As many of my readers know, my husband Larry tracks and updates our team on a weekly, monthly, quarterly basis of what is going on in our market area and in some of the top selling areas for our team. The information is also great for buyers and sellers of residential real estate because it can assist them with making decisions to how to take advantage of market conditions. Let's see what he told us about the 1st quarter of 2019.
In Collin County inventory of homes have has been rising in most cities over the 1st quarter of 2019. You would think that this might have a negative effect on home pricing. The answer to that is yes and no. First, home prices have grown at a slower percentage this first quarter than in 2018. 2nd, however home prices have continued to move up even with more inventory. The difference we are seeing, is what is being offered on homes is lower than it was in Q1 of 2018. The two factors that is driving this is because of reduced traffic and more homes for sale to compete with. Seller's see what is taking place and have realized they need to be more aggressive during the negotiation process. Again, home prices have moved up but competitiveness has increased as well.
Another factor is homes are not selling as fast as they were in the first quarter of 2018 and realtors are advising their seller clients of this fact. For those wishing to sell quickly homes must be priced accurately to bring buyers to the doorstep. As a disclaimer, check with your realtor about your individual neighborhood. Mortgage rates remain favorable and as we go through the summer months and this will have an impact on the buying demand. At the end of March there was an uptick in demand and that bodes well for the upcoming months.
This will still be an extremely good year for home sales in Collin County and if you are interested in have a a Comparative Market Analysis of your home done please contact: Roxanne DeBerry @ 214-676-8040 or email her at Roxanne@thedeberryteam.com. It is "free"!