Meanwhile, Lease Listings and Pending Leases are flat while written Leases are up significantly.
The DFW Metroplex population is about 6.4 million people. At this moment, there are currently 2,115 lease listings in the entire North Texas area. Of those, 966 are single family houses. Of those, 20 are priced at more than $6,900 per month. The highest is $49,000 per month.
I’ve included a Lease Market Trend since March (left). It’s inverted by hundreds of lease properties per week. To be clear, more properties should enter the market than leave each week. Likewise, more properties should be pending (waiting to move in) than leased.
After months of upside-down markets, there’s so little lease inventory that houses have applications and are pending within hours of entering the market. Buyers who think they’ll lease rather than purchase are seriously disappointed to find fewer options and MUCH more competition for available lease properties. In many ways, it’s easier to buy than lease now.
If you plan to sell a quality property, now is the PERFECT time. Buyers (and frustrated renters) are prepared to pay far more than reasonable and well over asking with concessions that were previously impossible to get. After the moratoriums, expect “investor grade” properties to flood the market.
When unsold numbers are added together, there were more than 25,000 single-family houses on the market each day in North Texas in the summer of 2019. In March of 2021, it was below 10,000. There are still dangerously few homes available for sale or lease.
Please call, text or email me NOW to sell your property for top dollar before waves of rental properties hit the market for liquidation and flatten the market price.
I’ve Got Your Six!
Mark M. Hancock, GRI, MRP, AHWD
REALTOR, New Build certified
214-862-7212
DFWmark.com
#DFWmark #REALTOR #MarketWatch #LeaseShortage #MortgageMoratorium #EvictionMoratorium #SellNow #SellersMarket #HousingShortage #HousingCrisis
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