Best time to sell home? (Dallas, Colleyville: for sale, real estate, apartment complex)

[rztquery]

After doing research and talking to several people, it looks like this summer is best time to sell home if you want to get good money.

Home prices are doubled within last 5 years in several places in DFW and became overrated. This was due to sudden demand and low inventory. Now there are thousands of apartments and several new communities everywhere. Inventory problem is not there. Mortgage rates are increased. Buying houses also slowed down.

Already several articles mentioned that , since last year prices are not increased at all.

What is your thoughts on this? Is it right time to sell home or keep it for few more years to sell it later for higher rate ?

[jennifw]

Originally Posted by rztquery

What is your thoughts on this? Is it right time to sell home or keep it for few more years to sell it later for higher rate ?

If only I had a magic ball.......

[Rakin]

Best time to sell a home is March through May 30. After June 1 it tends to slow trough the summer but is still decent but demand does drop some.

Many people buy so they can move around the end of school year.

It's like investing, every ones situation and house is different. Yours depends on how long you've owned it and many other factors. Yes rates are going up, yes people are still moving here, yes the economy is strong. Your house could be very desirable or not depending on many factors like schools and how well you've maintained.

You need an experienced RE adviser who can give you good advice and knows the market. They do exist and worth their money.

[justsomeguy]

Originally Posted by rztquery

Already several articles mentioned that , since last year prices are not increased at all.

Is this true? I thought they were still up 5% to 6% a year?

[RoamingTX]

If you sell, where are you going to live?

If it is indeed the peak of the market - that just means you’ll be buying back in at the peak.

[TurtleCreek80]

I don't believe in timing the market but since you do, it's important that you're working with facts:

Originally Posted by rztquery

Home prices are doubled within last 5 years in several places in DFW and became overrated. This was due to sudden demand and low inventory.

Across DFW, home prices are +40% to recession levels; some areas more than 40%, someless.

"Over-rated" is an opinion. Did you mean over-valued? If so, read on....

Originally Posted by rztquery

Now there are thousands of apartments and several new communities everywhere. Inventory problem is not there. Mortgage rates are increased. Buying houses also slowed down.

Apartment building doesn't really impact the housing market. It's not like people say, "I'm trying to buy a $300k home....oh wait, there's a new $1200/mo apartment complex in the suburb I'm looking in...I'll just live there instead!"

As of April 2018, there is only a 2.2 month supply of new construction homes for sale in North Texas per 4/5/18 DMN article. A healthy supply is 6 months. New home starts are still 30% below pre-recession rates so inventory isn't going to become "balanced" anytime soon. It's also up to builders to make sure they are building enough homes at various price points...just because you're seeing price cuts in a $500k+ new build subdivision doesn't mean there isn't an inventory problem. Also, through Q1 new home sales were UP to last year, not down.

As for existing homes, sales are still going UP as well. Through Q1, the number of homes sold was +4% to LY and there was only a 2 month supply of homes, meaning if no new homes were listed, every single home would sell within 60 days. Again, a healthy balanced market is 6-months of inventory so 3X as many homes could flood the market without there being "too much" inventory for sale. April sales volume was even higher at +11% to LY.

https://www.dallasnews.com/business/...-percent-april

Originally Posted by rztquery

Already several articles mentioned that , since last year prices are not increased at all.

Well, this is just not true at all.

March sales were +5.8% to LY and April's were +4%. Yes, this is a slower rate of appreciation than the last few years but there is still a big difference between +4-6% and "not increased at all" which you stated several articles mentioning....which articles??

Originally Posted by rztquery

What is your thoughts on this? Is it right time to sell home or keep it for few more years to sell it later for higher rate ?

I take the long view on DFW. We are lucky to live in a metro area that is economically vibrant and growing. While 7-something million people live here today; 11 million are expected to live here by 2030. If you believe that another 3-4 million people are going to need a place to live and that our economic trajectory looks a helluva lot better than the Rust Belt's, then home prices are going to steadily move up over time. Some years may be a bust because of national recessions and other years may yield bigger returns, but overall, I believe that my house and yours will be worth more in 2030 (in today's dollars) than they are today. A lot more.

Of course it depends on where your home is, is your neighborhood generally on the up or on its way down? There's always movement as schools become better or worse, neighborhood demographics change, safety and maintaining property becomes more or less important to the residents, nearby development improves or devalues surrounding properties.

The question is, why are you trying to time the market? Are you planning to sell high and then leave the metroplex for a much lower COL area or retirement? Or are you planning to sell high and then rent while you expect values to fall so you can buy low? What is your end game?

[ImWendyS]

Originally Posted by rztquery

After doing research and talking to several people, it looks like this summer is best time to sell home if you want to get good money.

Home prices are doubled within last 5 years in several places in DFW and became overrated. This was due to sudden demand and low inventory. Now there are thousands of apartments and several new communities everywhere. Inventory problem is not there. Mortgage rates are increased. Buying houses also slowed down.

Already several articles mentioned that , since last year prices are not increased at all.

What is your thoughts on this? Is it right time to sell home or keep it for few more years to sell it later for higher rate ?

Moderator cut: NO ads allowed


5 Reasons Why to Sell This Summer!

5 Reasons Why to Sell This Summer! |
Here are five reasons listing your home for sale this summer makes sense.

1. Demand Is Strong

The latest Buyer Traffic Report from the National Association of Realtors (NAR) shows that buyer demand remains very strong throughout the vast majority of the country. These buyers are ready, willing and able to purchase…and are in the market right now! More often than not, multiple buyers are competing with each other to buy the same home.

Take advantage of the buyer activity currently in the market.

2. There Is Less Competition Now

Housing inventory has declined year-over-year for the last 35 months and is still under the 6-month supply needed for a normal housing market. This means that, in the majority of the country, there are not enough homes for sale to satisfy the number of buyers in the market. This is good news for homeowners who have gained equity as their home values have increased. However, additional inventory could be coming to the market soon.

Historically, the average number of years a homeowner stayed in his or her home was six, but that number has hovered between nine and ten years since 2011. There is a pent-up desire for many homeowners to move as they were unable to sell over the last few years because of a negative equity situation. As home values continue to appreciate, more and more homeowners will be given the freedom to move.

The choices buyers have will continue to increase. Don’t wait until this other inventory comes to market before you decide to sell.

3. The Process Will Be Quicker

Today’s competitive environment has forced buyers to do all they can to stand out from the crowd, including getting pre-approved for their mortgage financing. This makes the entire selling process much faster and much simpler as buyers know exactly what they can afford before home shopping. According to Ellie Mae’s latest Origination Insights Report, the average time it took to close a loan was 41 days.

4. There Will Never Be a Better Time to Move Up

If your next move will be into a premium or luxury home, now is the time to move up! The inventory of homes for sale at these higher price ranges has forced these markets into a buyer’s market. This means that if you are planning on selling a starter or trade-up home, your home will sell quickly, AND you’ll be able to find a premium home to call your own!

Prices are projected to appreciate by 5.2% over the next year, according to CoreLogic. If you are moving to a higher-priced home, it will wind up costing you more in raw dollars (both in down payment and mortgage payment) if you wait.

5. It’s Time to Move on With Your Life

Look at the reason you decided to sell in the first place and determine whether it is worth waiting. Is money more important than being with family? Is money more important than your health? Is money more important than having the freedom to go on with your life the way you think you should?

Only you know the answers to the questions above. You have the power to take control of the situation by putting your home on the market. Perhaps the time has come for you and your family to move on and start living the life you desire.

That is what is truly important.

[RoamingTX]

I don’t want to quote the whole post of garbage above this. But #4 cracks me up. It’s a buyer’s market, but will appreciate 5%?

A prime example of the garbage that finds themselves into real estate and tarnishes the name of people that grind their way through.

[Koshka2]

[quote=rztquery;52083200This was due to sudden demand and low inventory. Now there are thousands of apartments and several new communities everywhere. Inventory problem is not there. [/QUOTE]

I just bought a house and there was absolutely an inventory problem in the range I was looking at. Now, admittedly, I bought in Colleyville and not Dallas. But, still we looked at a wide range of areas in DFW and felt the inventory was low in comparison with the demand.

Of course, this may depend on the market you are looking at. Houses that needed a lot of updating seemed to sell more slowly. Houses at the high end of the market also seemed to sell more slowly.

But, all of that said, I felt that the inventory was really low in comparison to the demand. And, was very low compared to what I used to before coming here.

What is your thoughts on this? Is it right time to sell home or keep it for few more years to sell it later for higher rate ?

I never quite know what to say when someone says something like this. That is because most people who sell will need to buy a newer house. If you aren't going to sell an expensive house to buy a significantly less expensive house then it sort of balances out. That is if you sell at the height of the market then if you stay in the area you also buy at the height of the market... (Yes, yes, I know there are exceptions such as when someone plans on moving to another area).

[Ablebodied]

Originally Posted by rztquery

After doing research and talking to several people, it looks like this summer is best time to sell home if you want to get good money.

Home prices are doubled within last 5 years in several places in DFW and became overrated. This was due to sudden demand and low inventory. Now there are thousands of apartments and several new communities everywhere. Inventory problem is not there. Mortgage rates are increased. Buying houses also slowed down.

Already several articles mentioned that , since last year prices are not increased at all.

What is your thoughts on this? Is it right time to sell home or keep it for few more years to sell it later for higher rate ?

If you are intent on selling, now is the time unless you are a gambler. I bought near the end of the last buyer's market and glad I didn't get greedy and try for more by waiting. The market reversed and I couldn't have bought the house I have now for the price I paid.

Most realtors say the time to buy is now while at the same time tell you the time to sell is also now. In 1987 they told me the time to buy was then with a 11% rate. At some point agents become conflicted. On my last home I took over the negotiation from my agent and got $5000 off the price my agent wanted me to settle for. She thought I was angry with her but I told her I wasn't, but that I understood at some point my interests and her interests were in conflict.