The graph below shows you how much in terms of percent of the asking price the house sold for. Sellers are Cutting Prices Even Deeper to Find Buyers The declining home prices allow home buyers to counteract the effect of higher interest rates, as many motivated sellers currently offer “rate buydown’ options allowing home shoppers to capitalize on lower interest rates AND on lower home prices overall. In Denton county – an average decrease of $5,o00. In Tarrant county, home prices remained flat since last month. In Dallas county, the median prices declined on average by $5,500 since November. In month-over-month trends, homes in Collin county lost on average $15,000 of their value from November to December (therefore, one could say they remained flat). In Denton county, they lost on average $72,000 or 14% of their value since May. In Tarrant County, homes lost on average $40,000 or 11% of their value since May. In Dallas county, homes lost on average $82,000 or 20% of their value so far. In Collin County, median home prices (for 3 and 4-bedroom resale homes) have fallen, on average, by $115,000 or 19% since their peak values in May. With the 72Sold approach, at the very least the home sellers will get the best chance to sell their homes AT THE TOP of today’s market, rather than watch their home values decline further.Īs we have mentioned in our previous updates, home prices have been declining since May in all 4 counties, reversing the gains made earlier this year. We recommend seriously looking into the 72Sold home selling program which is designed to sell nearly any home within the first 72 hours of it being on the market – and, typically, at a higher price than competing homes. Any home with “days on market” over 10 days may run into buyers making lower and lower offers, as the buyers have a lot of choices of homes with motivated sellers this month. Home sellers who are trying to sell in the first Q of 2023 would be advised to act quickly and decisively to have their homes sold in under 7-10 days, as the emboldened home shoppers are currently in the bargain-hunting mood. Many home sellers who have taken their homes off the market in December will turn around and place their homes back for sale. The inventory of homes is likely to go up in January and February. Home shoppers in January and February are likely to encounter home sellers who have been through the largest decline in home prices in the last 5 years, and as a result, are more willing to make price concessions to get the house sold. Any buyers looking to buy in 2023 would probably be best advised to buy as early in the year as possible, while the trend is still favorable to the buyers.Ĭheck out below the trends that the home market data is showing for the 4 main counties in the DFW area: Dallas County, Collin County, Tarrant County, and Denton County. However, with the start of the new year and the end of the holidays, the trends may start to shift. As a result, many of those unsold homes canceled their listings in November and in December, dropping the home inventory numbers in all major counties. The increasing number of unsold homes created a logjam of unsold inventory that persisted until about October, when many would-be-home sellers decided NOT to sell in 2022 and to wait to sell. Home prices declined, on average, between $40,000 and $100,000, depending on the county. IMPORTANT: For the past 6 months, the home market in the DFW has undergone DRASTIC changes. Janu– by Elena Garrett, Realtor and 72Sold Area DirectorĪs I mentioned in my previous update, the trends in home buyers’ shopping behavior are starting to normalize and become more predictable.
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