According to Rasmussen Reports, a media company specializing in public opinion polls, a recent survey of 1,000 showed that Americans are more convinced that their local housing marketing is good for sellers.
How confident should home sellers in the Dallas-Fort Worth be feeling?
Median Sales Prices
The median sales price throughout the metroplex continues an upward climb. Denton County median sales price is at $248,000 according to NTREIS. Just four years earlier in October of 2011 the median sales price was $182,474. This trend is not isolated to only Denton County. This is happening in Dallas County, Collin County, Tarrant County, and Rockwall County as well.
Homes For Sale
A key to rising prices in the Dallas-Fort Worth area is supply and demand. The lower supply of homes in the market reflects a higher demand and with that more competition and higher prices. If a home is priced right and it’s in good condition, it will be sold in this market. We are continuing to see a continued decline in the number of homes for sale. This brings a smile to just about any home seller.
Days on Market
The average days on market for homes throughout the metroplex is about 42 days. This is a steep decline going back to January 2012. Factors playing a role in such quick sales are supply and demand and historic low-interest rates. This is something we will be watching as we move into 2016.
Mortgage Interest Rates
Mortgage interest rates have been at or near historic lows for quite some time, a trend you’d like to see continue if you are purchasing or selling a home.
Last week we saw a stronger than expected October Jobs Report and rumors were flying around that the Feds might increase interest rates in the near future. There are some who feel this could be as early as mid-December. This news played a role in mortgage bonds declining last week. A good rule of thumb to keep in mind is that when there is strong economic news, Mortgage Backed Securities (MBS) tend to move lower, resulting in higher mortgage rates.
These are all factors that have given sellers confidence in the Dallas-Fort Worth home market.
If you are thinking about buying or selling let me help you with a plan.