Most months, you will see a spike in closings at the end of the month. This rang true for April. What’s interesting about last week is that we had a 3.43% increase in the number of homes on the market. That’s 519 more homes active on the market over the week prior. What is also interesting is that we are consistently seeing an increase in the number of homes hitting the market month over month from February to March and as April closes out in MLS this week, we suspect we’ll see the same trend again. While more homes are hitting the market, there is also a decrease in the number of days on market in each price point. Both are characteristic of the Spring and Summer selling seasons. We’re heating up for what looks to be a strong North Texas home selling season.
If you’re a seller, make sure you don’t let your home sit at a certain price point for more than 2 weeks without offers. Any time over this amount will make you look stale and over priced.
As a buyer, if you are getting outbid on offers for homes more than 2 times, re-evaluate your price point and offer terms to be more competitive. Your Buyer’s Agent will let you know how to best position to beat the competition.