North Texas Market Update – 7.24.18

    It was a tremendous honor last week to be named #1 Selling Real Estate Team in the #1 Volume & # of Homes Sold Real Estate Brokerage in all of Dallas, Collin and Denton county for Q1-2 2018. We attribute our success to having wonderful clients and colleagues that refer us and a great team that delivers consistent, high quality service to our client base.

    The market continues to ride through summer. The biggest note we want to point out is regarding pricing. We have seen that pricing homes below or slightly below market value is driving more offers and actually pulls the pricing up versus over pricing the home to test the market and chase the market down with price adjustments. We have tested this several times in the past few weeks and the strategy is definitely pulling its weight. If you are already priced to test the market and showings are not driving offers, when you make a price correction it will need to be a significant one to get buyer’s attention. The market is not responding favorably to the pricing reduction strategy of sold by a thousand cuts. Buyers are waiting on the sidelines of these homes waiting for the next price reduction until the make offers.

    On Buyers, we are seeing that well priced homes are still moving. And homes that have tested the market may have longer days on market or even a few price adjustments. This doesn’t mean the home is not desirable, it may mean that their niche market is moving so quickly that the Sellers are making adjustments to get back “into the market.” Remember, your goal is to find the right home for you and your family at the right price….while capitalizing on still low interest rates.

    We will continue to watch the market and share strategies to help our clients win as the market ebbs and flows.

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