Real Estate Challenges in 2017: How to Sell My Home Fast in Dallas
Selling your house fast or learning how to sell your house by owner in Dallas may be a little tougher this year. Find out what’s happening in the local market now, and how trends are changing things…
Dallas has enjoyed a great upward run. The area held out longer than others when the nation’s housing market fell apart. It also felt the pain less than other cities like Miami and Las Vegas.
Things have been great since, but, the latest data suggests the winds may be changing.
What do you need to know if you’ve been thinking about selling your home fast in DFW?
Home Asking Prices Are Way Up
Zillow reports the average median home listing price in Dallas is now at $354,900. While other cities have seen home values almost return to their pre-2008 peaks, Dallas home values are already over 32 percent above the 2007 highs, and almost double the values during 2012. Local home prices grew 18 percent last year. Zillow predicts that trajectory will level out this year, and perhaps increase at just a third of that rate.
Listing Price to Value Differential
It is also worth paying attention to the difference between current average asking prices and values of homes for sale by owner in Dallas, TX. Local asking prices may average above $350,000.
Yet, the average home value is just $160,300. There can be some obvious reasons for this disparity, such as more high-end homes selling more than cheaper ones. Yet, as of the beginning of the year, nearly 10 percent of sellers have reduced their asking prices. Price cuts and length of time on market may also be masked by some agents and sellers withdrawing listings, and then relisting them as new inventory at lower prices.
Where Are the Buyers?
Real estate investors have certainly helped the market recover and have helped local homeowners gain equity or sell their house fast in Dallas. With sky-high local rents, many tenants may also be eager to make the leap into homeownership. And Zillow has dubbed Dallas as one of the few “Buyers’ Markets” of 2017. However, mortgages are still hard to get, and rising interest rates could decrease the number of qualified buyers even further.
Cash is also less plentiful this year as many home investors have spent years putting their cash into buy-and-hold rental properties. There are a few who may pay cash for houses in Dallas, but sellers will have to look harder this year. The longer they wait to move the more difficult it could become, too.
If you’re looking to sell houses for cash or want to know how to sell your house by owner in 2017, consider contacting DFW Sell Fast. We buy homes in any condition. Call us today at 817-601-7777.