We've all heard the advice - "buy low, sell high", right?!
but is it always that easy?
Timing purchases based on the ups and downs of the Housing Market is always a hot topic. No matter what's happening in the market, we get questions from our clients asking:
"Is now the right time to buy or sell a home?"
"Should we wait to purchase until prices fall further, and get more house for the money?"
"Should we wait for the market to recover before selling, and sell for more?"
At best, timing the market is incredibly difficult. So in today's video, I share some questions and answers, some things to think about, and talk about the inventory of homes for sale in our area.
The Dallas Market at the End of June 2020
There are several Luxury home markets across the country that are thriving and soaring... like LA and the Hamptons, where the median home price rose a whopping 27.1% in the second quarter. But the Luxury market in Dallas is not faring as well right now.
Moving north through the Park Cities and Preston Hollow, the inventory of homes for sale continues to rise and Buyers have the advantage.
For homes priced $1 to 2.5mil, the inventory of homes for sale is 4-7 months.
At $2.5 to $3mil (and higher), the inventory level jumps to 22 months.
In Far North Dallas, up through Plano and Frisco,
For homes priced $900,000 to $1mil (and higher), the inventory of homes for sale is 7-10 months.
Across the Dallas area, for homes priced $500,000-$700,000 and below, demand is still out-pacing supply and homes do not stay on the market very long. The advantage flips back to Sellers.
What does “Inventory Level” really mean??
We’re always talking about inventory level in real estate - here’s a short explanation to help you understand what that all means.
For instance, for homes priced $2.5 to $3mil with an inventory level of 22 months – if no new homes came on the market at that price point, given the current pace of sales, it would take approximately 22 months for all the homes currently for sale to be purchased by a buyer.
Depending on the inventory of homes for sale in your neighborhood and price point, selling your home may require patience. If you can't be patient, you will need stellar strategies for pricing and marketing to help sell your home ahead of your competition - ask us for more details.
As always... our team is here to answer questions and help you understand the ins and outs, ups and downs, of the Housing Market. If you'd like detailed data for your neighborhood, or if your considering selling, buying or investing in real estate in the Dallas area, contact our team today, and let's talk!