Happy New Year & 2015 DFW Market Predictions
Happy Happy Happy New Year! Can you believe that it is already 2015? "Time flies when you're having fun," I've heard someone say before. I guess that's true.
We had a great year in 2014. We helped many families sell and buy real estate in the DFW area, and we're hoping to help even more in 2015!
Let's first take a look at 2014 in review:
Days on Market:
The median days on market remained flat at 28 days. With half of all home sales completed in less than 60 days from time of listing, sellers should be prepared ahead of time with moving plans, living arrangements, etc or life can feel like it is going out of control. But quick home sales are positive for long-term real estate growth.
Inventory:
The amount of residential real estate for sale fell another 17.5% to 3.3 months. This represents a 3-year low, and is the key economic indicator studied by Scott Neal Real Estate to determine the overall landscape of the market. Low inventory means rising prices.
Pricing:
The story that everyone always wants to know is "Where are home prices?" Well...they're up! DFW's median home price rose another 7.2% in 2014 to $185,000.
Sales Activity:
Sales have leveled off. Down 0.3% from 2014. Almost 100,000 residential sales occurred in DFW. Sales seem to be flat mainly because inventory is so low.
2015 Predictions
2015 doesn't show any signs of slowing down. Inventory remains low, interest rates remain historically low (4%-4.5%), builder confidence remains high, and consumer confidence in the overall US economy remains high.
Most economists and industry experts are predicting a 15%-28% rise in national home prices over the next 5 years. Interest rates are expected to rise gradually as well. However, last year we were blessed with a slow decline in mortgage rates (4.5% to 4.0%).
Advice for Buyers:
If you have been wanting to buy...BUY NOW! Don't wait any longer. It will only become more expensive over the coming years with rising prices compounded by rising mortgage rates. In addition, rents have been on the rise as overall housing inventory shrinks.
Our VIP Buyer Program will take care of your entire buying strategy, including inspections, appraisals, financing, insurance, etc. We will help you find the best home while saving you $1000's in unnecessary expenses.
Start you home search today at
Advice for Sellers:
If you've been waiting for prices to increase, here we are! Take advantage of this great seller's market and get top price for your home!
We're so confident that we can sell your home in 59 days, we guarantee it. We offer a list of innovative services that the average real estate agent doesn't have to offer. If you've been wanting to sell, call us today!
Thinking about selling? Get a FREE home value report
Scott Neal Real Estate
214-295-5060
info@scottsealrealestate.com
