The election is over and most of us are thrilled at the absence of political advertisements!
What lies ahead for real estate is a huge question-mark. Legislation which is debated and potentially passed could be potentially damaging to the housing industry (modification or removal of mortgage-interest deduction). Interest rates will likely begin to creep up and surpass the 4.0% mark next year. That's still a very low rate historically but every point can make a difference to your monthly payment.
In the Dallas area what we are seeing in 4Q is a shrinking of what I would deem "prime" inventory. I have a group of buyers who are seeking pre-owned homes but are not finding "gold" ones. The beauty-contest winners in the pre-owned market, the homes with current updates, new roof, new A/C, exquisite staging, competitively priced and no pet smells are quick to receive offers and in many cases, multiple offers.
What does that mean for buyers who don't have the schedule flexibility to see homes immediately or who continually lose out on multiple offers? In the Dallas metro area, it means heading further out into the suburbs for new construction and that's what seems to be happening. Builders are seeing a definite uptick in purchase of new construction and even their inventories are being depleted.
While this market information is actually positive for D/FW, here's the takeaway:
Current sellers - Make sure you have the "gold" house. Your Realtor has probably already told you what you need to do to position your home but you didn't believe them. Trust me, they are right on target!
Potential sellers - This is a perfect time to get your house tidied up and sold, especially if you have been wanting to downsize. Don't wait for the rates to start going up and the Spring season which brings more preowned competition. Sell now! Just do it!
Buyers - Moving further out of the metroplex into new construction can be wonderful but usually involves longer commute times and patience to wait for the home to be constructed, not to mention cash up front for any upgrades you may want. Team up with a Realtor now, ask them for a referral to a lender who can close within 30 days and be as flexible as possible to see houses the second they're available. Realtors have an old saying, which is generally true: if YOU like a home, someone else will too so don't wait to make an offer! Have your Realtor set up an automatic search so you're informed in real-time when something is new and meets your criteria.
If you need a Realtor - a Top 5 Agent in Real Estate - don't hesitate to contact me at 214-454-1540 or email me at valerie.keener@remax.net. I'm here to help and answer any questions about our market.
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