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Should I Sell My House This Year?
Should I Sell My House This Year?
If one of the questions you’re asking yourself today is, “Should I sell my house this year?” the current Housing Opportunities and Market Experience (HOME) Survey
from the National Association of Realtors® (NAR) should boost your confidence as it relates to the current selling sentiment in the housing market. Even with all the information overload in the media circling around talk of a possible recession, the upcoming 2020 election, and more, Americans feel good about selling a house now. That’s some news to get excited about!As the graph below shows, as of Q4 2019, 75% of people surveyed indicate they believe now is a good time to sell a home:In the case of those with a yearly salary of $100,000 or more, the results jumped even higher, coming in at an 82% positive sentiment.
When the study divided the outcomes by region, the results still consistently showed Americans feeling good about selling:
- Northeast: 71% positive
- Midwest: 76% positive
- South: 72% positive
- West: 81% positive
In addition to looking at income and region, the report also divided the results by generation, as shown in the graph below:
As you can see, many believe that, despite everything going on in the world, it is still a good time to sell a home.
According to NAR, the unsold inventory available today “sits at a 3.0-month supply at the current sales pace,” which is down from a 3.7-month supply in November. The current inventory is half of what we need for a normal or neutral housing market, which should have a 6.0-month supply of unsold inventory. This is good news for sellers, as Lawrence Yun, Chief Economist at NAR, says:
“Home sellers are positioned well, but prospective buyers aren’t as fortunate. Low inventory remains a problem, with first-time buyers affected the most.”
Bottom Line
If you’re ready to list your home, you can feel good about the current sentiment in the market. Let’s get together today to determine the best next step when it comes to selling your house this year.
12 Reasons to Sell During the Holidays
Take advantage now before interest rates rise. Economic indicators are there may be an interest rate increase soon! Click here for a printable pdf version
What’s your DFW home worth? Find out here.
What’s your neighborhood doing? Find out here.
Why Waiting Until After the Holidays to Sell Isn’t a Smart Decision
Every year at this time, many homeowners decide to wait until after the holidays to put their homes on the market for the first time, while others who already have their homes on the market decide to take them off until after the holidays. Here are six great reasons not to wait:
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Bottom Line
| Waiting until after the holidays to sell your home probably doesn’t make sense. |
DFW House Prices skyrocket …rising 43.3% in last five years!
At Keller Williams, one of the top educators in the real estate brokerages, has leaders that bring us informative, thought provoking & adding valuable insight into the economics of real estate – thank you, Anne Lakusta, for continually challenging us to be the best we can be for our clients!
Click here to READ ENTIRE ARTICLE
North Texas Real Estate Stats
When comparing the month of June over the last 3 years. All data comes from North Texas Real Estate Information Systems, Inc.
Months Supply of Homes for Sale: Month of June
Inventory is the lowest its been in the last 3 years.
Actually inventory is low because buyers are gobbling up the homes that are for sale. We see over the last 3 years that the new listings are increasing year after year.
New listings are increasing in last 3 years!
As we look closer, buyer demand is high which leads to higher sales prices. Over the last 6 years we see an incredible increase in sales price! Now is the time to sell if there ever was one! We are in a unique moment in time especially with low interest rates…its time to take advantage of the market!
Median Sales Prices are continuing to increase.
Anne Lakusta says “Make sure your real estate agent is more than a for sale sign! We work hard and take pride in being a true consultant to help your family make the right moves at the right times. Real estate is about wealth building and Triple Crown Realty – Keller Williams can help!!”
What is Earnest Money?
We get many questions about option money and earnest money when writing a One to Four Residential Family Contract for our buyers. Today we are going to discuss earnest money.
This video helps to explain earnest money in more detail. It is just one thing among many of the negotiable aspects of the contract. Please watch the video provided by Allegiance title below to help explain what earnest money is and isn’t.
When Buyers and Sellers are reviewing the many components of a One to Four Residential Family Contract it is important they are educated and informed by their REALTOR® such that they understand their obligations as this is a legal and binding contract. We want all our clients to understand that using a REALTOR® who is looking out for their best interest and well educated about the contract is of utmost importance to us and our service to them.
What If I Wait Until Next Year To Buy A Home?
First Time Homebuyers, For Buyers,For Sellers, Move-Up Buyers, Pricing
As a seller, you will be most concerned about ‘short term price’ – where home values are headed over the next six months. As either a first-time or repeat buyer, you must not be concerned only about price but also about the ‘long term cost’ of the home.
Let us explain.
There are many factors that influence the ‘cost’ of a home. Two of the major ones are the home’s appreciation over time, and the interest rate at which a buyer can borrow the funds necessary to purchase their home. The rate at which these two factors can change is often referred to as “The Cost of Waiting”.
What will happen over the next 12 months?
According to CoreLogic’s latest Home Price Index, prices are expected to rise by 5.5% by this time next year.
Additionally, Freddie Mac’s most recent Economic Commentary & Projections Tablepredicts that the 30-year fixed mortgage rate will appreciate to 4.5% in that same time.
What Does This Mean to a Buyer?
Here is a simple demonstration of what impact these projected changes would have on the mortgage payment of a home selling for approximately $250,000 today:
Past, Present & Future Home Values
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In CoreLogic’s latest Home Price Index, they revealed home appreciation in three categories: percentage appreciation over the last year, over the last month, and projected appreciation over the next twelve months.
Here are state maps for each category:
The Past – home appreciation over the last 12 months
The Present – home appreciation over the last month
The Future – home appreciation projected over the next 12 months
Bottom Line
Homes across the country are appreciating at different rates. As we have mentioned before, the rate of home price appreciation across the country is due to a strong housing market reacting to supply and demand, and not a new housing bubble.
If you plan on relocating to another state, and are waiting for your home to appreciate more, you need to know that the home you will buy in another state may be appreciating even faster.
Let’s meet up so I can guide you through your next steps and help you decide what’s right for you.
WHAT WAS THE GOOD NEWS IN FEBRUARY?
Sales of houses priced at $1 million or more rose more than 12% in the year 2015 in the Dallas-Fort Worth area, according to the Texas Association of Realtors. The rate of increase in luxury home sales in the D-FW area was about twice the overall growth of preowned home purchases. Last year’s million-dollar-home sales rise in North Texas follows a 15% increase in 2014. The D-FW area had 1,088 luxury home sales during the first 10 months of 2015. The median price of luxury homes sold in North Texas was $1.4 million – the highest of any of the state’s major markets.
New York City and Dallas-Fort Worth were the two fastest growing commercial construction markets in 2015. Among the largest commercial building markets, New York City construction start volumes rose by 66 percent in 2015 from 2014 levels. And in the D-FW area construction of commercial buildings and apartments increased by 35 percent last year from the year before, according to a new report by Dodge Data & Analytics.
D-FW ranked third for total building volume with $6 billion in new project starts, behind New York with $34.9 billion in new construction and Miami at $6.3 billion.
The Mortgage Bankers Association most recently released information showed that the delinquency rate for mortgage loans on one-to-four-unit residential properties dropped to a seasonally adjusted rate of 4.77 percent of all loans. This is the lowest level since the third quarter of 2006.
More than 4,000 jobs were added at Alliance Texas in far north Fort Worth in 2015, bringing the development’s employment numbers above 45,000, a new report shows. Since it started with the opening of Alliance Airport in 1989, Hillwood Properties’ 18,000-acre mixed-used development has generated $59.69 billion in economic impact to North Texas, including $4.32 billion last year, according to an annual report presented to the City Council. 2015 was a big year for Alliance in terms of new projects, including groundbreaking on the $1 billion Facebook data center and Walmart.com’s announcement for another e-commerce center at Alliance Center North II, Hillwood said. Facebook bought 110 acres from Hillwood earlier in 2015. But by mid-December it added another 39 acres for a possible expansion beyond the planned 750,000 square feet of data center space already on the drawing board.
Top Reason to List Your House For Sale Now!
If you are debating listing your house for sale this year, here is the #1 reason not to wait!
Buyer Demand Continues to Outpace the Supply of Homes For Sale
The National Association of REALTORS’ (NAR) Chief Economist, Lawrence Yun recently commented on the inventory shortage:
“While feedback from REALTORS® continues to suggest healthy levels of buyer interest, available listings that are move-in ready and in affordable price ranges remain hard to come by for many would-be buyers.”
The latest Existing Home Sales Report shows that there is currently a 5.1-month supply of homes for sale. This remains lower than the 6-month supply necessary for a normal market and well below November 2014 numbers.
The chart below details the year-over-year inventory shortages experienced in 2015:
Anything less than a six-month supply is considered a “Seller’s Market”.
Bottom Line
Meet with a local real estate professional who can show you the supply conditions in your neighborhood and assist you in gaining access to the buyers who are ready, willing and able to buy now!
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