Is 2021 the best time to sell your Dallas home?
I am sure you have heard the news, Dallas is thriving. Not only in population but with jobs, businesses, construction, and of course, real estate. However, there are two sides to the real estate market. On the buyer side, where there are multiple homes to choose from and not as much competition to negotiate. And then there’s the seller side, where there is a high volume of buyers and less amount of inventory. The Dallas area is definitely on the seller’s market side of the spectrum. This is why 2021 is the best time to sell your Dallas home.
Have you checked the value of your Dallas property recently?
The median home value has increased by almost 20% and this is a big deal for the market. Experts predict it to only increase over the next few years, considering the growth in not only Dallas, but its surrounding cities as well. If you are a homeowner, this is probably the best news you could receive in regards to equity. Not to mention, the latest forecast predicts that they will rise 6.1% over the next 12 months. So if you have had your mind on selling your property, whether to downsize or expand your space, 2021 is the best time to sell your Dallas home.
There is a concerning low amount of Inventory
Low inventory is leverage for sellers, simply because there is less competition in the market. However, this means buyers are limited on their negotiation opportunities and overall housing options. This all started back in 2020 when we hit record-low mortgage rates, where renters started exploring the thought of home-owning, and casual buyers turned into serious buyers. Today, we are still seeing record-low mortgage rates, but we are also facing record-low inventory in the housing market. NAR has recently reported the current number of homes for sale stands at 1.28 million compared to one year ago when we were at 1.64 million). This is almost a quarter less than it was only a year ago. In addition, the Dallas home inventory is now at 2.3 months of supply available, compared to the average market of 6.0 months of inventory, this is an intensely drastic difference with over 50% less in housing supply.
The high volume of buyers
When the population grows, so does the volume of buyers. There are many reasons people continue to move to Dallas such as job opportunities, businesses moving here and cost of living. Since 2016, the population has increased by 7.5% and the job market is a big reason for such growth. Although it is a very competitive market for eager buyers, there is always room for opportunity. Working with an experienced agent is key to finding real estate success, especially in the Dallas home market. However, for sellers, the growth of population is a big advantage when it comes to selling your Dallas home. The reason being, your home has the potential to only be listed a few days on the market compared to months and months.
Whether you are looking to buy or sell, our team of experts are here to help you find real estate success. The great difference about The Sharma Group is that we are here to put you first. You don’t have to be alone during your home buying or selling journey. So don’t wait to book your free consultation with us!