Our housing market is changing, but that isn’t necessarily a bad thing.
Is this real estate market really crashing, and how can you take advantage of it? My last market update video at the end of June shared that we were seeing more Dallas home sellers reducing their asking price and more homes coming up for sale.
Now we are in September, and we are truly seeing how the Dallas-Fort Worth market has responded. We saw the average sales price for pre-owned homes peak at $497,799 in May of this year. Since then, we have seen the average sales price for pre-owned homes come down to $465,538, which is roughly about a $34,000 drop. This means buyers don’t have to pay peak pricing anymore.
The average list-to-sales-price ratio was 104.7% in April, meaning that if you’re a buyer, on average, you were paying 4.7% over the seller’s asking price. Now, at the end of August, the average list-to-sales-price ratio is 97.6%. This means buyers are actually able to get sellers to agree to sell their home for 2.4% less than their asking prices.
“I will always advise people they should buy instead of renting.”
Buyers: Now is the time to jump in. You don’t have to worry about the stiff competition or huge bidding wars anymore.
If you’re a seller, don’t get discouraged. The average sales price is still 13.6% higher than it was in 2021. If you’re getting ready to sell, you need to hire the best real estate professional to get the job done so that you don’t leave money on the table. Homeowners that overprice their homes and are still on the market today, and they’re starting to have to do major price adjustments.
The main question that I get asked is, “Should I buy or sell a home now?” My answer is this: It depends. I believe that we need to understand the reasons why you’re wanting to buy or sell. If you’re renting right now, I fundamentally believe, for the time being, that people should buy instead of renting.
If you’d like to explore selling, or if you’re ready to look at buying, then please give me a call at (972) 215 7653. You can always send me an email or visit my website. I look forward to hearing from you.
