Market Report January 2022

Dear Neighbor,

It’s true—maintaining an oversized home as you prepare for retirement can be stressful. After a while, cleaning a large house and spending more money on updates just doesn’t make sense. Now you’ve decided to sell, but like most homeowners, you’re not sure where to start.

You want to get your home sold without a whole lot of stress and worry—and do it fast. That’s why you deserve the guidance of someone with experience in the field. Like you, I live in Heritage with my family and I know the neighborhood very well.  As you prepare for your transition, here are the top things to know about the Heritage real estate market:

 Competing Bids on Redfin Decreased to Less than 60% in November

According to Redfin, only 59.5% of the offers that were written by agents working for Redfin faced competition. The rate of offers that experienced competition hadn’t dipped below 60% since November of last year. This indicates that buyer demand is dropping as more homes are entering the market.

“Bidding wars are still happening, but buyers are starting to get more breathing room,” said Jill Thompson a Redfin agent in Indianapolis where the bidding-war rate dropped to 36.8% in November from 73.6% in October. “A few months ago, the typical home was going for $15,000 to $20,000—sometimes even $50,000—over the asking price. Buyers were paying cash, waiving inspection contingencies, and overlooking necessary repairs in order to win,” Thompson continued. “Today, buyers are more cautious about overpaying, aren’t waiving inspections as freely as they were in the spring and feel less of a rush to commit to a house after the first tour.”

What a Reduction in Competing Bids Means for North Texas

The data from Redfin includes information about several metro areas throughout Texas, which gives us a better understanding of what the situation looks like in North Texas. When it comes to our area, I’ve noticed similar patterns over the past couple months, which is entirely normal for this time of year.

Even though the percentage of homes that saw competing bids fell to less than 60% for the first time since November 2020, a similar drop occurs nearly every winter. While it’s always possible that we will see the continued climb of the real estate market throughout 2022, it is normal for a pull back to occur during the winter months.

As a Heritage homeowner, what does all this mean for you?

Well, if you’re thinking about selling in the next 12 months, now is the time to start preparing for the market.

In addition to working as an agent, I am a homebuilder. Meaning, I don’t just sell homes, I build them. That means I can help you with any repairs that may need to be made prior to going on the market, and work through items that might come up during the home inspection.

You will benefit from my real estate expertise as I give you step-by-step support and clear communication along the way. You’ve worked hard for what you’ve earned, and you deserve to capture your equity without a lot of stress and heartache. With my ROI-based property updates, highly targeted pre-listing marketing, and a systematized approach, you can rest easy knowing you are in good hands.

If you’re thinking about selling your home in the next 12 months, call me today for your Strategic Marketing Consultation 817-888-0683.

We will cover your goals and my unique approach to getting you the highest possible price in the fewest days on market.

Looking Ahead

Once the spring arrives, we should start seeing a notable increase in the amount of competition on the North Texas real estate market. Even during the cold winter months when sales always decrease, the decrease has been relatively small this year. During most years, the short lull in the market throughout the winter dissipates by the springtime. Although mortgage interest rates aren’t going to continue being as low as they were in 2021, the largest increases in interest rates are expected to occur in 2023, which means that 2022 is the perfect time to sell.

When you choose to sell your home mainly depends on the reason for your move. If you need to move quickly because of a job relocation, the low interest rates are still in place, which means that you should receive numerous bids on your home even if you list it during the winter. If your home creates a bidding war, you’ll find that negotiating a higher sale price is considerably easier especially with the help of a seasoned real estate professional.