Election is over....what to expect!

Written by Posted On Tuesday, 21 June 2016 14:24

Dallas, Texas

The election is over and whichever camp you were in at least we now have certainty one way or another. So far, optimism seems to be in play. The stock market is up, the new regime is creating confidence and 2017 is expected to be a good real estate year. Dallas is still humming with relocation buyers and investors....they are still moving here in droves so it's still a hot market in high demand. 

Interest rates are still low, and we've seen more inventory come on this fall. There are still "sweet spots" in the market and certain price ranges and locations sell quickly but we've definitely seen a dramatic slow down in the last quarter. The best location in University Park is still the golden corridor (between Preston and Hillcrest) and still bring top dollar. Highland Park has a good supply of high end homes still to choose from and there seems to be an abundant number of homes priced between $2.5-$3.5M in the Park Cities in general. The high end luxury market has cooled quite a bit. The hit on the oil industry might be putting buyers on the sidelines along with it being an election year. Homes priced between $4-$10M are sitting longer and there are an abundant amount to choose from. Sadly, any home that is not updated with what today’s buyers want (light, bright and white!) will sit longer than those that have been updated to today’s look! So, if you’re cabinets aren’t white, paint them and if you have several wall colors working, paint them white or light grey and add new white marble or soapstone on your kitchen counter tops! If your house is older than 2010 it is considered a redo by today’s buyers! Your return will be well worth the investment.

Lot prices have seemed to cool a bit and there is beginning to be a good supply of new construction and those prices are higher than they've ever been (makes user homes a better buy). But currently, the estate area of Preston Hollow seems to be void of good lots. Devonshire, M Streets and Lakewood continue to be hot and out of control on prices....especially Devonshire! Recent sales have topped out at $3M!! Never have I thought prices would reach such heights! It's priced many young buyers out of the market. If you're looking in the $500,000 range forget buying anything decent in Devonshire....Lakewood and M Streets are also slim pickings! Preston Hollow is also lacking homes priced under $1M. 

 Many economists are  saying interest rates will soon rise now that the election is over....so I would buy sooner or later  because the cost of money is still too cheap.The fall market has been slower than usual, probably due to an election year, so there have been an abundant number of price reductions in the past month. Some sellers still think that just because it's been a  hot market, they can price their home out of the ballpark. Buyers are smart and sophisticated and they have done their homework. So, pricing is still key in getting the highest dollar that the market can bear!

Personally, I feel the weather changing in the direction of a very hot market in 2017....stay tuned and have a blessed Merry Christmas!


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Nora Ling Lane

"It's a privilege to work with my clients. I am humbled and blessed to serve their Real Estate needs."

When asked about the secret to her success in real estate, Nora Ling Lane will simply answer, “The Grace of God.” As the daughter of Dallas real estate legend, Jennie Ling, Nora learned how a great work ethic and putting her clients above all else leads to results. She believes that honesty,  integrity and relationships  are the key ingredients that set market leaders apart. Her motto is, “say what you mean, and mean what you say.” For more than 32 years, Nora has specialized in the Park Cities and vicinity, Preston Hollow and Lakewood where she, along with her husband, Jody, raised all three of their daughters.

Consistently focusing on the goals and needs of her clients, she has risen to the top of the industry where she is recognized for superior service, advanced negotiation skills, innovative use of technology, and sophisticated online marketing strategies including heavy social media and internet marketing. Nora has a strong belief in handling every aspect of each transaction from start to finish rather than relying on an assistant to handle details of her transactions....her clients are too important to delegate to anyone else! Learn more at www.noralane.com.


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