Thinking about putting your house on the market? You'd better move quick, because we are approaching the absolute best time to sell a house in Dallas-Fort Worth. And you can expect it to sell for more than ever before.
According to the latest Zillow Real Estate Market Report, Dallas homes have seen a 13.7 percent appreciation since February of last year, to reach a record median home value of $180,700. The only market that bests Big D in appreciation is Denver, at 14.5 percent.
Even though our home values have soared, Dallas is still a relatively affordable place to live: The national median home value is $184,600 — which, by the way, is only 5.9 percent below the record median home value set in mid-2007. Homes are worth more than ever before in 26 percent of U.S. housing markets, indicating we are close to a full recovery, say Zillow experts.
But all of this local growth — and our rising population — means real estate transactions are getting more and more competitive.
So any Dallas homeowners looking to sell should be ready to list by May 1, as Zillow has found that homes that hit the market between then and May 15 tend to sell, on average, 11.5 days faster. Not only that, but spring buyers are typically willing to pay an extra $2,000 for their dream home.
But once your house is under contract, what does that mean for finding your next abode? There are 14.5 percent fewer homes for sale this year compared to last year in the Dallas-Fort Worth market. Be prepared to move fast if you find a home you like, and expect bidding wars.
In other words: You can sell now and bank, but finding a new place could prove difficult.