As we reflect on 2018, it was a year of growth, new opportunities and continued population and company attraction for North Texas. Here are a few important notes:
- The market is still adjusting. Each week we pull Expired/Cancelled listings. The two biggest days in the year where you can see market activity in ONE day is July 1 and Dec 31st each year. A bulk of Sellers hit the market in Summer, so Dec 31st gives us a good indication of how many sellers successfully sold. Below is the single day indicator of 2016-2018 Expired/Cancelled listings on December 31st. You can see that we are still correcting. The number for Expired/Cancelled sellers for 2018 was up 42.3% over 2016.
Date Expired/Cancelled Homes
12/31/2017 1,17612/31/2016 975
- Should I hit the market now? With a record number of Sellers exiting the market, they will have to wait at least 31 days to reset their days on the market. That means there will be a big dip in the available homes for Buyers, and thus you will have more eyeballs looking at your home than if you wait until mid February or March to go on the market. Starting on Dec 24th, we saw an increase in showings start, so this also gives us a reason to look positively towards 2019.
- Should I Buy now? We have been fortunate that interest rate hikes have slowed over the past 30 days. This mixed with the national and local media reporting on the adjusting real estate market has caused Sellers to be more realistic in what they are expecting for their home. This means that you get to capitalize on lower interest rates along with a more reasonable seller. When we purchase investment properties, they are almost always purchased in between October – March because there are fewer Buyers looking for homes.