The following information is taken from the North Texas Real Estate Information System (NTREIS) quarterly reports and monthly statistical updates. All too often all we hear from the National Media is the absolute worse news available. Here are the facts as they pertain to the local real estate market in Cedar Hill, Texas. And there is plenty of positives to take away.
- Average home values have increased 19.66% between Q1 2003 and Q4 2008. The average home sale in Q1 2003 was $120,500 and the average home sale in Q4 2009 was $144,200. So if you have lived in your home for five years you almost certainly have seen a great return on your investment.
- Homes in Cedar Hill, Texas now take 87 days on average to sell and sell for 85.2% of the list price. In Q1 2003 homes took 74 days to sell and sold for 95.6% of the list price. This means it takes slightly longer to sell your home than it did five years earlier. It also means unless you price your home correctly you will almost certainly get less money than if you price your home correctly to begin with.
- In February 2009 there were only 75 new listings put on the market or 43% less than a year ago. For the year – there are 33% fewer homes for sale than there were one year ago. This indicates to me that the foreclosures have or are selling and that individual home owners are being cautious before making a sell decision. Right now there is only a 5.3 month supply of listings on the market.
In summary, if you have owned your home since 2003 and live in Cedar Hill, Texas – you NEED to list your home today. There is a shortage of inventory. Based on NTREIS trends your house has risen in value by almost 20%. This should allow you to sell your current house and buy the home you meant to buy back in 2003. Interest rates are at all times low.
Call the Bill & Ann Team today for a specific review of your home's value and an action plan to get you in the home of your dreams.
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