of inventory affect the value of your home?”
The more inventory there is, the more competition there is. Over the course of my career, I’ve observed that a great house can be given a premium price and still sell. If you have an average house, you might have to price it a little more aggressively, spend some money on staging, or do some extra marketing.
“What do interest rates look like?”
You should talk to your lender about what your interest rate will be. However, we have seen a range of interest rates that range from 2% up to 6% for people who are getting down payment assistance from the bank. They’re willing to go to a higher interest rate because they don’t have a big down payment and won’t have many closing costs. We can introduce you to lenders who have all sorts of programs and who will be able to give you the best rates and the best service.
For buyers and sellers in general, this is really interesting time in Dallas-Fort Worth real estate. We’re seeing inventory begin to level out, and there are more options for buyers. If you’re thinking of buying or selling a home in our area, please feel free to reach out to us. Now more than ever, you need someone you know and trust who can help you navigate the market based on your circumstances.