Traditionally, the asking prices that headed Dallas listings represented the seller’s idea of their property’s reasonable value—an acceptable amount that a buyer would (hopefully) consider to be fair. However, during much of the recent seller’s market conditions that prevailed across most of the U.S., it was not unusual to read eye-opening tales of bidding battles that resulted in closing prices that were significantly higher than the original asking price. Dallas listings may not always closely follow what’s going on throughout the rest of the nation, but they do tend to be influenced by major tidal shifts in the nation’s economic fortunes (as well as the public’s perceptions of them). Lately, as reports of bidding battles have faded from the national press, local buyers might reasonably expect that the asking prices topping today’s Dallas listings will be closer to final sale prices than was true earlier in the year. This may not qualify as a buyer’s market, but with the volume of U.S. sales having declined for five straight months, local buyers might reason that sellers would be in a more flexible mood. Perhaps so, but a number of other explanatory factors make the picture less clear. Some of the conflicting crosscurrents: · According to CoreLogic’s Selma Hepp, “The summer months are generally slower due to vacations and kids being out of school.” · Yet that’s a slowdown that “tends to pick up in the fall,” · But “the cumulative impact of higher mortgage rates, increased home prices, and fears of recession” have caused some buyers to adopt a ‘wait-and-see’ attitude. · Even so, Bankrate senior analyst Mark Hamrick finds, “The supply of homes for sale may become a bit more favorable”—so “the scales have begun to tip more in buyers’ favor.” · But the affordability factor could continue to hamper buyers, according to NAR® VP Jessica Lautz, since “both home prices and mortgage rates have risen.” All in all, Hamrick sees a market that won’t slow down so much as one that will calm down, so “This might be viewed as a journey toward a more normal market.” Bankrate’s chief financial analyst, Greg McBride, agrees that “mortgage rates do seem to be stabilizing”—a trend that should continue if there is “any evidence of inflation receding.” A calm market should be a welcome backdrop for this fall’s sellers and buyers—if only to make planning less problematic. For a well-rounded perspective on current opportunities in today’s Dallas market, call me anytime!
Bion is an Associate Real Estate Broker at Solid Source Realty. Phone: 404-942-9897. email@example.com.
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