Our numbers and weekly updates have been predicting a slowing of the market for the past 6-7 months. The news outlets usually trail 3-4 months behind the real time stats. Case Shiller and other indexes report on a quarterly basis with their larger reports, which leads to the time lag. Right on cue – the Dallas Morning News and other outlets have increased their reporting on the market shift in the past few weeks.
Here are a few samples that have run in the past week:
DFW Home Prices Forecast Barely Move in the coming year
June Home Sales Dip
Fewer Million Dollar Homes Sell
If you don’t need to sell in the next 3-4 years, then the market dip will likely not impact you. If you are looking to sell, we are strongly encouraging our higher end clients to get on the market quickly and capitalize on their investments NOW. Next year will likely be much different for luxury sales.
If you are looking at moving up, the next 6-9 months will be great opportunities to capitalize on low interest rates and softening prices.
If you are on the market right now and not getting traffic or offers, make sure your price reductions are big enough to get buyer attention and movement.
This market is moving and picking up steam, let us know if you need us to do any specific property watches for you. Luckily we have seen this before and have been through the last downturn, which makes us an asset to any client needing to buy or sell in the next few years.