Wichita Falls Real Estate Market Report – December 2017

Enjoy this Wichita Falls Real Estate Market Report for December 2017.  You may also search for homes for sale and save your favorite properties.  Set up a search and be alerted when new properties matching your criteria come on the market.

Search Wichita Falls Area Homes for Sale by Price on WFMLS

Wichita Falls Housing Market Maintained a Seller’s Market Throughout 2017

Here is a look at the Wichita Falls Real Estate Market for December 2017.  According to a report released on November 15th by the Wichita Falls Association of REALTORS® (WFAR) November 2017 saw 156 single family homes sold in October up from 140 homes sold in November 2016 while the average price rose to $136K from $132K the year prior.  Homes for sale in Burkburnett TX are also strong indicating that sales throughout the region continue to look up.

A Look at Housing Stats

The Wichita Falls Association of REALTORS® (WFAR) covers 5 north Texas counties: Archer, Clay, Young, Wichita and Wilbarger.  In this area for the month of November 2017:

• 156 Sales Closed — Up from 140 in October 2016
• 168 Homes were In Contract expected to close soon
• 140 New Listings went on the market
• Average Days on Market (DoM) = 69
• Active Listings = 479
• Month’s of Inventory = 3.1 Months

In the last 3 months there have been 166 Expired Listings.

What Does This Data Mean?

When we look at the market trends the month’s of inventory is a key number.  This number is the total number of sales in a given month divided into the total number of active listings.  In this case 479/156 = 3.0.  This means if no other listings were put on the market and the same number of homes continues to sell, it will take 3 months to exhaust the current inventory.  A neutral or balanced market is considered 6 months of inventory.  Anything less than 5 is considered a seller’s market and anything greater than 7 is considered a buyer’s market.

Wichita Falls is Currently in a Seller’s Market

View Burkburnett TX Real Estate by Price

What Does This Data Mean if I am Selling a Home in 2017?

The holidays and first of the year can be a great time to sell a home in north Texas, and actually our business has picked up activity through the holidays.  Yes, people do move during the holidays.  I realize that statement might go against the grain or even shock you.  Why would someone buy during this time of year?

• Job Transfers / Military orders
• Visiting family and friends and subject of moving closer comes up
• People tend to be more emotional during the holidays.  People tend to buy on emotion and back up the decision with logic.

It is absolutely true that a larger number of homes sell in the summer months, as demonstrated in the graphs we have here, however people looking to buy now are more serious.  Therefore, when selling during the winter, you are inconvenienced less by showings and the people who do schedule appointments are higher quality buyers.  We are still in a seller’s market with low inventory, so people who need to move now are going to select from the relatively few homes available while your competition is waiting for the spring.  And, by the way, we only need one buyer to buy your home.  Also, by listing now, you will be closing about the time the others who have waited until after the holidays are listing giving you a greater selection of homes and more options.

Not all Wichita Falls REALTORS® are the same.  You want one who communicates often, watches the market like a hawk, and has a proven track record of selling homes.

We currently have  pre-qualified buyers looking for homes in the Wichita Falls, Burkburnett and Iowa Park areas who have not yet found the home they want from the available active listings in the WFMLS.  Therefore, we are actively seeking new homes to list and enter the market.

Many homes selling quickly in todays market are updated and staged well.  For tips on staging check out our post How to Sell a House Fast in Wichita Falls.

The housing market is changing on a daily basis, and you need a real estate professional who monitors this market and is able to interpret it for you and advise you on how to reach your real estate goals.  To find out how recent sales have affected the value of your home, click here to obtain your home value online in only 15 seconds.

What Does This Data Mean if I am Buying a Home in 2017?

This is an emotional time of year during the holiday.  People tend to make impulsive decision based on emotions, so it is good to take pause and not rush into anything.  Interest rates fluctuate daily, and working with a good loan officer is important to obtain the best loan product for your situation.  Obtaining pre-qualification prior to looking at homes is a wise decision.  This accomplishes several things.  First, it turns you into a cash buyer giving you leverage and can save you money during negotiations.  Second, it ensures we are looking in the correct price range.  There are not many more frustrating things to home buyers than looking at homes only to find out they are looking in too low or too high of a price range.  At the Lockhart Real Estate Team we are careful to select the best homes for you first that meet your needs and wants in the price range with which you are comfortable.

If you’re looking for a move-in ready home, then you might find the available inventory of homes for sale quite low in certain neighborhoods.  At the Lockhart Real Estate Team, we will take a few moments up front to get to know you and conduct a needs analysis and buyer’s consultation.  This serves a couple purposes.  First we get to know you and your needs and wants to help us narrow down the hundreds of homes on the market to that select handful that truly meet your criteria.  Second, we are able to walk you through the buying process from beginning to end to ensure you are comfortable and confident moving forward.

For more information on the process to buy a home in Wichita Falls check out The 6 Steps to Buying Home.

Check out the Most Recent Homes for Sale in Wichita Falls TX

Burkburnett TX Real Estate For Sale by Neighborhood

Read Archived Wichita Falls Real Estate Market Reports | Compare this month to previous months

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About Tim Lockhart

Lead Agent and owner of the Lockhart Real Estate Team – Keller Williams Realty, Tim Lockhart, a 6th generation Texan, grew up in Arlington TX, and after having served 20 years as an Air Force Civil Engineering officer he retired in 2013. The experience, work ethic and leadership gained in the Air Force propelled him in only 4 years to build a real estate business ranking in the top 5% of agents worldwide, while outperforming the market by 28%, selling his seller’s homes 27% faster. Tim is a Certified Military Relocation Specialist providing the highest level of service to his clients.

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