Zillow - trend of less homes for sale ? (Dallas, Flower Mound: spring break, rental)

[billpritjr]

Is it just me or does it seems less homes are displayed as for sale on Zillow. Either I am searching wrong or the DFW market is rebounding.

I am talking over just 2 months time frame.

[TurtleCreek80]

Yes, in many of the hottest markets right now, there is only a 3-4 month supply of homes right now. That is, if no additional homes come on the market and the rate of sale continues at the same speed, the entire inventory would be depleted in 3-4 months. "Normal" healthy inventory is 6.5 months. Over the past few years, many areas of DFW have been as high as 12-14 months of inventory.

I have not seen the inventory increase after public school's spring break (traditional beginning of the big spring market), which is concerning. There are few appealing homes on the market to buy, so even though the incentive to be a seller is great (decently large upper hand), the fear of being "homeless" if one sells and has nothing to buy is keeping many potential sellers at bay. Classic catch-22.

[billpritjr]

Good info, thanks Turtle

[Pama]

Selling is easy but prices aren't no where near their last peak yet. People with equity are fine waiting for the next price peak.

[Rakin]

Originally Posted by Pama

Selling is easy but prices aren't no where near their last peak yet. People with equity are fine waiting for the next price peak.

Not entirely true. Many areas like Coppell and Southlake prices have never been higher and continue to climb.

Inventory is extremely low and in many areas like Valley Ranch, Southlake, Coppell, Flower Mound the homes are selling BEFORE they hit the market or within 2-3 days.

[TurtleCreek80]

Originally Posted by Pama

Selling is easy but prices aren't no where near their last peak yet. People with equity are fine waiting for the next price peak.

Not true. HPISD prices are within 5% of their 2007 peak. We made about $100k on my husband's East Dallas starter home that he bought in 2006; I know the 2007 value was higher than when he bought, but it wasn't 40% higher!

[Pama]

Good to know. I guess it's different in every local market. We have a rental in Murphy, our property manager/realtor did the analysis and suggested that we wait an year or two if we want to make good money on it. He did say that we can get market value offers without even putting it on MLS but with an upward market and no obligation to sell gives us flexibility to wait.

[BigDGeek]

Originally Posted by Pama

Selling is easy but prices aren't no where near their last peak yet. People with equity are fine waiting for the next price peak.

Wrong, they've passed their peak in my neighborhood and they continue to climb.

[sossie]

Originally Posted by billpritjr

Is it just me or does it seems less homes are displayed as for sale on Zillow. Either I am searching wrong or the DFW market is rebounding.

I am talking over just 2 months time frame.

Personally I wouldn't use Zillow-alot of stuff is under contract by the time it hits there. And alot of people think because zillow gives a price guide they should be paying that rather than the value it is for the current market. Our agent would send us listings everyday-starting since last Feb 12 and as quick as she would send them they would be under contract-if your looking to buy then get someone who gets the listings before they hit zillow. Yes DFW market is very robust and busy-someone near us who is selling ended up yanking the "for sale" sgin out because so many people were just turning up to look at the house even though it was under contract.

[Rice&Curry]

DFW home prices are back to their fall 2003 levels, but still down 15-30% from their July 2006 peak. If you have no urgency than hang on for a while, you got good advice. Houses are flying off the shelves and sometimes even before hitting the shelf but you use your 2006 value then your listing can go stale.