Is It a Buyer’s or Seller’s Market? A Spring 2025 Real Estate Update
Hello friends and happy March!
Meteorological spring is here in Dallas, and I don’t know about you, but I’m ready for the warmer weather! The beautiful blooms of redbud trees, longer days, and sunshine brings me a sense of renewal, making it the perfect time for new beginnings (and spring cleaning, but we’ll talk about that in my next post). If you're considering buying or selling a home, now can be a great time. Let's take a look at what's happening in our local real estate market this spring:
Spring is a season of fresh starts. It’s a time to embrace change, whether it’s in nature or in your living space.
Current Interest Rates
As of February 2025, mortgage rates are hovering around 6.875% for a 30-year fixed-rate mortgage.
Mortgage rates can fluctuate, based on a few key things, like the economy, your credit score, the length of your loan, and what’s happening in the housing market. Lenders also look at factors like how much you’re borrowing, your down payment, and whether the loan is a conventional loan or one backed by the government.
Is It a Buyer's or Seller's Market?
We are still leaning more towards a buyer's market. Here's why:
Increased Housing Supply: Builders have been ramping up construction, leading to more homes on the market. This gives buyers more options to choose from.
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Stable Home Prices: Home prices have been stabilizing, making it less competitive for buyers. Sellers might need to be more flexible with their pricing to attract offers.
Advice for Buyers
Explore Your Options: With more homes available, take your time to find a property that fits your needs and budget. Define your priorities, research neighborhoods, attend open houses, and most importantly - download my personalized app where we can share listings together, save a collection of houses, and use detailed searches including school districts and commute time from a potential home to your workplace. Reach out to me to get set up on my app!
Consider Mortgage Rates: While rates are higher than in the past, they're still manageable. Shop around for the best rate and consider locking it in to avoid future increases.
Rates are expected to dip slowly over the next year and could hit as low as 6.3%. But here’s the catch - when that happens, competition will heat up. Waiting could mean you’re up against a lot more offers on your dream home.
Advice for Sellers
Price Competitively: With more homes on the market, ensure your listing is strategically priced to stand out. Offering a co-broke to the buyer’s agent will also attract more potential buyers.
Enhance Curb Appeal: Make necessary improvements to make your home more appealing to potential buyers. Simple updates like fresh landscaping, a well-manicured lawn, and a freshly painted front door can make your home feel more inviting. First impressions are everything!
Remember, the real estate market can vary by location, but here in Dallas, we’re seeing lots of growth! With a strong job market, great schools, and a mix of urban and suburban living, it’s still a fantastic place to buy or sell a home. If you’re thinking about making a move this spring, let’s chat - I’d love to help you navigate the market and find the perfect fit for you!
Sarah