What does The DeBerry Team of KW see based on the information ending November on resale homes? First, we have all seen that interest rates moved up but retreated lately. Home prices also moved up slightly in November compared to November of 2022. The median sales price for a resale home in Collin County is $514,450. Median means that is the middle price of all homes sold. Inventory is still low at 2.3 months which will not help home prices move lower in the near future. Demand has also been down mostly due to the issue with low inventory, home prices and interest rates.
It is not unusual for the market to be down this time of the year however we are lower than the recent past. One thing that I am watching closely is those that are buying are not willing to pay above list price and in many cases are negotiating off of list price. This is unusual when inventory is low but what is happening is the number purchasing homes at this time is lower as well and that is causing a competitive situation.
My analysis is that interest rates will move down some more but not back to where they were two years ago. I am thinking in the high 5’s or 6% range that we are now starting to see. Therefore, I believe that those looking for a home should not wait long to seek out a new construction or a resale home. Interest rates fluctuate and this is a good time to take advantage of them. If demand goes up and inventory remains low home prices will move up some more and that is why I am recommending to move to purchase a home sooner than later.
If you are looking to purchase or sell a home, please contact The DeBerry Team of KW at 214-676-8040. We will be happy to let you know information about any specific market you might be interested in to make a decision.
Posted by Roxanne DeBerry on
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