Hello, dear neighbor.
First and foremost, I hope that you are safe, warm and that you have running water. It seems as though our neighborhood has been spared from power outages, and I am tremendously grateful for that. I am also grateful that we have not had any issues with our plumbing. If you have had any issues, here is the contact information for my plumber:
Juan Lopez – (817) 913-1684
If there is anything you need, please let me know. We are happy to help in whatever way we can.
Given what we are all going through with this weather, reporting on the neighborhood real estate market seems a little wrong, but it’s on my list of things to do today and perhaps you need a little distraction.
The graph below is what you need to know about Lochwood and the rest of DFW right now: incredibly low inventory or a minimal supply of housing for sale. This graph shows the number of months of inventory in Lochwood, month-by-month, for the past 10 years. We currently have less than one month of inventory of homes for sale in Lochwood. Ten active home listings is what less than one month of supply looks like. Last year at this time, we had 2.7 months of inventory. Supply hasn’t been this low since the spring of 2015.
When supply goes down and demand remains strong, prices go up. Here is a graph showing the monthly median sale price in Lochwood. It jumps around from month to month, but the trend line is up, pretty consistently.
So what does this mean for home owners in our neighborhood? Well, I anticipate we will experience maximum increases in assessed values on property taxes. Let me know when you receive your assessment and I will look at comparable sales to determine if DCAD’s evaluation is true reflection of market value.
In addition, if you’ve considered selling your home, now is the time to act. Supply is low and demand is strong. Interest rates ticked up about one-quarter point yesterday, but remain below 3 percent. When money is cheap, people want to buy, buy, buy. Putting your house on the market now, and pricing it correctly, will almost certainly results in multiple offers and multiple offer situations give sellers to opportunity to negotiate terms that are most favorable to their needs.
Well, that’s pretty much the long and the short of it. What do you think?
I’ve included the list of homes that sold in January and also a year-over-year comparison, for your review. Contact me at any time with questions, comments, or for a complimentary valuation on your home.
Be well and stay warm,