Here’s what you need to know about our shifting real estate market.
If you want to know what’s happening in our housing market, I have good and bad news. Things are changing, but this change isn’t strictly good or bad. Today I’ll go over these changes and explain what they mean for you.
First, the Dallas/Fort Worth housing market peaked a little over a month ago. Housing inventory is now on the rise. This is the largest inventory increase we’ve seen since June 2019.
That is fantastic news for buyers, but it doesn’t stop there. Active listings in Dallas have increased by 34.4% from May 2021 to May 2022. If you’ve been waiting to buy a home but were put off by the rampant competition, now might be the time to reenter the market.
“Our market hasn’t seen price reductions like this in years.”
The not-so-great news is that more sellers are reducing prices to attract buyers. In May 2022, the number of listings that reduced their prices increased to 9.4%. Price reductions were nonexistent for the last two years, so this is a big change.
What does this mean for our future? I predict demand will continue to slow down due to high prices and rising interest rates. Rates will increase as long as inflation remains high, so they aren’t coming down any time soon.
So is now a good time to sell your home? Yes, it is. Whether you want to upsize or downsize, more inventory means you’ll have more options after you sell. Plus, demand may be slowing in our area, but it’s still strong. The sooner you sell, the better deal you’ll be able to get for your property. If you hire a professional, experienced agent and properly prepare your home for the market, you can still receive top dollar.
If you have questions about today’s topic or anything else, please call or email me. I am always willing to help!
