Is It Time To Sell Your Home In This Hot Market?
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NORTH TEXAS (CBSDFW.COM) - What they look like inside hardly matters.
Small and basic?
Yet people are competing to buy it. Which is great news for sellers but buyers need to recognize their real estate dollar doesn't go as far as it did just a few years ago.
A vacant house in Garland was priced at $149,000 in 2013; this year, the asking price was almost $185,000.
In Lewisville over the last three years, a small home jumped from $129,000 to more than $175,000.
A home you could buy brand new in Prosper two years ago for about $285,000 now it starts at $319,000.
Barbara Van Poole told us it's been difficult for buyers though to keep up.
Houses sold in January jumped from $162,000 to $195,000 in just two years.
"It's free money," says Van Poole. "This appreciation has been a real boon to people who own homes."
Will Hubbard said it's reaching a point though where some of his clients, are just giving up.
National analysts started warning last year, prices may be too high.
North Texas salaries grew less than 3 percent last year, while home prices were up almost 10 percent.
Realtor Susie Fitzgerald said buyers cant get a big enough loan. And at some point, it could all combine to slow things down.
Companies are still building, employees are still moving in, and new homes are only slowly being built.
As we head into the busy spring buying season, it's still, a sellers market.
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