Market update for this week:
We’re seeing the market continue to weed out unmotivated Sellers and Buyers. Fall is the time each year when we see fewer showings on properties, however the buyers that are out looking do have a legitimate reason to purchase. The people looking to buy are not tire kickers or “looky lou’s”. We can tell the market has peaked in two ways.
1. October vs September vs August home sales (as attached to this email) show days on market slowly continuing to tick upwards and number of sales continuing to turn downwards. This is the same trend we first picked up on in September as we evaluated sales data versus August.
2. We have been tracking weekly sales data since 2015, every single week in North Texas. When you look at the same time frame for the past 3 years, you’ll notice inventory overall in the market is up, the number of active homes is up, number of homes and sold homes are both down. When inventory is noticeably up and sales are noticeably down over a 2 month period – we need to pay attention. As the numbers show below, this is not a seasonal shift, we’re seeing this indicate a market correction. How big will it be? Only time will tell.
What does this mean for you?
1. If you are moving up – now is the time to purchase and sell to maximize your investment opportunity
2. If you don’t have the traffic you want on your home, evaluate pricing and condition on the property and make swift changes
3. Give buyers a reason to jump off the fence and make a decision. We’re here to help guide you on specific strategies for you home.
4. If you’re looking to invest in rentals, we’re coming up on the perfect season to purchase. When a market turns, there are more renters that enter the pool.