"Sooooo, how is the market?" I love it when people ask me that question. And they ask it all the time! The answer is always the same for me... at first.
First, it depends if you're buying or selling. On the buying side, mortgage interest rates are still at, and have been my entire career (10 years), all-time historical lows. Reform (the good kind) prevents a heck of a lot more crap lending from happening as compared to 10 years ago. And things are pretty affordable around here (even with recent sales price hikes) as compared to the rest of the nation.
"Good" could be an understatement. Things are really pretty freaking awesome!
On the seller side it's even better than freaking awesome. Sellers are getting multiple offers in days. Enough said.
What qualifies me to answer this "How's the market?" question with facts, honesty and ease? I've lived here all my life. I serve both buyers and sellers in the Dallas/Fort Worth metro area. I'm a broker-owner with a small firm in D/FW with agents all over town. And I serve on a professional committee at the state association level. So I'm very familiar with this market and can answer any real estate related question in short factual statements or we can dig in and talk shop for hours -- love to talk about it. Although I serve both buyers and sellers, somehow this week was buyer rep heavy. So... I will share.
Here are some buyer scenarios that happened just this week:
Scenario One - Yard Guys, Primary Residence, First Time Home Buyers, Fort Worth
My yard guys are buying a house! Very proud of these independent business owners who are doing things just right to, after two years of knowing them, have established their business well enough in Texas to qualify to buy a home! It's really hard owning a business to qual... I know. I am one!
They looked at 5 houses with me in February. They made an offer on one and offered less than list price. They were one of 5 bids. The listing agent solicited for highest and best. The skeptic in them stayed strong (at what was likely the lowest of the 5 bids). We lost. We asked the listing agent to hold it as backup. A month later, lucky me, (2 weekends of showing later, a couple of offers not accepted later) the agent called back! Deal. But it took them a while to really fully understand this market and what it would take -- yip -- above list price offer to seal this deal. Just is what it is...
Scenario Two - Childhood Neighbors, Experienced Investors, Keller
This client I've known since childhood. They are now investing. They understand this market 100%. They called to look at one house. Tenant occupied. Immaculate. Looked for 5 minutes. Maybe 4. Cash flows fine. They made a clean as a whistle full list price offer on the spot. Got it.
Scenario Three - Lifelong Family Friends, Primary Retirement Residence, Grapevine
Looked at three. Liked none. Looked a 2nd time at a few more. Liked one. Made offer. Already in negotiation. Backup. Looked the next day. Liked another. Made offer. No go. Liked another. Made offer. Yes. But they replied to us 3 days later. Made the buyer frustrated, they said never mind. Made an offer yesterday. Nope. Backup. This could go on... Grapevine is hot. One of the above-mentioned, I dropped what I was doing, left and showed before the agent had the showing instructions posted. Got there, parked, waited on his call back, showed, still too late?! Yip. Still looking... hour-by-hour watching going on!
It's a zoo. And I love it! That's how the market is!