Lochwood Market Update – June 2021

Greetings, neighbor.

Isn’t it nice to be getting back to normal in our day-to-day lives? It’s been so nice to see friends and family without having to socially distance. And it’s also been nice seeing strangers full faces and seeing people smile again. The mask made that kind of difficult.

Limited supply and off the charts demand are the new normal for our local housing market.

I almost didn’t send a letter this month because, other than the list of homes that sold last month in Lochwood, there is not a lot of “new” news to share.

Check out the far right column of the table below. All but two of the homes that sold in May went for 100 percent or more of their list price.

I am seeing this consistently throughout the Dallas/Fort Worth area as I currently have buyer clients looking from Denton all the way to Waxahachie.

In addition to paying list price or higher, buyers are often paying for their own title insurance, waiving a seller-paid home warranty, agreeing to pay any difference between contract price and appraised value, and in some cases waiving their option period. The option period is the first few days of the contract term when a buyer has the unrestricted right to terminate the contract. They will typically have the home inspected so that they know what they’re buying, and negotiate repairs or financial concessions with the seller.

Without an option period or an appraisal clause, buyers are really limiting their chances to get out of a contract.

Welcome to our “new normal”

You’ve been reading my updates long enough to know what I am about to say next. This quite literally is the most opportune time to be a home seller.

If you’ve been thinking of making a move, do it. Not exactly sure how to make that happen? Well, that’s where I come in. Let’s get together, learn more about each other, and let me help you figure out how to get to your next place in life.

I look forward to hearing from you! In the meantime please be well, stay cool, and smile 🙂