North Texas Real Estate – Nov. Market Conditions

 North Texas Real Estate Market Conditions

North TX. Real Estate Market InforgraphicHow is the North Texas Real Estate Market?  Do you know where the sweet spot for pricing is? How long will it take to sell your home?  People will always tell you it is a great time to sell or buy a home but to be sure, look at the numbers in black and white or this Infographic in color!

Learn from this quick post why you should be buying and selling NOW in today’s real estate market.  After looking over these statistics, call Van Alstyne Realtor, Keith Laursen for an in-depth evaluation of your home’s value or to spot your next dream home.  Complied by the Real Estate Center at Texas A&M, Infographic by Republic Title.

 

  • Sales of single family homes are up 8% compared to last November and up 5% year to date.  This shows a continued strong market. You should expect vendors like repair contractors, inspectors, surveyors, appraisers and real estate agents to be very busy.  Without a Buyer’s Representation Agreement or Listing Agreement, you will be at a significant disadvantage competing with other home owners and home buyers that have made a commitment to professional services.  Demand in North Texas remains strong due to our economic conditions and favorable business environment.  Additionally, real estate transfer taxes have been banned in Texas!
  • The average price of single family homes are up 8% over November versus last year and 8% for year to date.  Home sellers of course will realize this gain in equity on a sale and home buyers must consider the cost of waiting another year as prices continue to increase.  To put this in perspective, sellers can easily make up the cost of selling a home in just one year.  Home buyers who sat on the sidelines last year would pay an additional $77 per month for principal and interest for the same 200K home today. (200K+8%= $16,000 @4%)   Is this a good time to buy?    Yes, because you are likely to see that same increase next year!
  • Days On Market (DOM) are down a whopping 20% for November and 16% for the year!  This is why Realtors keep banging on buyer clients to get pre-approved. Your dream home won’t last long so you need to be ready to go under contract before your competition does.  If you are listing your home for sale, you won’t have long to make repairs, start packing and looking for replacement housing.  Don’t put off doing these things or you will be under significant pressure before closing the sale.
  • The hottest price point for buyers in November was between $200,000 to 400,000 representing over 38% of all sales and inventories of just over 2 months.  If you are selling in this price range, you may have multiple offers if your home is in top condition.  Buying in this range will be a challenge so it is important to use a good Realtor and look at homes quickly.  Ask your agent about automatic MLS notice of new listings. This way you will know about new listings before other buyers do.

 

Summarizing, we have a very robust market. Both buyers and sellers need a professional on their side that understands market values, knows trustworthy and responsive vendors and can guide you on your way.  It can be easy to pay to much in this competitive environment and as a seller, you want to be sure your buyer can actually close the contract. Call Keith Laursen when you are ready to make your move, just don’t wait too long!

 

About Keith Laursen

I am a Fathom Realty Realtor specializing in town and country properties in the cities of Van Alstyne, Anna, Melissa, Howe, Gunter, Tom Bean, Whitewright, McKinney and Plano, TX.

My trusty horse and I will help you "spot" the best in real estate. Remember, it can't sell if it's not spotted!
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