Is real estate in 2021 as crazy as everyone is saying? Yes, it’s absolutely nuts. Sales for condominiums and townhomes are soaring with sales prices up a staggering 22% from this time last February and sales volume is up 30%. Again, that’s not to say your condo is suddenly 22% more valuable than it was in 2020, but if you’re looking to sell your condo, it’s as good a time as it has ever been. I don’t usually discuses farm & ranch properties, but it’s worth noting they have absolutely exploded in desirability. I won’t go into why (covid & crime), but rural flight has officially begun and thanks to technology and video conferencing, it’s viable to work remotely indefinitely. Interestingly enough, sales for single-family homes are down 8% from last February, although average prices are up 20%.
“But John, you dashing yet occasionally caddish raconteur,” I hear you ask, “you just said the market is going crazy. How could sales be down for single-family homes?” Well, imaginary person, the problem is inventory. Homes priced between $130,000 – $400,000 (good luck finding one) are selling in an average of less than 1 month, homes from $400,000 – $1,000,000 are less than 2 months. I don’t think this has ever happened in DFW, and frankly, inventory needs to start going up. It made perfect sense in 2020 to batten down the hatches and not allow strangers in your home, as we approach summer 2021 and more-and-more people are being vaccinated, tensions should ease.
The big question my wife and I go over almost monthly is despite the fact we can get a ton of money for your house, where are we going to move? That’s a question that couldn’t be answered by one article, and the answer lies in your unique situation. If you’re considering selling, I’d be happy to lend advice. I’ve talked with dozens of people the last few years, and quite a few of them ended up not selling. Sometimes remodeling or adding on is the solution, but that kind of thing isn’t for everyone, and sometimes it just makes sense to move onto a new home.