Should I Sell Right Now?
With so much news around a recession and rising interest rates, choosing the right time to sell isn’t easy. Of course, if getting the most for your house is your only concern, you can wait out a down market. But relocations, job changes, or new family needs can press the issue. So here are a few facts about the real estate market for the end of January.
Pricing
Median prices for existing homes in the DFW area over the past 12 months have been flat, reaching an average price of about $335,000. In December, that price declined by 0.7% when compared to November. So overall, housing prices in DFW have been declining for the last seven months. Not necessarily bad if you have to sell, and not necessarily an immediate notice to buy a home if you’re in the market.
Inventory
Inventory on the market increased by 78% compared to the same time last year, with 17,000 houses for sale. Overall, market inventory decreased by 17.7% in December compared to the available inventory in November. People appear uncomfortable putting their properties on the market.
Existing Home Sales
Median existing home sales over the past 12 months are also down by 39.8%, reaching 5,904 homes sold. Those sold in December decreased by 3.3% as compared with November. This decrease indicates market activity has been slowing for the last five months. People are taking longer to decide to sell.
Days on the Market
For those who do choose to sell, the median amount of time a home for sale spends on the market is increasing. Over the past 12 months, a home for sale has spent about 32 days on the market, up eight days in December compared to November. This increase may be keeping the supply of inventory on the market low. On the other hand, decreasing supply for the last two months keeps this a strong seller’s market.
So if you decide to sell now, you may not get the price you hoped for, but you won’t be stuck in a home you want to sell for very long. It’s still a strong seller’s market when viewed from the supply side, even if prices are slipping slightly. The best-case scenario starts with partnering with the right realtor. I’m Viktor Taushanov, Mister Frisco, and I can help you sell your existing home at a price you can be satisfied with. Contact me today, and let’s get the most for your home.
