Is it a Seller’s Market in the Lone Star State?
Texas weathered the national recession better than most states. Affordable home prices, continued job growth, and Texans’ can-do attitude have all helped. But has the pendulum already swung back to a seller’s market in the Lone Star State, with home prices creeping up again and buyers potentially facing bidding wars?
According to the third quarter housing report, the pendulum has officially swung to a sellers market in the Lone Star State. The Dallas housing market had a 16.28% jump in sales volume and a nearly 9% jump in median price. However, the law of supply and demand is at work and the increase in demand has caused a decrease in inventory to only a 4.2 months supply.
If you’re a buyer, expect competition when making your offer and be prepared for the seller to receive multiple offers. If you’re a seller, it’s a great time to be on the market. Selling your property is a price war and a beauty contest… If you’re priced right and you present your property in it’s best light, a favorable offer shouldn’t be too far in your future.
For more on the Q3 – 2012 Housing Report watch this video from Joe Stewart, the Chairman of the Texas Association Of Realtors®