Demand for housing has remained strong throughout the country, but particularly so in the DFW area. Low supply, as usual, has been making for an incredibly competitive atmosphere for those hoping to buy homes. Home prices have continued to rise, and the low inventory is causing affordability issues for first time home buyers and those looking for more affordable housing options.
Even with the affordability crunch, demand continues to outpace supply, making it a seller’s market. In fact, experts argue that this could be the best time to list a home on the market all year! Zillow recently released a report that narrowed down the best time to sell in multiple metro areas across the US. Dallas-Fort Worth’s ideal time frame to sell is listed as May 1 – 15, with homes selling nine days faster on average during this period, and for $2,400 more. They also add that the ideal day to list in the DFW area is Saturday. That leaves May 6th and 13th of this year as the absolute best time to list your home in Dallas-Fort Worth… and it’s coming right up!
"With 3 percent fewer homes on the market than last year, 2017 is shaping up to be another competitive buying season," says Zillow chief economist Dr. Svenja Gudell in the report. "Many homebuyers who started looking for homes in the early spring will still be searching for their dream home months later. By May, some buyers may be anxious to get settled into a new home — and will be more willing to pay a premium to close the deal."
Prices are continuing to move higher, according to North Texas Real Estate Information System’s monthly report. The median sales price for a single-family home in February 2017 rose 12.8 percent to $234,000. This includes the whole DFW Metroplex, so do keep in mind that the more desirable areas like Plano, Frisco, Uptown, and Allen will tend to be much higher. Even so, homes in Dallas-Fort Worth remain more affordable than many major cities, and its flourishing job market makes it an ideal place to live.
Days on the market decreased 5.9 percent to 48 days, reinforcing the fact that supply is tight. Months’ supply of inventory was down 8.0 percent to 2.3 months. Keep in mind that the Texas A&M Real Estate Center cites 6.5 months as a balanced, healthy market. We’re pretty far off from that number, and should expect competition to be fierce for the next several months.
Sellers are almost always receiving offers that match their listing price, with 96.8 percent of original list price received, up .3 percent from the same time last year. These numbers combined point to overwhelming evidence that now (and into the next couple months) is one of the best times to sell you Dallas-Fort Worth home.
Buyers: if you’re looking to move up or buy a home for the first time, don’t despair! Mortgage rates are still relatively low, and with the help of a well-connected, experienced Realtor® you shouldn’t have a problem finding your dream home. Just keep in mind the market conditions, be decisive, and put your best foot forward when making an offer. We’ve written a whole article with Tips for Navigating a Competitive Housing Market that you can use as your guide.