We are experiencing the hottest housing market ever in North Texas. That is good news for home sellers. High demand and low supply have contributed to a steady rise in sale prices over the last five years.
The name of the game is speed
Also due to low inventory and high demand houses are selling at a rapid pace. The median days on market for single-family residential properties in Dallas County is only 15 days while Collin County is 13 days, and Denton County is 16 days. For sellers, this couldn’t get much better.
Financing as a negotiating tool
Buyers can create a negotiating advantage over other potential buyers by having their mortgage financing in place. I recommend home buyers consult with a professional mortgage loan officer to ensure that there is no stone left unturned that could be an advantage in contract negotiations. This will provide homebuyers a competitive edge over other buyers who haven’t looked at their financing as a negotiating tool.
Also, historic low-interest rates are positive for home buyers and sellers. The predominant range of conventional 30 year fixed rates is between 4.00% and 4.25%. How long mortgage interest rates remain low is anyone’s guess. My advice is if you’re thinking about getting in the market, with regards to current rates, the timing couldn’t be much better.