With home prices in Dallas-Fort Worth setting records every month, sellers are getting even bolder with their asks.
Homes sold by real estate agents in North Texas are already selling on average at prices greater than the list prices.
Even many sellers think people are paying more than their properties are worth.
Realtor.com found that 29% of sellers are asking more for their properties than they think they’re worth. And in many cases, they’re getting it.
The biggest home marketing website surveyed hundreds of home sellers in March and April.
Almost a quarter of the sellers said they decided to peddle their properties to take advantage of inflated home sales prices and make a profit.
“Low mortgage rates and a lack of available homes for sale have created a strong sellers’ market, and these survey results show that homeowners think that they have the upper hand if they list their home soon,” George Ratiu, senior economist with Realtor.com, said in the new report. “However, after a year of challenges which kept homeowners from listing their home, we are seeing sellers coming back, which should help moderate prices and bring more balance to the housing market over the coming months.
“For homeowners planning to sell this year, research your local market conditions to ensure that your home’s price reflects neighborhood trends.”
More than 90% of home sellers Realtor.com surveyed said they expect to get more than what they originally paid for their home. And one in 10 sellers hope to get double what they originally paid for the property.
Almost a quarter of sellers said they anticipate selling for more than their list prices. And 16% expect a bidding war for their homes.
Single-family homes sold by real estate agents in North Texas in April on average fetched 101% of their list prices, according to the latest data from the Texas Real Estate Research Center.
And homes that sold in the area in April had been on the market for less than a month.
Median home sales prices in North Texas are now at a record $325,000 — up 18% from April 2020.
Dallas-Fort Worth home prices last month rose by the greatest rate since 1996, Zillow reported. Almost 30% of D-FW homes are trading for more than asking price, Zillow found.