Did you know that housing inventory levels remain low even though we are at the height of buyer demand? If you have thought about selling your home, you may have wondered when the time is right to maximize your home sale. First, the right time has to line up with when you are ready to move. Second, the best time is when buyer demand is high. If you can time it to also be when there is less competition, then you will find that this Spring and Summer are poised to be the best time to sell in the Dallas area.
How low is the competition? The most recent time when we experienced low housing inventory was April 2020, during the pandemic when most of the country was at a standstill. In recent years, there are 500,000 homes that enter the market for sale in April. This past April, we saw less than 400,000 homes for sale.
Why are their less homes on the market? One of the key factors is that many homeowners have mortgages with interest rates lower than what they could get today if they bought their next home. If they don't have a compelling reason to sell their home, they are waiting for interest rates to come back down.
This "fence sitting" position for homeowners creates an opportunity for other homeowners to take advantage of selling when there is less competition. If you are ready to move onto a home that better meets your needs or location, don't wait to take advantage of this time. Less competition, solid home preparation and pricing, could lead to your home enjoying competing buyers ready to buy your home.
As I have worked with several buyers across the D/FW area over the last 2 months buying townhomes or single family homes at the entry price point level to the luxury home price point, we definitely found ourselves competing in a multiple offer situation for the best homes.
The commonality among homes that received multiple offers were homes that were well priced for the current market. If they needed updates or had deferred maintenance issues, they were priced to reflect these challenges. If they were well maintained and staged, they were still priced at market value. I did notice that homes that were overpriced lingered on the market longer and my buyers were reluctant to pursue a home that had been on the market longer than the market average, fearing there might be something wrong with the house since other buyers in this low inventory market were "passing" on these homes.
If the time is right for you, why not get started with a complimentary home valuation here?
I am always happy to meet with you and provide a private consultation on what home selling looks like for you. Don't hesitate to reach out to me today!