What's Going on in the Market Since We Started 2017?

What's going on in our local market? The current quarter looks a lot like the fourth quarter of last year. Here's what that means to you as someone looking to buy or sell a home this year.

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I wanted to stop by with a quick update on what's going on in the market so far in the first quarter of 2017. I've also got some tips for homebuyers on how to win the home they want. 

So far in 2017, the first month looks like the last quarter of last year: home prices have started to go up a bit and inventory is still at an all-time low. In other words, we're still in a seller's market. 

The average price for single-family homes ranges from $1.2 million in Keystone to $1.8 million in Frisco. The average number of days on market in this area is still in the 170 to 200 range. The price range for condos and townhomes is in the $400,000 to $500,000 price range with the average days on market closer to 50. That number is a lot lower for properties that are priced right. 

So how can you win as a homebuyer? Now is still a great time to buy a home because money is so cheap. To be the best buyer when competing against other buyers, you want to be pre-approved for a mortgage. Getting pre-approved means you provided a lender with two years of tax information, pay stubs, and everything you'd need as if you were under contract. When you write an offer, being pre-approved shows the seller that you're serious. 

Now is still a great time to buy a home because money is so cheap.

Properties under $500,000 are selling extremely quickly, so it's more important than ever. 

If you have any questions about our market or making an offer on a home, give us a call or send us an email. We'd love to help you!