Comparing numbers to last year at the same time same week, we are almost neck and neck with inventory, pendings, sales and under contracts for the same week in 2015. We have had an uptick on expired/cancelled listings up to 5% compared to last year at 3%. This 2% increase needs to be noted as we see that homes that don’t work quickly to move their sales prices if no offers come in are then chasing the buyers and the market. Across the country, we are seeing markets starting to shift, ours has not yet started to do so.
full visuals with stats:VPP DFW Market Update 8 8 2016
Here is a quick note from Gary Keller, the co-founder of Keller Williams International. He sent us this note today as a part of the Top 1% in the country. As clients of ours, we feel that his words can be applied to you all as well. While we are not in a full shift yet in Dallas/Fort Worth, we will continue to watch and be mindful of pricing as we move forward.
“Make no mistake. You’re in a shift. It’s not an economic shift (unemployment is below 5%, gdp is around 2%, inflation is less than 2% and actual real income is slightly up. This is about the normal cycle that happens in real estate and it’s time. You’ve used up your extra buyers and now there is price weariness and fatigue. It’s caused naturally by real estate getting too expensive too quickly. So days on market increase rapidly, offers come in slower and thus lower with not as much competition. The trick is to get out in front of it. Right now.”
– Gary Keller 08/08/16 on the state of the National Real Estate Market
What does this mean to you as a client? If you are thinking of selling, here’s the advice I just gave my in-laws this weekend. “If you’re interested in maximizing your value of your house and are considering selling in the next 2-3 years. Sell, sell NOW.”
We will continue to keep you apprised on the North Texas Real Estate Market. This is why we created this weekly report, so we can see trends in the inventory and catch micro-changes before the rest of the news and media catch it.
If you’d like to be included on our weekly market recap, please message us below or register on our website.
Your partner in success,
Seychelle Engelhard, CEO
& the entire Van Poole Properties team