Spring market has arrived and there are a couple of things that you should consider as a home owner.
First, are you planning on staying in your current home? You should receive your property tax assessment from the Dallas Central Appraisal District very soon if you have not already. Contact me if you have any questions about the value that they have placed on your home, or if you would like comparable sale information to present to the board when you protest your assessment. Homeowners have from April 15 through May 15 to file their protest. I have several clients who have successfully reduced their tax liability through protest.
Second, are you or anyone you know planning a move? I am never too busy for your calls or referrals, or to give you a professional consultation with no obligation to sell your home with me.
Now, on to the trends in our neighborhood, and more specifically, which homes sold in March. First, let’s define what is considered a trend. In my experience as a market analyst, a trend is an event that occurs consistently, usually at least three consecutive months. Our inventory of homes for sale rose steadily from January 2018 to to October of 2018. Since that time it has fluctuated slightly each month. As of March 2019, there was 3.2 months inventory of single family homes for sale in Lochwood. That is 77 percent higher than our inventory in March of 2018.
The other trend that I see is listings being cancelled or expiring and then being put back on the market at the same or a lower price. This has happened consistently at a higher rate throughout the first three months of 2019 than it did in 2018. Cancelling a listing can be a good strategy for refreshing a listing and potentially appealing to new buyers coming into the market. However, the best strategy is setting the right price the first time a home is put on the market.
Currently in April there are eight homes pending sale, and 42 homes actively being marketed for sale. The number of days that homes spent on the market in March was fairly low, but is much higher for larger and more expensive homes actively being marketed for sale.
Click on this link to see details and sale prices for the Lochwood homes that sold in March of 2019.
Call me today at 214.793.8787.