In this DFW market update, we're watching our market as we roll into what would typically be a Fall real estate market.
There is an anomaly this year in that many North Texas schools have pushed their start dates back by 2-4 weeks. What would typically be a start date of mid-August for school has now become, for many, a first day of school after Labor Day. The result is a summer selling season this year that will extend through August. Many home buyers are still out looking for homes in hopes of moving prior to school starting.
Also, with many large corporations allowing employees to work from home until 2021, many buyers are considering where they want to live and are making moves geographically that their companies wouldn’t allow otherwise.
Think about the option of purchasing a home and living somewhere else for a year and then turning it into an investment property. Many Google and Facebook execs are purchasing properties here in Texas and other areas because they have the gift of working from home for the next year.
Just this week alone, we have saved clients over $60,000 in potential taxes paid by teaching them about 1031 exchanges and how to use those to your advantage right now.
Let’s see how this is playing out with the real estate numbers from May 3rd (end of Shelter in Place) through August 8th by comparing 2019 vs 2020 home sales:
The “new on market” homes are picking up steam with increasing inventory and under contract properties are still rising. This fall is shaping up to be an unusual year in real estate and one we will continue to monitor closely.
If you are a buyer: more inventory is available than it was in early spring.
If you are a seller: buyers are purchasing in larger numbers later into the year than they did the same time last year.
If you are an investor: this is the prime time to upgrade your investments by taking advantage of 1031 exchanges or looking to raise your net worth by keeping an eye out for opportunity as we come into fall. Be sure to ask us about our virtual property purchasing options.
Stay cool and safe and remember we are here to help!