I’ve Got Your Six!
Mark M. Hancock, GRI, MRP, AHWD
REALTOR, New Build certified
214-862-7212
DFWmark.com
Text of presentation:
The sold-to-listed ratio roared defiantly again this week with 793 more houses leaving the market than entering. Again, the ratio has been inverted for almost three months without a break.
I pulled some three-year trends to show the difference between what should be happening and what is happing. The market is cyclical with typically higher sales from April through August and the lowest number of sales in November through February.
A “balanced market” with about six months of inventory on hand is ideal. This means if no new homes came onto the market, it would take six months to sell the remaining homes. A “balanced market” has enough homes available for buyer demand. Under six months is considered a “seller's market” while over six months is considered a “buyer's market.”
The DFW market has been “hot” for years compared to many other parts of the country. As such, this market should have expected around three months of inventory around March 1. Instead, we have DAYS of inventory across the entire market.
The lack of inventory and historic low interest rates have led to incredible price increases, which defy former trends. It’s great for preowned house sellers, but not so much for buyers. As inventory dropped, buyers put their foot on the gas and drove the price per square foot from an average of $127 last January to $142 by January of 2021. Prices are up 11.8% during the last three years. This trend is set to continue as we go into the “buying season” through the spring and summer because there’s no quick way to make up for months of inventory losses.
Buyers should be prepared to face competition with as many as 30 offers placed on a house within a very short window – often the first day on market. Also be prepared to offer significantly over asking price to win the battle. Simply stated, there are no bargains in this market.
Offers over asking price also affect appraisal. Buyers should expect to pay substantial down payments to avoid losing the deal over appraisal worries.
Buyers who have a house to sell have a distinct advantage in this market because they can pull the equity out of their current property and use it as a down payment toward a bigger, better or newer house to accommodate their preferred lifestyle.
If you want to move, but aren’t entirely ready, I can help. I have a way for sellers to buy before they sell.
I’m a Knock certified agent. This means I can help qualified sellers get a combination of loans that allows them to submit an offer on their next home with a significant down payment and without the contingency of selling their current home.
The program lets sellers purchase their next home today without the worry of double mortgages or being without a home. Meanwhile, Knock makes mortgage payments on your current home until it sells or a maximum of six months. The seller can also borrow up to $25,000 to repair and refurbish their current home before placing it on the market to get top dollar.
In DFW, I can help qualified sellers with the entire process. I’ll help connect sellers to the lenders, help locate an ideal home – even a new-construction homes – and get y’all moved.
After your move, I’ll help locate contractors to fix up your current place, make amazing photos and marketing pieces, list the house, help with negotiations and sell your move-in-ready house for top dollar. Meanwhile, your family lives comfortably in your new home while avoiding the germs of strangers and the inconvenience of constant showings.
Certified Knock agents can also team up in different regions or states to buy in DFW, get you moved here, then fix and sell your house there. Or, I can help with the sale here if you’re moving to another region or state with Knock certified agents.
Call, text or email me if this program interests you. I’m happy to help you move forward to your ideal home.
I also recently completed a Home Buyer Guide. It covers everything you need to know when purchasing a house. It covers both preowned homes and new construction homes. It includes sections on how houses are built, finances, tax exemptions and more. I’m honored to share a PDF of it to home buyers at no cost. Please send requests to markhancockrealty@gmail.com.
I’ve Got Your Six!
#DFWmark #REALTOR #MarketReport #InvertedMarket #KnockHomeSwap #HomeBuyerGuide #FreeBook #NewHomeBook #Knock #SellAfterYouMove
A “balanced market” with about six months of inventory on hand is ideal. This means if no new homes came onto the market, it would take six months to sell the remaining homes. A “balanced market” has enough homes available for buyer demand. Under six months is considered a “seller's market” while over six months is considered a “buyer's market.”
The DFW market has been “hot” for years compared to many other parts of the country. As such, this market should have expected around three months of inventory around March 1. Instead, we have DAYS of inventory across the entire market.
Buyers should be prepared to face competition with as many as 30 offers placed on a house within a very short window – often the first day on market. Also be prepared to offer significantly over asking price to win the battle. Simply stated, there are no bargains in this market.
Offers over asking price also affect appraisal. Buyers should expect to pay substantial down payments to avoid losing the deal over appraisal worries.
Buyers who have a house to sell have a distinct advantage in this market because they can pull the equity out of their current property and use it as a down payment toward a bigger, better or newer house to accommodate their preferred lifestyle.
If you want to move, but aren’t entirely ready, I can help. I have a way for sellers to buy before they sell.
I’m a Knock certified agent. This means I can help qualified sellers get a combination of loans that allows them to submit an offer on their next home with a significant down payment and without the contingency of selling their current home.
The program lets sellers purchase their next home today without the worry of double mortgages or being without a home. Meanwhile, Knock makes mortgage payments on your current home until it sells or a maximum of six months. The seller can also borrow up to $25,000 to repair and refurbish their current home before placing it on the market to get top dollar.
In DFW, I can help qualified sellers with the entire process. I’ll help connect sellers to the lenders, help locate an ideal home – even a new-construction homes – and get y’all moved.
After your move, I’ll help locate contractors to fix up your current place, make amazing photos and marketing pieces, list the house, help with negotiations and sell your move-in-ready house for top dollar. Meanwhile, your family lives comfortably in your new home while avoiding the germs of strangers and the inconvenience of constant showings.
Certified Knock agents can also team up in different regions or states to buy in DFW, get you moved here, then fix and sell your house there. Or, I can help with the sale here if you’re moving to another region or state with Knock certified agents.
Call, text or email me if this program interests you. I’m happy to help you move forward to your ideal home.
I also recently completed a Home Buyer Guide. It covers everything you need to know when purchasing a house. It covers both preowned homes and new construction homes. It includes sections on how houses are built, finances, tax exemptions and more. I’m honored to share a PDF of it to home buyers at no cost. Please send requests to markhancockrealty@gmail.com.
I’ve Got Your Six!
#DFWmark #REALTOR #MarketReport #InvertedMarket #KnockHomeSwap #HomeBuyerGuide #FreeBook #NewHomeBook #Knock #SellAfterYouMove
No comments:
Post a Comment