Market Watch - 7 April 2023

Since last week all categories have increased volume on the residential market. The lease market had a month-beginning cyclical increase in Closed Properties and decreases in Pending Properties with an unexpected increase in New Listings.

“Inventory” is the number of houses for sale on the listing service – both new and used. North Texas has 2.5 months of inventory this week according to the North Texas Real Estate Information System. A balanced market is six months of inventory. Nationally, we are short by millions of houses because there are fewer houses available than people who want to purchase. Therefore, we’re in a “Seller’s Market.”

A Seller’s Market is one where the Seller has advantages over the Buyer. A house in good condition in a desirable location that is priced aggressively (at or slightly below market) will often have multiple offers in a short time if it’s marketed correctly. This incentivizes Buyers to pay well over asking and request less in the negotiated items.

The most commonly negotiated items are sale price, repairs, termination days, earnest money, residential service contracts (warranties), as well as who pays for various other contractual requirements. Depending on the type of financing, a lender may restrict or limit which items can be negotiated. Meanwhile, a cash transaction has the most negotiation latitude and fewest restrictions.

I’m available to help sell your house and find your ideal next home.

I've Got Your Six!

Mark M. Hancock, GRI, MRP, AHWD
REALTOR, New Build certified
214-862-7212
DFWmark.com

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