FORT WORTH (CBSDFW.COM) – With the North Texas real estate market historically hotter than ever with massive demand and shrinking supply, many homeowners might be considering selling their homes right now and making a big pay day.
The question is simple — Do I sell or not?READ MORE: Working From Home Is Exposing Us To Another Type Of Virus: Cybercrime
The answer is a little more complicated despite the obvious payoff that homeowners stand to make, according to Dr. Luis Torres of Texas A&M’s Real Estate Research Center.
“The simple answer is yes,” said Dr. Torres, a Research Economist at the center. “Great time to sell. It’s a sellers market, but do you have a home lined up? Do you have an option of where you are going to move to?”
He said if you don’t have your next place lined up chances are you will end up paying more and even dipping into the gains you would make in the sale of your house.
With inventory at less than 30 days across DFW, Dr. Torres reminds people finding a home is getting harder and harder by the day.
“You end up in an apartment right? And you pay rent all those months and you lose all those gains you made from selling your home at a higher price,” Torres said.READ MORE: Immigration Conversation Between Former President George W. Bush, Dirk Nowitzki And Mark Cuban Airs At Dallas Mavericks Game
If you are thinking you want to sell now experts say there a few other things to consider.
Sellers are advised to price their home properly and to remember in this market of extreme demand you’ll more than likely get what you’re asking for if the house is desirable and priced right.
Also, consider any repairs the home might need and how much that could cost you.
In addition experts say consider all offers not just the highest one. They say some contingencies even with a high offer may not be worth it for you.
Dr. Torres said he expects this market to stay hot for about another year or so, but says the unprecedented rush to buy homes won’t last forever.MORE NEWS: Driver Charged With Intoxication Manslaughter Following Crash In Arlington That Killed Passenger
“These are levels that are unsustainable. These are levels of price levels are not sustainable in the history of the Dallas-Fort Worth mortgage market,” he said.