There's likely to be some sensational headlines about real estate, mortgage rates, and inflation in the next several months, especially those doing year-over-year comparisons.
And there ARE some pretty phenomenal things going on in our housing market right now, but comparing things to a year ago without looking thru the right lens can be very misleading.
- the inventory of homes on the market is extremely low, and median home prices are up 18% over last year, 15% year to date.
- mortgage rates have increased, but their still at al-time lows. They rose slightly in April and have since floated back down to 2.96, close to 3%
We are seeing a slight rise in the number of homes coming on the market in certain areas and price points, making it a little less stressful, and when this happens, we typically see more sellers enter the market because they now have a place to buy when they sell. It's all Economics 101 - supply and demand.
If you're considering selling your home right now, there has never been a better time to sell - but don't overlook the importance of prep and Staging if you want to sell for the highest possible price and the best possible terms. Buyers will still demand outstanding value if they're going to be willing to pay more for your home.
If you're considering buying a home right now, it's important that your realtor understands your WHY... are you buying it as an investment to rent or sell in a short timeframe and maximize your return? or are you buying it as a place you will love and enjoy for several years to come. Your WHY can change your strategy.
It's a challenging market right now, for both buyers and sellers, so be sure your realtor has the mindset, methods, and strategies to help you be successful in our changing and shifting market.
You can always visit the Indigo Skye Group on our Youtube channel where you'll find tips, trends, and updates about the Dallas Housing Market.
Thanks so much for watching.