We have had several buyers asking us about Foreclosures in DFW with the market shifting. So, we thought it might be helpful to to give a perspective of our Market over the past 12, 24 and 36 months.
We currently have 24,121 homes in the real estate market this week. With Pre-Foreclosures and Foreclosures combined, there are 698 homes in Foreclosure in Dallas. This means we have 2.9% of properties in the act of foreclosure. At the peak in the last down market, we had 13% foreclosure/short sale properties. So, the likelihood of you finding and buying a foreclosure is 2.9%. The odds of you finding a home that is fair value and a decent investment, regardless of whether it’s a new build, foreclosure or existing home is much stronger.
Do we have more foreclosures than we did one year ago? Yes. Are banks desperate and needing to take baths to give away properties? No.
If you see the charts below, home prices went up 3.98% over the past 12 months and compared to a year prior, DFW was up 9.15%. So keep in mind that Sellers are more reasonable with their initial list price compared to even one year ago. It may not feel like you are getting “a huge discount on list price”, keep in mind that you are negotiating on a list price that is lower than it would have been last year.
The median home value is up 20.46% over the past 36 months, which is over $60,000 in sales price (Avg $540/month PITI mortgage payment increase). If you look at the average median household income for Dallas, in 2015 it was $74,859 and by the end of 2017 median household income increased by $5,034 per household to $79,893. With the average mortgage payment going up by $6,480 in 36 months and the household income only increasing by $5,034, we are due for a correction. To put it simply, buyers can’t afford the pricing increase. This also doesn’t take into consideration household expenses such as groceries, insurance, gas, etc. increasing.
The consolation is that we are up 20.46% whereas in the last downturn, we were up maybe 8% in the same 36 months leading to a correction. That’s a huge difference on household price increases. Moreover, if you are looking at buying and selling, the purchase side will adjust as well.
Moral of the story is, be reasonable, don’t get greedy on your asking price and buyers will reward you with more showings, more demand and better offers than if you push too hard up front.
On behalf of my entire family I want to thank you for representing us and all your help to sell our property. I couldn’t have asked for a more responsive, kind, caring approach than the one we received. Selling a house is a very stressful experience. You and your team provided the support, guidance, hand holding (when we needed it) and most importantly the results that we needed. From the initial meeting to the final closing, the entire process was fantastic! I hope to never have to …
I wanted to take a moment to let you know that working with you is always a pleasure. You make the home purchasing process seamless while providing outstanding service and communication, so that a smooth transaction is ensured. This is not an easy feat to accomplish, and I personally believe that your integrity and commitment to your clients make the entire experience a happy one for all involved. Your honesty and straight-forward approach is beyond compare and I am thrilled each time I have the…
Thank you doesn’t say enough how much we appreciate all your hard work to find us a home! You made the looking fun and you both made the purchase seem effortless. You are so professional yet with a personal touch that makes you feel like you are doing business with your best friends. We will share with our friends the wonderful experiences we had working with you. They will find beautiful ladies who care but are professionals with integrity. Thanks so much!
My wife and I were introduced to Seychelle and Barb after having a home for sale with another agent for over 5 months with no offers. Within one week of signing the contract with them, they brought us an offer and our house was sold. Seychelle and Barb’s knowledge of real estate and how to position a home for sale were priceless as was their tenacity in getting things done. Bravo.
Van Poole was able to help us locate a wonderful home within our tight time frame. There were multiple offers on the home and they were able to submit our offer package in such a way that won us the bid. We were very pleased with the quality of their service and can not thank them enough for their help!
Seychelle was the best to work with! My husband and I worked with them to buy a house last year while I was 7 months pregnant with our first child. They helped us find a home and get in and settled just in time for his arrival. Van Poole was excellent, and always ready and available to go look at a house in this crazy market. They were awesome negotiators throughout the process. And they all were so kind to us through the stress, and SO patient. I have bought a home in the past with other rea…
The team provided excellent service and attention to detail. All of the little extras to help sell made a big difference. I loved the two hours with the designer that they paid for, and it impressed everyone I told about it. I really appreciate having a team to work with because it meant I could get help at nearly anytime and no waiting. They all worked together so well to help sell my home.
Following last Thursday’s closing of the sale of our house in Southlake, we would like to thank you very much for coaching us through the process and for making it easy on us. Your services went far beyond what we had expected. The professional advice you provided helped us make the right decisions at the right time, maximizing the return on our investment. Considering our hectic travel schedules your taking control of projects and contractors to get the house in top shape for sale has b…
My wife and I really enjoyed working with the Van Poole Properties team on the purchase of our new construction home in Plano. Seychelle was extremely personable, friendly, and easy to work with. She quickly understood the type of home that we were looking for and offered great insight in to the other homes we visited. She also spent a good deal of time not only walking with us through other available houses, but also walking through our home as it progressed through the construction proce…
When we sold our home with the Barbara Van Poole Team, we got more than we expected; home photography, staging counsel, and a very quick sale. Barbara’s team was first class all the way. Barbara distinguished herself with her sales presentation and a focus on us, not her. Her negotiating skills during the sale process were appreciated and highly productive. Besides a successful sale, Barbara worked hard to locate a new property for us and made an all-out effort to secure something we wanted. O…