August News!

I am sure you have all encountered various crazy stories lately about the Real Estate Market in DFW. One writer describes it as like sitting in the shade in August, slightly cooler but still hot; especially compared to the rest of the country. 
The recent rises in mortgage rates has affected the market. And I personally think the extreme heat has an effect. For the past year it has been: list the house on Thursday, have an open house on Saturday and receive 8 to 20 offers (some over list price) by Sunday. These days… the Listing Agents are putting in more work and we’ve got to be patient. Our average days on Market in DFW is now 8 days. Still a fairly short time; but in the mind of the sellers and buyers, it’s huge. 
Mind of the seller: Why didn’t I sell my house in a day and over the list price?
Mind of the buyer. The house did not sell in one day. What’s wrong with it? Maybe I don’t have to offer over list. 
The market has shifted. It may be a minor shift but it has changed. And actually, this is a good thing. It is good for the buyer, and it is not a bad thing for the seller. There is more inventory so the buyers have more choices. The buyer does not have to get into a bidding war and pay over the appraised value. 
The sellers may not get way over the sales price but they are still getting the market value. That market value increased by 30% last year. Even if the sellers are not getting over list price, they are still 30% ahead. 
The real estate market isn’t crashing. Predictions are that we will still see a market value rise of 5% this year compared to last year’s 30% rise.  
3% to 5% a year increase is normal for our area.
Even with a SHIFT, overall inventory is low and there are still thousands of people moving to our area. Still a good time to sell and it is a better time to buy.