Sellers: Expect Multiple Strong Offers this Winter Season!

Dated: January 14 2022

Views: 73

The guidance in the past from some agents has been to wait for the warmer months of spring before listing. However, the current real estate market has created a strong seller’s market, and if you’re considering a move, it May be better to sell now rather than risk a slowdown as interest rates rise in the coming months. Recently NAR released a report that total existing-home sales, completed transactions that include single-family homes, townhomes, condominiums, and co-ops, grew 1.9% from October to a seasonally adjusted annual rate of 6.46 million in November. “Determined buyers were able to land housing before mortgage rates rise further in the coming months,” said Lawrence Yun, NAR’s chief economist. “Locking in a constant and firm mortgage payment motivated Many consumers who grew weary of escalating rents over the last year. “Mortgage rates are projected to jump in 2022; however, I don’t expect the imminent increase to be overly dramatic.” Yun forecasts the 30-year fixed mortgage rate to average at 3.7% by the year-end of 2022.

Well-priced homes have always attracted multiple offers. Over 53.9% of homes listed correctly in the DFW Metro Area are going well over the list in September of 2021, typically a seasonally slower month. In this current climate, with inventory so low, well-qualified buyers are searching for homes and making swift decisions. As a result, sellers are receiving multiple, strong offers. According to recent data by the National Association of Realtors®, the average seller nationally receives 3.7 offers on their home. In the DFW Metro area within our brokerage, we are seeing an average of 10 offers and sometimes more on well-presented and priced homes. Feeding this frenzy is a cumulation of a robust DFW economy and a shortage in newly built homes due to supply chain disruption and labor shortages which hindered bringing more supply to the market. In the DFW area, home prices were up 25% year-over-year in the latest S&P CoreLogic Case-Shiller Home Price Index. The buyers are typically well-qualified, serious home buyers, and Many are all-cash. While this is a good “problem” to have, it can also lead to confusion as sellers struggle to choose the right offer. Working with your agent, consider each offer carefully and review both price and terms, such as contingencies and close date. Remember that the value for any buyer financing the purchase will be subject to an appraisal; this will prevent you from accepting an unrealistic offer that May cost you time and money if the appraisal doesn’t support the value and you need to start over. The bottom line is that this is a great time to sell your home. If you’ve been considering a move, reach out to your favorite Turner Massey Realty agent today, no need to wait for spring.

Blog author image

Robin Massey

Originally from Tomball, Texas, Robin grew up in DFW and still lives within the area with her husband, Heath, three children, and various animals. She feels fortunate to have watched the development a....

Latest Blog Posts

Welcome - Morgan Quick

Turner Massey Realty is pleased to welcome Morgan Quick to the TMR family. Morgan joins us from Indiana, where she holds an Indiana Real Estate license with nearly ten years of experience in selling

Read More

Sellers: Expect Multiple Strong Offers this Winter Season!

The guidance in the past from some agents has been to wait for the warmer months of spring before listing. However, the current real estate market has created a strong seller’s market, and if

Read More

2022 Texas Agent Advisory Board

Turner Massey Realty is pleased to announce its 2022 Texas Agent Advisory Board. The Agent Advisory board meets monthly to share insights on the real estate market and how TMR can better serve its

Read More

Welcome - Kristin Ferrell

Turner Massey Realty would like to welcome Kristin Ferrell to the TMR family! Kristin joins us from another local boutique brokerage, and we are so excited she has decided to bring her business to

Read More