A fluctuation in home prices is simply part of the housing market, and in the Dallas-Fort Worth area the current trend is home prices that are on the rise. It’s a hot market, and experts say that right now it’s one of the hottest in the country. Economists are consistently seeing Dallas and the surrounding area outpacing the nation on home prices, with a high chance that increases will continue throughout the rest of 2017. So what does that mean for people in that market? That largely depends on whether you’re a buyer or a seller. Which side of the market you’re on will greatly affect whether this market is good or bad for meeting your needs and goals.
For Sellers, the Market is Excellent Right Now
If you’re a seller, the market is in a good place at the moment. Prices are going up, which means your home is worth more and more just about every day. You can likely make money on your home if you sell it now, instead of waiting for later when the market may have changed and not be as strongly in your favor. Sellers who want to move their homes, get them sold, and buy another home somewhere else would be wise to get their home on the market before things change. If they’re moving out of the area, they may find much better housing prices in another location.
For Those Selling and Buying At the Same Time…
In a lot of cases, sellers are selling their homes because they want to buy something else. If you’re staying in the Dallas-Fort Worth area, selling your home, and buying another one, you could be caught between the proverbial rock and a hard place in this seller’s market. That’s because you’ll get more for the home you’re selling, which is great, but you’ll likely also have to pay more for the new home you’re buying. Consider that carefully if you decide to sell and buy at this time, because the new, higher value of your home has to be enough to offset the new, higher value of the home you’re looking to purchase. It can be a delicate balance.
Buyers May Not be as Happy, but There’s a Bright Side
Buyers of homes in the Dallas-Fort Worth area may be surprised by the rising costs and may feel pressured to act quickly so they can get a home before the prices get any higher. If that’s your particular situation, focusing on what’s good about those prices can help. Buying now means paying more, but values are still rising. Your home will be worth more later this year than it is now, so you’ll have equity. Additionally, interest rates are still low, so that can help offset the cost of the home and help you get a payment that you’re happy about when you choose your next house.
The Market Will Always Change Over Time
No matter whether you’re selling, buying, or doing both at this time, the market will always change and adjust. That’s good and bad news, depending on who you ask and what they want and need from the current and future markets. If you’re not ready to buy in this high market the prices will eventually come down, but keep in mind that you could be waiting some time for that to happen. Right now, the current trend for Dallas-Fort Worth real estate is up, and there’s no real indication that the trend will be changing any time soon. Sellers want to keep that in mind, as well, so they can make the right financial choice.
Preston Guyton REALTOR
Broker in Charge/Managing Partner, CRG Companies, Inc.