The local market statistics of available homes to purchase has increased 40% from last year. What does that mean for the buyers looking for a home? They will ultimately have more choices. It also means that they will, most likely, look at more homes before making a decision to purchase a home. What does this cause? Answer: Homes sit longer on the market.

Make no mistake, it doesn’t mean that all homes are all sitting longer. Why? Some are priced aggressively to sell and those will move off the market quicker. Buyers need to have great information to be prepared to make a decision immediately on these highly desirable homes. Sellers need to be informed by their realtor how to price their homes to get it sold quickly and if it is not moving then they…

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In the Collin County area, we have seen many home buyers purchasing new construction homes. Why is this happening? The first reason is that the inventory on resale homes remained low and building of new homes continued to be strong. Another reason was that interest rates went up and builders had the flexibility to offer “buy downs” which helped people get into new construction homes. However, inventory of resale homes has increased and now there are lots of options for home buyers to choose from. Another factor is that with the increased inventory of resale homes, home prices have moderated since the pandemic era.  

Resale homes offer certain advantages that new construction homes don’t. Resale homes are in an established neighborhood that the buyer…

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