What’s going on in the DFW Market?
Multiple times per week I get asked “Courtney, what is going on with this market?” For the last 4-5 years our market has been HOT! Multiple offers on properties that I’m selling, Multiple applications pending, 5 day average days on market, etc. has been the trend for a while! While I don’t think we’re at the peak, we are up there! This year (September 2018) the market has slowed earlier than normal (Normally it slows down right before Thanksgiving). While many people are “freaking out,” I really think it’s more of a matter of the market being “normal” (normal pace) which is so different than the momentum we’ve been riding for many years! So don’t fret! We’ve got a great economy here in DFW and many jobs/companies opening up but I think we just need to adjust our perspective to be patient yet aggressive in terms of pricing compared to the competition in your area.
If you are a homeowner (with or without an agent) that has a home listed for sale and it’s NOT selling. Consider getting a little creative! Specifically for those that have moved out of the property they have for sale, it may be a good idea to consider renting the property out until the Spring/Summer months where you can re-list it for sale. We are entering the fall/winter months where the market will slow even more due to holidays. Renting the property out would help you cover that mortgage during these months AND (the goal) generate some cash flow.
“But what if the tenant doesn’t take care of the property?” you ask. That’s a reality but there are ways you can minimize risk of that.
“But I don’t want to pay capital gains on the property!” you say. Capital gains only applies to properties where the homeowner has NOT lived int he property 3 of the last 5 years.
From a $$ perspective, it may be worthwhile to consider this option so you don’t lose money during the slow winter months.
If you have any questions, feel free to call us at 817-462-0303 or email us at firstname.lastname@example.org.