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Dallas-Fort Worth Real Estate and Homes

List your Keller home today

Supply and Demand is Shouting 'List Your Home Today!'

Do you remember much of what you learned in school about supply and demand?  You may not recall much of Economics 101, but this is one lesson you surely reconginze; when demand is greater than supply, the price will rise...

SUPPLY

A six month's supply of homes for sale in Keller, Southlake, Trophy Club is generally considered a "normal market" - not favoring sellers with rising properties or buyers with bargain prices.  This area, like most of the rest of the nation, is reporting about a 3.8 month supply of homes available according to The National Association of Realtors (NAR).

Months Inventory of Homes for Sale

 

DEMAND

Like supply, The National Association of Realtors also reports monthly on the numbers of

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Existing Homes Sales Hit Highest Levels

Highlights:

  • Sales of existing homes reached the highest pace in a decade at a seasonally adjusted annual rate of 5.69 million.
  • January marked the 59th consecutive month of year-over-year price gains as the median home price rose 7.1% to $228,900.
  • NAR’s Chief Economist, Lawrence Yun had this to say, “Much of the country saw robust sales activity last month as strong hiring and improved consumer confidence at the end of last year appear to have sparked considerable interest in buying a home."

Bottom Line

The inventory of homes for sale is tight in higher priced cities like Colleyville and Southlake.  And home buyers in the relatively more affordable areas like Roanoke, North Fort Worth and the Alliance area are finding it even more

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Luxury Home Southlake TX
Looking to Move-Up to a Luxury Home? Now’s the Time!


Does your current home still fit your needs?  If you're planning an upgrade into a luxury home, now is a great time to do it! I recently shared data from Trulia’s Market Mismatch Study showing buyers currently have more control in area luxury markets like Southlake, Trophy Club and Colleyville.  The inventory of homes for sale in those markets is higher than in those offering homes closer to DFW median price points.  So sometimes, homes in the area's luxury markets are staying on the market longer, or can be found at a discount.

If you're selling your starter or trade-up home, you may well find buyers competing, and often entering bidding wars, to be able to call your house their new home.  This

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Keller Housing Market Prices to Rise

Inventory Mismatch Paints a More Detailed Picture


the National Association of Realtors latest Existing Home Sales Report  reports the inventory of existing homes for sale in today’s market to be at a 3.6-month supply. That's now 7.1% lower than this time last year, marking the 20th consecutive month of year-over-year drops. We're seeing the same thing in our area. 

Typically,  a 6-month supply of homes for sale is considered a "normal market",  where home prices appreciate with inflation. When there is less than about a 6-month supply the demand for houses outpaces supply.  And you are probably aware of what happens when demand is higher then availability.  Prices go up.  

Here's the chart showing the US has been in a sellers' market for the

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Mortgage Interest Rates Rising

Mortgage Interest Rates Went Up Again… Now What?

In case you hadn't noticed, mortgage interest rates have increased over the last several weeks. Freddie Mac, along with Fannie Mae, the Mortgage Bankers Association and the National Association of Realtors, is calling for mortgage rates to continue to rise over the next four quarters.

So now I'm hearing would-be home buyers in Keller, Trophy Club and North Richland Hills wonder if they should wait to buy...  

If you think it's been hard so far to find a home that fits your budget and your needs, it's going to get worse. - Jonathan Smoke, Realtor.com's Chief Economist.

Possible home sellers in the area that have lower mortgage interest rates may be less inclined to move up or buy a new

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Are You Buying a Home This Year?

Are You 1 of the 59 Million Planning to Buy a Home This Year?

According to a survey conducted by Bankrate.com, one in four Americans are considering buying a home this year. If this statistic proves to be true, that means that 59 million people will be looking to enter the housing market in 2017.  Are you one of them?

The survey also revealed 2 key takeaways:

  1. Those most likely to buy are ‘Older Millennials’ (ages 27-36) or ‘Generation X’ (ages 37-52)
  2. Many potential buyers believe they need to put 20% down and need to have perfect credit to own and are unaware of programs that would allow them to buy now.

Holden Lewis, a mortgage analyst for Bankrate.com, pointed to one big reason why many Americans are starting to consider

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DFW housing market spring 2017

Housing Market “Springs Forward”

Just like our clocks this weekend, the housing market across Trophy Club, Southlake, Keller, and surrounding areas will soon “spring forward!” Similar to tension in a spring, the lack of inventory available for sale in the market right now is holding back the market.  

Many potential sellers believe that waiting until Spring is in their best interest, and traditionally they would have been right.

That hasn’t happened over the previous few years.

Demand for housing has remained strong as mortgage rates have remained near historic lows.  

The National Association of Realtors (NAR) recently reported that the top 10 dates sellers listed their homes in 2016 all fell in April, May or June.

Those who act

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Where Are Roanoke Home Prices Headed

Where Are the Home Prices Heading in the Next 5 Years?

Today, many real estate conversations center on home prices in area cities like Roanoke, Trophy Club and the Alliance area and where they may be headed. That is why I like the Home Price Expectation Survey.

Every quarter, Pulsenomics surveys a nationwide panel of over one hundred economists, real estate experts, and investment & market strategists about where they believe prices are headed over the next five years. They then average the projections of all 100+ experts into a single number.

The results of their latest survey:

Now keep in mind these are national numbers but it's projected home values will appreciate by 4.4% over the course of 2017, 3.4% in 2018, 2.8% in 2019, 2.7% in

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How much does it cost to buy a home in Keller?

Over Half of All Buyers Are Surprised by Closing Costs 

According to a recent survey conducted by ClosingCorp, over half of all homebuyers are surprised by the closing costs required to obtain their mortgage.  There's no reason this should happen.  EVERY good real estate agent should be able to figure your numbers on the fly.  And if they haven't sat you down for that discussion you need to find out why. 

After surveying 1,000 first-time and repeat homebuyers, the results revealed that 17% of homebuyers were surprised that closing costs were required at all, while another 35% were stunned by how much higher the fees were than expected.

“Homebuyers reported being most surprised by mortgage insurance, followed by bank fees and points, taxes,

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Selling Your Keller area home?

Thinking of Selling? Do it TODAY!!

That headline might be a little aggressive. However, as the data on the 2017 housing market begins to roll in, I can definitely say one thing: If you are considering selling, IT IS TIME TO LIST YOUR HOME!

The February numbers are not in yet, but the January numbers were sensational. Lawrence Yun, Chief Economist for the National Association of Realtors, said:

“Much of the country saw robust sales activity last month as strong hiring and improved consumer confidence at the end of last year appear to have sparked considerable interest in buying a home. Market challenges remain, but the housing market is off to a prosperous start as homebuyers staved off inventory levels that are far from adequate…”

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