Fact or Fiction: The Summer Real Estate Lull

Updated: Well, it’s finally past the triple digit days of summer here in Dallas — and finally past the worst of the summer lull. What does this mean for you? Well, what we’re seeing is a lot of listings, but a lot of those listings are at reduced prices.

So is it time to list or relist your home? Absolutely! Just keep in mind that a reduced price might be in order to attract those now-active buyers. While you’re out there selling or buying, be sure to take a minute to enjoy this cool fall air that’s coming in.

Is your listed home inexplicably not getting much interest from buyers this summer? Before you go dropping the price, consider this: The lack of interest could simply be seasonal.

We call this July and August summer lull — and, in Dallas, it’s very real. Sure, prospective buyers are out there, but you’re not hearing from any. That’s because they many of them are, quite frankly, not here. This is particularly true if your home is listed at more than $1 million. Your buyers are at the lake house, in Aspen, the Virgin Islands, Europe or Hawaii.

(And for those target buyers still in town? They’re not out looking quite as much, trying their best to avoid the heat.)

So, whether or not you should you reduce depends on whether or not the issue is seasonal. You have two factors to think about here.

First, when did you first list your home? If it was back in the spring (even May), a reduction could be in order. Your home would have caught the eye of buyers before their mass exit.

The second thing to consider is the market is in your area. Consult the data: Are homes nearby of comparable size selling, and if so, at what price point? If several have sold recently but there is plenty of available inventory for buyers, you might need to reduce to make your house more attractive from a value perspective.

If your home is newly on the market and at a reasonable price point, then you might have to be patient. September is only a few weeks away, and before you know it your buyers will be back from their summer vacations ready to hit the market again. At least until Thanksgiving.

Still unsure what to do? Give us a call and we’ll give you an honest market assessment and key insights you just can’t get elsewhere. We grew up here, immersed in the ebbs and flows of these markets for decades.

If you’re thinking of buying, selling, or just can’t decide, contact us.

Navigating the nuances of our local market from year-to-year? It’s a Rhodes Group specialty, because we know your neighborhood.