The Dallas-Fort Worth Metropolitan Area encompasses 11 counties and is the economic and cultural hub of North Texas. The metropolitan area is diverse, with each neighborhood bringing its personality to the table. Dallas is stylish, modern, and progressive, filled with museums, shopping, and large office buildings. In contrast, Fort Worth is the more casual, boot-wearing younger sibling filled with country music and an impeccable BBQ scene.
There are many unique neighborhoods within the Dallas-Fort Worth metro. Argyle
, for example, is a highly sought-after community and homes here are a rare find. It has a rural, country feel, its homes are perched on large lots, and residents have access to incredible schools. Another sought-after Dallas-Fort Worth suburb is Flower Mound
, which has grown to be one of the most wanted in the metro area thanks to its stunning views of the lake, resplendent homes, and conveniently central location.
For those interested in buying or selling Argyle real estate or anywhere in the Northern Dallas-Fort Worth area, there are a few things you need to know about the city’s real estate market in 2022.
What to know about Northern Dallas-Fort Worth real estate
The price of real estate will increase
Currently, the median price for Argyle new homes is sitting at around $530,000, with the city’s luxury homes selling for as high as $12.2 million. With only a few dozen houses on the market, prices will rise further as demand stays high. There’s no sign that the market is slowing down, and the area will continue as a seller’s market
for at least another year.
This means homeowners who are interested in selling should do so in 2022. There are multiple factors at play that could make the market less competitive in the coming years. As a result, posting a listing sooner rather than later could be advantageous.
Mortgage interest rates are rising nationwide
Nationwide, mortgage interest rates are slowly rising. Dallas-Fort Worth area is seeing the effects of this trend as well, and numbers have climbed significantly since the low rates seen at the start of the pandemic. When COVID-19 hit in early 2020, rates dropped substantially, hitting numbers in the mid-2% range for 30-year fixed-rate mortgages. Numbers that low haven’t been seen since 2016 and, before that, not since the 1970s.
Numbers are returning to pre-pandemic rates, but slowly. Argyle real estate shows 30-year rates closer to 4%, with 15-year rates staying in the high 2% range. This isn’t expected to have a strong impact on demand but may encourage more homeowners to list their properties before the rates rise much higher.
Demand for Dallas-Fort Worth real estate is high
Higher mortgage rates nationwide will make it more expensive for buyers to take out loans, but not so expensive that the majority of buyers will be dissuaded from entering the market. Since 2020, the Dallas-Fort Worth real estate market has seen intense demand from buyers looking to relocate during the pandemic. With the boom in remote work opportunities, many individuals and families are reconsidering where they invest in real estate. This influx of buyer demand has contributed to the strong competition seen throughout Texas.
Demand and prices for new homes should stay fairly high in the market this year. Rates haven’t climbed enough to put off potential buyers, especially those who are selling their current homes in order to move to the Dallas area.
More inventory will appear in 2022
Rising mortgage rates and steady home value appreciation will inspire many homeowners to sell their Dallas-Fort Worth real estate in 2022. Those who have been hesitant to jump into the market for fear of not finding a home to buy may make the leap before interest rates rise higher. And as more homes enter the market, sellers who are concerned about supply may have some of their fears assuaged.
Additionally, because listing values are increasing, some homeowners may want to bite the bullet and sell while the market is strong. The pressure to secure a high price before the market drops and swings back in favor of buyers may encourage hesitant homeowners to finally commit to selling this year. More inventory will be good news for buyers, who will face less competition as a result. Fewer bidding wars will make it easier for buyers to find homes without going too far over their budget.
When is the best time to sell in the Dallas-Fort Worth area?
Buyers are flocking to Texas all year round, making the old adages about when to sell useless for today’s sellers. While it’s true that the spring market heats up in around Valentine’s Day and continues to see many homes sold through June, there are many huge advantages of selling in what was once considered the off-season. July through January has slightly less competition, which means higher prices, and the high demand from the constant stream of new arrivals means that there is no bad time to put your home on the market. Don’t wait for the right moment because the time to sell is now.
Tips for listing Dallas-Fort Worth luxury homes for sale
Given the city’s wide price range, selling a luxury home in Argyle and other northern Dallas-Fort Worth communities takes tact and finesse. Homeowners should reach out to a professional real estate agent who will do a thorough comparative market analysis of other homes in the neighborhood. Once an accurate value is placed on a home, renovations, preparation, and staging can begin. Owners should consider renovations if they have outdated bathrooms, kitchens, or lighting fixtures. Flooring and cabinetry should be updated throughout the home to improve the home’s estimated value. Though renovations are an additional investment, taking these measures allows homeowners to potentially increase their overall equity and return on investment. When you list your home with a Compass agent, you can take advantage of the Compass Concierge program. Compass Concierge will front you the money for repairs and renovations before putting your home on the market, which relieves much of the stress financially, thanks to the no interest and no fees that Compass Concierge offers.
For the best results, staging and photographing a home is an important step. When you work with Berry Boyd Group, they hire professional stagers and photographers to create an ideal virtual presentation of their home. Stagers will know what personal items to remove and how to show each room at its best. Photos, videos, and virtual tours should be included in every online listing, as most potential buyers for Flower Mound properties begin their search online.
Ready to sell Dallas-Fort Worth real estate?
Rising mortgage rates and sustained buyer demand will make 2022 a competitive year for Dallas-Fort Worth real estate. It’s expected that the market here will follow national trends of remaining competitive for buyers. Home values will continue to increase, which is great news for homeowners who have been waiting to sell.
If you’re ready to prepare and list your home to sell or want to view the best luxury listings in the Dallas-Fort Worth area, reach out to Berry Boyd Group today