24/7 Real Estate Market Watch: Current Trends and Insights
Welcome to my North Texas Real Estate Market Review, where I provide a bi-weekly update on the latest trends and market activity. Drawing from data by North Texas Real Estate Information Systems, Inc. (NTREIS), which covers over 48,000 square miles in North Texas, including the Dallas-Fort Worth Metropolitan Area, this report is designed to keep you informed. Whether you're looking to buy, sell, or just stay updated on the local real estate scene, these insights will help you make the best decisions for your needs.
New Listing (43)
This figure represents the number of properties that have been added to the market in the past 24 hours.
Back On Market (7)
Properties that were previously under contract or off the market for some reason (such as financing falling through) are now back on market. This means the property is once again available for purchase. It could be a chance for buyers who missed out previously to reconsider, but it also signals that there may have been issues (e.g., inspections or financing) that caused the deal to fall through.
Price Decrease (30)
This shows the number of homes that have had a price reduction in the last 24 hours. A price decrease may indicate that sellers are motivated and adjusting their prices to attract more buyers in a slower or more competitive market. Buyers often watch for these as opportunities to find deals, but it may also suggest that properties are taking longer to sell, leading to price corrections.
Active KO (1)
KO stands for "Kick-Out" clause. This typically means the home is under contract with a contingency (like a buyer needing to sell their current home first), and the seller can accept backup offers. Active KO means the property is still technically available for sale but under certain conditions.
Active Option Contract (15)
Properties listed as Active Option Contract are those that are under contract, but the buyer is currently in an option period. During this time, the buyer has the opportunity to conduct inspections and negotiate repairs, or even back out of the deal without forfeiting their earnest money. This status indicates that the property is in the early stages of a sale, and there is potential for complications to arise. These properties may still come back on the market if the buyer's financing falls through or if the parties cannot agree on necessary repairs after the inspection.
Pending (25)
Pending properties have gone through the negotiation and inspection phases and are in the final stages of the sale. The transaction is in progress but hasn’t yet closed. This indicates strong buyer interest and a high level of certainty in the sale. The pending category suggests that these homes are as good as sold, although final steps like paperwork and financing still need to be completed.
Closed (25)
Closed homes have completed the sale, with the transaction finalized, the funds transferred, and the title officially changed.
Expired (71)
Expired listings refer to homes that were on the market but didn’t sell within the agreed-upon listing period, typically 3-6 months. This often indicates that the property was overpriced, poorly marketed, or there wasn’t enough demand. Expired listings can signal an oversaturated market or that certain homes are not attracting buyers at their current price points. We are noticing this number is growing, reflecting the current market challenges where more properties are struggling to sell within their listing timeframe.
Canceled (4)
A canceled listing refers to a property that the seller has removed from the market, often because they've decided not to move forward with the sale at this time. This can happen for a variety of reasons, but it’s often due to the property being overpriced and the seller not wanting to lower the asking price. In many cases, the seller may choose to wait until market conditions improve before relisting the home.
Hold (4)
A Hold status means the seller has temporarily taken the home off the market, often due to reasons like repairs, personal reasons, or waiting for specific market conditions to change. Homes on Hold are not actively being marketed but may return to the market in the near future. This status can sometimes indicate that a seller is looking to make the home more appealing before resuming the sale process.
If you have any questions about the current market or need advice on buying or selling, I’m here to help. Don’t hesitate to contact me, Amanda Allen, for personalized guidance. You can also visit my website www.amandaallenhomes.com for more real estate insights and resources tailored to both buyers and sellers.
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