Market Trends Report - March 2014
Median Price: $175,000 +10.8%
Average List Price: $271,017 +7.5%
Average $/sqft: $100/sqft +10.1%
Days on Market: 64 -23.9%
% or Original Price: 95.1% +1.6%
Months Supply: 3.8 -29.5%
New Listings: 126,668 +4.9%
Pending Sales: 95,367 +12.4%
Closed Sales: 96,068 15.8%
All signs are pointing towards a rising real estate market. Pretty much everyone knows by now that we are in recovery. But many don't understand at what pace.
Prices are up, days on market are down, supply is down, sales are up. All this is great news for buyers and sellers alike.
Get into the market NOW! Don't wait any longer. The bottom has come and gone, and now is the time to act if you have been waiting. Interest rates are up from their historic low's, and on the rise. Prices are up from the most recent bottom, and on the rise. Inventory is at it's lowest point since the height of the market in 2007, and this it what is pushing the market.
Consider this: for every point in interest rate adjustment up, you can expect you payment to rise about 10%.
ex: $200,000 loan @ 4.5% = $1,013/mo PI
$200.000 loan @ 5.5% = $1,136/mo PI
In addition to this scenario, take into consideration the fact that prices are on the rise as well. In fact, our median price is up almost 11% from last year.
ex: $200,000 list price 2013
$221,600 list price 2014
If prices rise another 10% this year, and interest rates rise another 1% (both are anticipated), this is the scenario we might see
ex: $200,000 list price @ 4.5% = $1,013/mo PI
$220,000 list price @ 5.5% = $1,249/mo PI
a difference of $236/mo for basically the same thing you could have bought last year.
Start you home search today at http://www.mydallashomefinder.com/
If you have been even remotely thinking about selling you home, now just might be the time. Especially if you are planning to move up in house (see the above example as to why). These low inventory levels make it possible for you as a seller to enjoy all of the benefits of a seller's market. What are the benefits to a seller's market? Rising prices, increased buyer demand, lower competition, and better opportunities for more favorable offer terms.
Our current experience in this market is this: THERE ARE TOO FEW HOMES ON THE MARKET. Our buyers are making VERY STRONG offers to sellers. Stronger than I have seen since I got into real estate (2007). Even talking with old-timers who have been in this market for more than 20 years say they have never seen it like this.
The best position for you as a seller to be in is a multiple offer situation. Our Guaranteed Sale Program is designed to drive up demand for your home to get the absolute highest price for you. In fact, I'm so confident that I will sell your home in 59 days or less, or I'll buy it myself!
Thinking about selling?
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