If you were involved with the real estate market in Dallas-Fort Worth in 2015, you know how insane it was! To say it was a seller's market would be an incredible understatement. Inventory was very tight and the buyers I worked with had to compete with multiple offers, fast close times and ever-rising prices. It seemed as though every home was selling for above list price...and sometimes well above.
So, the big question as spring approaches in 2016 is "how strong will the real estate market be this year?". Of course, predicting the real estate market is like predicting the stock market. Things can change dramatically and it can happen quickly, particularly when factoring in elections, conflicts in the middle east and oil prices. However, my expectation is that the 2016 market will be eerily similar to 2015. This will come as welcome news to sellers and may leave buyers hitting their collective heads against the wall. In the big scheme of things, this would be great news for DFW as it reflects the overall strength of the local economy and the continued job creation from corporations moving to the area. Some recent examples include Facebook and Amazon in the Alliance Corridor in north Fort Worth. Combine all of these market factors with continued low mortgage rates and we have the recipe for another strong year.
Bottom line...Be prepared for another wild ride if you are looking to buy or sell a home in 2016. Make sure you have an agent that works a local market to ensure you don't miss out.
Michael, Owner & Broker