Wow! 2020 continues to be full of surprises! And I'm not talking about Hurricane Marco and Laura that are about to hit the Gulf Coast at the same time! I'm talking about the fact that while coming out of a COVID-19 Pandemic and "Shelter In Place"; the Dallas Real Estate Market is getting snapped back into a Sellers Market!
It has been a long time since I could say that. As one of the Best Real Estate Agents In Dallas, I am a listing machine! Just last month I was ranked #4 in sales at my office out of 100 Real Estate Agents! Having a yard sign in front of a home is something we all strive for as REALTORS®. It is engraved into our minds from the time we went to Real Estate School. "Listings Are Golden". However, high interest rates slapped on in 2019 pushed our hot Sellers Market that started to peak in 2017 back into a Buyers Market. Buyers were easily able to negotiate as demand went down.
Not only was there a lot of inventory sitting on the market without buyers to buy them, but the market started to become over inflated from high home prices. No one wanted to pay the high price for a home in Dallas with interest rates at almost 5%. It was too expensive to borrow money, and so buyers started to put their dreams of owning a home on hold. Many started to look elsewhere like the suburbs of Plano or Frisco where homes were half the price per square foot. So huge price cuts were made to try and balance things out. Even then it didn't work. A lot of homes went stale.
A hot Sellers market was starting to shift back to a Buyers Market fast! Then COVID-19 hit! Something weird happened. Interest rates went down to try and help stimulate the economy, homeowners decided not to more or just refinance, less homes were up for sale, and buyers started to make multiple offers again. It was the perfect storm. Buyers are in a feeding frenzy now to get a home with supply being so slow. If you have a clean home, and it shows well then you will get multiple offers within a few days of hitting the market.
Per the Metrotex Associate Of REALTORS® shows in Dallas that Active Listings from last year are down 20%, but sales are up 8.6%. Supply and Demand.
A lot of this is due to homeowners deciding to refinance with low interest rates. Less homes are hitting the market. No one thought this would happen during a Global Pandemic. Homeowners are reaping the benefit right now.
I don't know how long this will last, but I am working full force to get all my listings ready before the end of the year! My Average Days On Market for a listing is 22 days! So it is my home that I can keep that track record for the rest of 2020! Maybe I'll hit the #1 spot at my off for Best Selling Real Estate Agent!
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