Is this the right time to buy?
Is this the right time to sell?
Well, there is this adage, follow the data to find your way home.
Each month, The Research Division of the National Association of REALTORS receives data on existing home sales (single-family, condos, and co-ops) from the local associations and multiple listing services nationwide. The data reveals that the total existing-home sales for June 2015 increased 3.2 percent. Sales are now at their highest pace since February 2007 and have increased month over month for nine consecutive months nationwide.
What about Garland, Rowlett, Rockwall, and Wylie?
The hard data shows median sales prices for all four cities has shown an upward trajectory for over 5 years. Garland has a median sales price of $155,000 or a +14.8 percent increase over a year ago. Rowlett shows a +11.1 percent increase at a median sales price of $194,950. Rockwall is at it’s highest in five years at $239,000 or a +4.0 percent increase over a year ago, and Wylie has a staggering increase in median sales price of +19.1 percent or $206,000.
So what about the supply?
While sellers are happy about rising prices and quick sales, buyers are experiencing less inventory. Garland, Rowlett, Rockwall, and Wylie have seen inventory drastically decrease since the summer of 2011. With a 1.3 to 2.4 months supply of home inventory available.
What does this mean?
If you are buying, what a great time to buy with mortgage interest rates near all-time historic lows. You will want to start by meeting with your real estate agent and getting a buying strategy in place. Here is what I recommend:
- Itemize “must haves” and “wants” in a home before you begin searching.
- Help your real estate agent have negotiating power by having your financing approved before you start on your home search.
- When you find the right home, be ready to present a contract offer and do not lowball on the price.
If you are selling, it couldn’t be any better, here is what I recommend:
- Review a comparative sales analysis of sales and listing activity in your neighborhood with your real estate agent to determine a list price range.
- Make sure your home is in move-in condition to maximize the price you can get for your home.
If you are in the Garland, Rowlett, Rockwall, or Wylie areas and are looking to buy or sell a home, please call me at 214-642-1375 or contact me here, or complete the form below and I will be glad to help you.
