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...
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).
Like supply, The National Association of Realtors also reports monthly on the numbers of home buyers out looking at properties for sale. Last month's Buyer Traffic report was "strong" or "very strong" in all but five states. If you're a buyer in the housing market, you probably guessed Texas easily fell in the "strong" category.
Across North Texas, many buyers are being confronted with a very competitive market in which they must compete with other buyers for their dream homes (if they are even able to find a home they wish to purchase).
Listing your house for sale now will allow you to capitalize on the shortage of homes for sale in the market, which will translate into a better pricing situation.
Do you know how much equity you have in your home? Across the Metroplex home prices are up about 40% since 2012. Many homeowners underestimate the amount of equity they currently have in their homes. Nationwide 37% of homeowners believe that they have more than 20% equity in their homes according to a recent Fannie Mae study. In reality, CoreLogic’s latest Equity Report tells us that 78.9% actually do!
Many homeowners who are undervaluing the equity they have in their homes may feel trapped, which may be contributing to the lack of inventory in the market.
If you are debating selling your home this year, let's talk. We can evaluate the equity you have in your home, the opportunities available in your area, and determine if a sale this year would be the best choice for you.