The Asking Price For Homes Hits The $400,000 Mark In Dallas, TX.
Since the pandemic hit in 2020, the real estate market has faced ups and downs. From prices going down and up and people buying homes and renting non-stop to the asking price hitting the $400,000 mark. If you're a homeowner looking to sell your house, you must know the market's behavior. Keep reading to learn why the asking price for homes went up in Dallas, TX.
How's The Real Estate Market Behaving In Dallas, TX?
In North Texas, the pricing of the houses is higher than ever. The asking prices have risen by double-digit percentages to a record high. Year-over-year, median home listing prices in Dallas increased by more than 14%, making the new standard be $400,000.
In January 2021, the number of residences for sale with real estate brokers in Dallas was around 40% lower than in January 2021. Home inventories were already at an all-time low! Also, the average time to sell a house in Dallas is 43 days, which is a disadvantage in this circumstance. The longer a home is on the market, the more likely the price will drop, costing sellers time and money.
In January, national home listing prices were more than 10% higher than in January 2021. Still, the number of residences for sale with realtors was down more than 28%.
A 2022 Forecast For The Market
The experts are saying that there will be a lot of competition for buyers this year. January's housing trends show that buyers are already getting more active than usual. Houses sold quickly in January, which suggests that there will be a lot of competition for homes in the future.
However, new seller listings continue to drop in January on the other side of the closing table. Even when sellers are aware that housing conditions are good, some uncertainties could be contributing to their hesitation.
Many economists have predicted that home prices will go up less this year. There will be less competition for properties because of higher mortgage costs and more homes being available to buy. Thousands of people see Texas as a great opportunity, so they move to the state. However, there aren't enough homes to live in, making the pressure to buy a home at a high price very strong.
As A Homeowner, You Still Have Other Options
Even though the industry's forecast seems favorable, you don't have to hire realtors or list your house on the MLS listings to sell. As a homeowner, you still have other options like working with cash home buyers in Dallas, TX. This alternative will allow you to sell your house in as little as 7 days and get cash.
As their name says, cash home buyers will give you a fair offer considering your home's condition and the market's pricing. They offer excellent benefits and will surely save you time and money since you won't be required to do costly repairs.
Asking prices may be going up, but you can still sell your home. Don't hesitate to take the next step and start getting ready to sell!
This article was published on 03/02/2022.