According to the article, monthly sales of preowned single-family homes by real estate agents have increased from about 4000 in 2010 to 9022 in October 2017.
Median home sales prices for preowned single-family homes sold by real estate agents in North Texas have risen from under $150,000 in 2010 to $240,000 in October 2017.
And home inventory has fallen for the number of preowned single family homes listed with real estate agents in North Texas from about 34,000 to 21,416 in October 2017
What does this tell us?
Short home sale times indicates that the market is strong, demand for newly listed preowned homes is still a driving force in the North Texas housing market.
The cities with the highest sale price per square foot take longer to sell and are found in cities with higher inventories
Falling inventory means less homes on the market and therefore less choice for the home buyer. It also indicates that prices will not fall, but hold firm or increase with the increased demand for preowned homes.
In short, if you are a buyer, the best time to buy was 6 years ago. The second best time to buy is NOW!.
If you have a home to sell and you live in a city with the lowest home inventories AND the shortest home sale time, your home is a desired commodity. Consider converting your preowned principal residence equity into a tax free (up to $500, 000 per couple) capital gain, or make use of your appreciated real estate and convert your equity into cash and use those funds to invest in other ventures.
A good real estate will sell your home, or help you find one to buy, but a GREAT REALTOR will guide you, educate you and assist you in finding you your "Forever Home" or sell your home to one who will make it their "Forever Home".
Austin is a native of St. Louis Missouri, however he comes from a long lineage of Texans. In 2012, Austin came to visit family in Dallas for one week. Six weeks later he made his last trip to Missouri to move all his belonging to Dallas. He fell in love with the fast pace and opportunities the DFW area offers. Austin has a background in Mechanical Engineering. Don’t let that fool you, he enjoys socializing and understands the synergy between agent and clients.
Austin began his career in real estate by taking the required classes for a real estate license with the end goal being: “One day these classes will help me buy property successfully.” Once he completed all the courses, Austin figured might as well get a license to practice buying and selling real estate!
Austin spends his free time outdoors, usually working on or racing cars at the racetrack, going to concerts, and enjoying the outstanding TexMex food in Dallas.