2015 was the best year in the real-estate market since 2007, both in units and price. In Texas, especially northeast Tarrant County, we have seen a record amount of mortgage applications over the last 18 months. The Texas Real Estate has an appreciation rate of 32% from the low in June of 2006.
Why are you waiting to sell? If you’re like most people, it’s because you believe that you have negative equity. Fortunately, that is not as common as most people believe it to be. A recent survey from Fannie Mae & Corelogic suggests that 23% of all families believe they have negative equity in their home, when in reality it’s only around 8%. The survey also suggested that 37% of all families with a mortgage believed they had significant equity, less than 20%. However, in reality it was double that percentage, 74%.
What is the cause of of this huge boom?
The supply of houses in North Texas is lower than it has been in a long time and the shortage of homes is causing residential property costs to rise tremendously. There is a huge amount of potential buyers and very few sellers, hence the term, “seller’s market”. Realtors are seeing multiple offers within hours or days of properties being listed.
The bottom line is there will never be a better time to sell your home than today. Although the market is perfect for sellers, there will be more competition as the spring season approaches. The sooner you list your home the better!
Buying and selling a home can seem like an overwhelming process. Contact me and I would be happy to speak with you and help walk through your mortgage financing needs.