Five Solid Trends for the Fall Real Estate Market
October 23rd, 2013 | by AR
1. Green space matters
Buyers are continuing the pursuit of homes and neighborhoods with grass, trees, water and open space. That means parks for play, trails for biking and walking, nearby athletic fields and yards with room for outdoor living and play areas. People are looking for beautiful scenery, so homes beside parks and near water are in high demand.
2. Sales are brisk
Homes that are well-maintained and priced strategically are selling quickly with multiple contracts, often full-cash offers. If the homes are priced well – at what the market indicates – the buyers are out there, and those homes are going to sell.
3. Builders are back
According to recent reports from Dallas’ Residential Strategies, new housing starts across North Texas are up 26 percent over this time last year. Lots are selling quickly, especially in sought-after neighborhoods.
4. Inventory remains low
Right now the Dallas area has about a 2.5-month supply of homes available for purchase. Experts consider a six-month supply to be a balanced market. The low inventory is causing upward pressure on prices. This year, home prices in the area have increased about 9 percent, according to Dr. Jim Gaines from the Real Estate Center at Texas A & M University.
5. Vertical sales going strong
So far this year, the views, amenities and convenience of Downtown and Uptown high rises have resulted in a 67 percent increase in sales over the same period in 2012. Sales prices in the same time frame rose by more than 38 percent.
Briggs Freeman Sotheby’s International Realty is Dallas’ luxury real estate leader, with more than 200 agents in five offices located throughout Dallas-Fort Worth and access to the global Sotheby’s network, including more than 11,000 agents in more than 650 offices worldwide. CEO Robbie Briggs independently owns and operates Briggs Freeman Sotheby’s International Realty. For more information on escapes and second homes, ranch and land, and luxury homes in the Dallas-Fort Worth region and beyond, go to briggsfreeman.com.
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