Ever wonder what penguins, flamingos and the Dallas housing market have in common? Let’s take a closer look…
January was flew by in a heartbeat, and it’s almost mid-february, and valentines day! Before we dive into penguins and flamingos, here’s a quick update on the pulse of the Dallas housing market…
The market finished out 2020 very strong. Year over year, here’s how we did, In Dallas county:
- the median home price in Dec 2020 was up 16.5% over Dec 2019
- closed sales were up 11.3%
- active listings were down 30.7%
In Collin county:
- the median home price in Dec 2020 was up 7.4% over Dec 2019
- closed sales were up 11.9%
- active listings were down a whoping 63.9% (at that rate, home buyers are gonna need some CPR!!)
As we begin 2021, buyers definitely out-number sellers, and the shortage of homes for sale + increased demand = continued upward pressure on home prices.
As more buyers jump into the market to buy the home they love, we are seeing bidding wars between buyers to get their offer accepted… even at the $600-$700k price point, much higher than usual.
So what does all that have to do with penguins and flamingos?
Much like the extravagant and creative behaviors that penguins and flamingos exhibit when their trying to find the love of their life, some buyers are getting very creative when it comes to winning over the heart of a seller. Some buyers have added special event tickets or paid-vacations for the seller’s family to their offer, or added that they’ll make a donation to the seller’s favorite charity if their offer is accepted. At the end of the day, the offer price is still, the most likely key to the seller’s heart. (And if you’re considering creative ways to make your offer stand out in the crowd, please talk this through with your realtor to be sure your creativity is legal and ethical. Fines and legal troubles are not romantic.)
What can we expect going forward?
More bidding wars and creativity… at least for the short term. Our “typical” selling season runs Jan/Feb through June/July, but with the large amount of pent-up demand from buyers, we may see increased activity in the market well into Fall.
Some are predicting that interest rates will begin creep upward later this year, which could have an effect on home buyers. If we see more sellers enter the market, we could see some balancing-out of supply and demand – a balanced market can be a good thing for both buyers and sellers.
For now, there just aren’t enough homes for sale to meet demand. We’re working with 10 to 12 buyers who are looking for the home of their dreams all across the Dallas area. If you know someone who’s considering selling, please reach out and let us know – we’d love to be the matchmaker between them and one of our buyers!
If you have questions or comments, I’d love to hear from you. You can also visit the Indigo Skye Group’s YouTube channel anytime for more updates and tips on the Dallas housing market. We’re here to help, any way we can!
Love to all!