Lately, I've had many people ask me where the real estate market is. Are we in a seller's market or a buyer's market? My answer to them is - We're in a neutral market, a normalizing market.
For the last two years we saw a frenzy of activity due to all the large corporations that relocated to Dallas. This drove the demand up when the supply wasn't really there. So, sellers were able to get top dollar and over asking price with multiple offers for their home. Buyers were frustrated that they couldn't get a home. Demand was high and supply was low.
Things have tappered off quite a bit for this year. We have had a slower start to 2019 with the "hot" market cooling down and "normalizing". What this means is you will see less homes with multiple offers, sellers not able to get top dollar or over asking price for their homes and more supply available for buyers to choose from. This is NOT a bad thing at all. It's actually quite healthy if you think about it.
Supply and demand for a well priced home in the Dallas metro area is still in high demand and short supply since many people don't want to commute anymore. But, when you look in the northern cities like Frisco, there is actually a surplus of homes due to all the new builds going up. Many of these builders are having to slash prices or offer REALTOR incentives to bring buyers in. So, it really depends on where you live or want to live.
If you're planning on selling, make sure your agent prices the home accurately, at a good price to entice buyers to come right away. The last thing you want is days on market and price reductions on your home.
If you're buying, then now is the time. Interest rates have come down a bit, supply is there so you have time to look and you will purchase a home at a great price without overpaying.
I hope that this helps you. If you ever need help or have questions, please feel free to reach out to me. I'm always here to help you.
Kristine