The DeSoto real estate market, just like every other market, has seen a shift lately. I’ve spoke with several homeowners and they’re concerned if this is a good time to sell. We’re still in a Sellers market, which arises when demand exceeds supply.

The median sales price in DeSoto for July is $350,000, compared to $315,000 last year. 76% of homeowners are equity rich and they’re still taking advantage of this.This has resulted in homeowners selling their homes, refinancing to take advantage of this increase, or several homeowners still on the fence.

Since we’re in a current shift it’s important that you’re fully informed if you plan on listing your home. One of the largest factors in this shift is the increase in interest rates. The average home loan rate has risen from about 3% to close to 6%, over the course of the year. The Federal Reserve’s decision to implement the largest interest rate hike since 1994 could mean some tough conversations between potential homebuyers and their mortgage lenders.

As Gary Keller writes in SHIFT, “When the market turns, it is time to roll up your sleeves and for everyone around you to do the same.” I couldn’t have said it any better. Whether you’re looking to buy or sell, it’s important to have a Realtor that is willing to roll up their sleeves, and has a plan in place that fits your needs.

If you or anyone you know is looking to move to the DFW area or sell their home, contact Aaron Everett at 214.403.0805 or click here.