If you think your home’s “For Sale” sign has been posted so long it should be turned into a lawn decoration, you’re probably right. But the problem is (likely) not your home. It’s the market.
The average time it takes to sell a house in North Texas has increased 20 percent in the last two years, the Dallas Morning News reported. And in some neighborhoods, it has climbed even higher.
In East Dallas, the average selling time for a home was 55 days in December 2018. That number was up 34 percent from the previous year, according to the Real Estate Center at Texas A&M University. Selling time increased by a third in East Dallas, but at least it wasn’t Hurst or Lancaster, where average days on the market was 50 percent higher than the year before.
Rising interest rates and the shortage of homes below $300,000 have slowed the demand for housing, according to the Real Estate Center. Housing sales dropped 1.1 percent in November 2018, ending multiple years of unsustainable growth, the center reported.
In 2016, average selling time dipped to 36 days in North Texas, but since then, they’ve been steadily rising.
Click to sign up for the Advocate's weekly news digest and be the first to know what’s happening in Lakewood/East Dallas.