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Make Your Move, Dallas

Make your move, Dallas

The Dallas area’s real estate market didn’t emerge unscathed from the shakeout of the late 2000s, but it fared far better than big markets in California, Arizona, Florida and elsewhere. As if locals needed another reason to thumb their noses at coastal elites, stable home values across North Texas seemed to confirm the Lone Star State’s economic superiority.

These days, things are looking even better for Dallas homeowners and prospective buyers. Let’s take a look at why now is the perfect time to buy or sell a house in the Metroplex.

Plenty of homes to go around

First, it’s important to note that the market supply of Dallas homes remains constrained. According to a recent report in the Dallas Morning News, the local supply would be exhausted in just 64 days at current sales rates. That’s well below the long-term trend.

The law of supply and demand predicts an inverse relationship between supply and price. That’s exactly what’s happening here: A constrained number of local homes for sale is supporting prices for the houses that do make it to market. It follows that folks who list now – or in the near future – will enjoy substantial leverage during negotiations with prospective buyers. Indeed, another recent report found that North Texas home prices increased by 13 percent in February.

In a resurgent market, everybody wins

With supply tight and selling prices on the rise, it would appear that North Texas is in the middle of a classic seller’s market. This is just one part of the story, however. The pace of local home sales has actually dipped since last year, and price increases have remained subdued as a result. This suggests that prices will continue to rise slowly but steadily over the coming years.

Accordingly, buyers who enter the market now may be able to look forward to years of positive returns and could reap substantial rewards when the time comes to sell. By the same token, sellers can take advantage of the recent run-up in prices by putting their homes on the market now and reinvesting their profits in other local homes that look poised to increase in value.

Not over by a long shot

How long can Dallas-area homeowners and buyers expect prices to keep rising? A major survey of real estate experts uncovered a “consensus view” that home values will increase through 2018. Depending on various economic factors, this period of rising prices could last even longer. By acting now, buyers and sellers alike can set themselves up to reap substantial profits over the medium term. Bottom line? Dallas’s real estate market has never looked so enticing.

Take advantage of this hot market. Contact a Modtown expert now and start looking for your next home.