House selling in Dallas, Texas, stays relatively stable throughout the year. Nevertheless, there are still the worst and the best times to sell a house and find a lucrative homebuyer.
Realtor predicts that in 2021, Dallas will experience an 11.3% sales growth and 4.4% in sales price.
4.4% might not seem much initially, but if the median price goes up from the current $390,000, selling a house at the right time can bring the asking price up for $5,000 to $10,000.
Since the Dallas real estate market is on shaky legs, you want to pick the best time, especially if you’re not in a hurry.
The problems arrive when you need to figure out what the best time is. Maybe you should wait, or perhaps you should start house selling right now.
To help you pinpoint the best time to sell your house in Dallas, Texas, we’ll go through a detailed overview of the Dallas real estate market. Additionally, we’ll dig deeper into the best month of the year and why the time of the year matters when selling a house.
An Overview of the Dallas Real Estate Market
Although the Dallas real estate market isn’t the biggest one in the US, the Dallas–Fort Worth metroplex’s population was 7,573,136 in 2019, according to the US Census Bureau. New York is the only city with a larger population.
Meaning, opportunities do exist, but there’s also room for caution.
Like the rest of the country, Dallas is recovering from 2020. Alongside other impactful elements (such as unemployment), there are three key aspects we need to look at for the overview of the real estate market.
- Supply and demand – housing supply went down 69% between 2020 and 2021, while the housing demand is steadily rising.
- Market value is rising – Research shows that DFW might be the 6th biggest real estate market in 2021.
- Home value is rising – According to the Realtor research mentioned previously, the average price of a house in the Dallas local market should increase in 2021 and 2022.
When looking at the three aspects, it seems that it’s the perfect time to sell your house in Dallas. Supply is deficient, meaning competition is low as well.
Besides the increase in home prices, Dallas-Fort Worth had the 2nd most significant inflow of people in 2020, right after Austin. Due to the pandemic, many Americans moved from more expensive and bigger cities. For most of them, the destination is cities that offer similar opportunities minus the hectic lifestyle.
Alongside national real estate commissions, Dallas house selling fees expect to fall due to new regulations.
But, if buyers agents’ commission fees decline, buyers are the ones who’ll have to pay the difference, meaning they might be less inclined to buy a house.
If the average commission fee is 5-6% and you’re selling your house at the medium price of $390,000, you can expect around $23,400 in closing costs.
Finally, you must not forget all the necessary documents you need when selling your house.
Best Time of the Year to Sell Your House in Dallas
If you’re wondering what the best time of the year to sell your house in Dallas is, you need to look at several other aspects as well.
The general rule of thumb is that spring and summer are the best time to sell your house in Dallas or anywhere else. The weather is nice, so home buyers are more likely to research different real estate options. Furthermore, the average sunny day shines a better light on any house.
In spring, both the buyer’s market and housing supply usually hit their peak. While in summer, families will rush to move before the next school year starts.
It’s possible to zero in even further. Since most people do their shopping on weekends (that also goes for home buying), it’s wise for home sellers to list their house around Thursday or Friday. That way, you can ensure your listing sits at the top when the market gets hot.
But you also need to look at what’s the best time to sell your house for you as a house seller. If you’re house selling but you’re also looking to buy a home, summer is generally easier to move. For families with kids, it will be easier to move due to the school holidays.
Additionally, you want to keep an eye on the current house supply in Dallas and even the overall job economy. Texas employment rate experienced a slight rise in 2021, indicating a good time for selling a house in Dallas.
It takes about 30-60 days to sell your house, so you’ll want to list in spring to catch that summer bandwagon.
Be aware that spring and summer are estimates and the best time depends mainly on the current market state. But if you aim for that time of the year and research current market data, you can pinpoint the best time to sell your house.
Worst Time of the Year to Sell Your House in Dallas
If you don’t do proper research, you might find yourself in the worst time of the year to sell your house in Dallas.
Besides the external elements such as the 2020 pandemic, other aspects can ruin your house selling opportunities.
For example, if you’re hoping to avoid foreclosure by home selling, you can quickly end up on the shorter end of the stick. Homeowners tend to make emotional decisions when pressured, resulting in higher risk and overall damage to your wallet.
In real estate, another bad practice is to sell a house that needs fixing or has tenants. Historically, homebuyers don’t prefer buying a home that needs extra investment.
People tend to move out during spring and summer as well. Meaning, tenants might not like you showing your house to home buyers while they have their things to do.
So although you might be in a hurry, not preparing up the playing field can set you back more than you can afford.
Lastly, you can end up working with a bad sales agent. Waiting for the agent to get in touch can place you in the worst time of the year to sell your house in Dallas. Do some research beforehand to ensure you work with the best buyers.
Best Month of the Year to Sell Your House in Dallas
Generally speaking, the best month of the year to sell your house in Dallas and the rest of Texas is May to June. Meaning, you should list your home from March to May to hit the bullseye.
A helpful indicator you can use is median days on the market (DOM.) DOM shows the most often day count between listing and selling a house in Dallas.
For home selling, the lower DOM, the better because it means there’s a high demand by home buyers. DOM tends to go up and down, especially in markets that have severe weather swings.
DOM peaked in February for Dallas at 68 days. Since then, it’s been falling and is likely to continue throughout the spring and summer.
If you time your listing right, you can expect to sell a house in Dallas two weeks faster. Meaning, to hit the right DOM, you should look to list your home by late May at the latest.
Worst Month of the Year to Sell Your House in Dallas
Typically, the worst month of the year to sell your house in Dallas ranges from late fall to early spring.
The housing market tends to quiet down in the fall, both for home sellers and home buyers. Although the momentum usually hits bottom in the winter months, there are still high-level buyers that might be looking to grab the opportunity.
Snow might be rare in Dallas, but bad weather in November and December can still impact how your house looks and make it less appealing.
September and October are usually busy for families looking to shop and prepare kids for school. Besides complicating the school year, people also want to round up all-important work before the winter holidays.
Besides the usual factors such as weather, holidays, and school, house buyers want to close the deal before the year ends to make use of potential tax breaks.
Although you might be hoping to grab a potential buyer, the main reason why November or December is the worst month to sell your house in Dallas is the lack of bidding power.
Fewer buyers in the real estate market mean less room for negotiation and getting the higher price you want.
House buyers will also want to spend less due to holidays. Christmas is the time when families spend a lot on gifts and gatherings. Meaning, they will be less prone to have a significant investment such as home buying looming over their heads.
Finally, you should avoid listing your house on Saturday, Sunday, or Monday. The median DOM shows that listing a home on Sunday can take five days longer than on Thursday.
Why Does Time of the Year Matter When Selling a House?
So why does time of the year matter when selling a house? The time of the year can have a massive impact not just on the time it takes to sell but also on the overall price.
As discussed, when deciding on the best time to sell your house, you should look at the following points.
- Weather – Homebuyers are more active during spring and summer than in fall and winter.
- Responsibilities – The beginning of the year is usually when families have fewer things to do and more time to look at real estate options.
- Major holidays – Holidays are when people spend more and have less money for house buying.
Although you might be looking to seize the opportunity since less activity means less competition, you’re still likely to face hard bargaining even if you find a potential home buyer.
The same elements can impact the seller’s market as well.
You might also have a family, meaning you’ll have less time to meet with buyers and show them around. Also, if you need to make house repairs, you’re less inclined to work around the house during winter.
But on the flip side, that’s also where your opportunity lies. To get ahead of the herd, you’ll want to do the opposite of what the majority is doing. Meaning, while other home sellers are resting, you should be preparing.
Selling a house in the fall might not be the best time of the year, but it’s the exact moment to ensure everything is ready for the following buying season.
Here are things you can do during fall and winter to be ready when the best time to sell your house comes.
- Find the right real estate agent – Don’t go with the first agent that comes along. Do the research and find an agent that’s an expert for the Dallas, Texas area.
- Do home improvements – When the buying season starts, you might forget to fix small things such as wires. Do easy fixes, so you don’t worry later.
- Declutter the rooms – Get rid of everything that will make the buyer’s job of imagining themselves in your house harder.
- Do small decorations – Same as the halo effect impacts people, the same works for houses. Even small things such as flowers can do wonders for the curb appeal.
Conclusion
Although unpredictable market trends can either harm or boost your chances of selling your house in Dallas, timing it right can prevent unnecessary headaches.
If you’re looking to sell a house in Texas, you need to do the necessary preparations to get the best pricing possible. Selling a home is one of the most significant events that are likely to come only once in a lifetime. Since you want to get the most out of it, you don’t want to rush in and regret it later.
Be patient, time your home sales right, and you’ll be selling your home for the right price to the right buyer in no time.