Low Inventory Sets Spring Housing Market Ablaze

No one was really sure how the 2021 spring real estate market would perform given the past 14 months, but record low inventory paired with strong buyer demand and low interest rates have created the perfect storm. So if you are thinking of selling, now may be the time.

Ready to get a jump on selling? Call The Rhodes Group.

The Rules of Real Estate Have Changed

In case you haven’t heard, the Park Cities, Preston Hollow, and Lakewood real estate markets are on fire. Sellers are enjoying multiple offers while buyers (and their agents) are scrambling to find anything worth buying.  In some cases, inventory numbers are down over 60% from years prior. As a result, it is incredibly hard for buyers to find a home right now. And when a “good” property does come on the market, the rules have changed.

Represents number of active home listings available in the Park Cities from January 2017 through January 2021.

Agents are now using a more “California approach” to sell homes — putting the property on the market, collecting offers over a 2-3 day period, and selecting the highest and best offer. In some instances, we are seeing offers $50K-200K above asking. We’ve never seen a Dallas real estate market like this before.

Know Before You Sell: 3 Facts About the 2021 Spring Market

  • Inventory at all-time low. As we’ve said, the lack of homes available for sale has created a frenzy of buyer activity over the past several weeks. In the Park Cities alone, inventory is down almost 50% from previous years. As a result, prices have increased and multiple offers are common. If your property has not sold within 30-45 days, a change in strategy is necessary.
  • Hip pocket listings are still out. For sellers, maximum exposure is still the name of the game right now. By listing your home off market, or as a “hip pocket,” you’re missing out on having more eyes on your property, and on getting the best possible offer(s) for your home sale.
  • Choose your agent carefully. How good is your agent at setting up the conditions to generate multiple offers and select the “right” contract? Choosing the highest is sometimes not the best choice as there are many other terms to consider. With the frenzy, buyer’s remorse can set in. In some instances we are seeing buyers that “win” a bidding war terminate just days later. With so much at stake, hiring an expert agent is key to a successful transaction.  

In a market like this, an expert agent has never been more important. Positioning your property to reap the most profit isn’t as easy as it sounds. Preparation is is still a vital part of the process. And knowing how to create buzz, work multiple offers, and select the “right” contract (hint: it’s not always the highest price) is an art in & of itself.

No ifs, ands, or buts about it — if you’re even considering selling your home this spring, you can’t afford to wait any longer. Call us now to get the ball rolling. Our depth and breadth of experience will give you a leg up on the competitive Dallas real estate market. 

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We grew up here. We live here. The Rhodes Group has been buying and selling Dallas real estate in the area for two generations, immersed in the ebbs and flows of the Park Cities, Preston Hollow, and Lakewood luxury real estate markets. We know your neighborhood.