The market for resale homes in August is typically more robust in closings than what we had this August. This August closings on resale homes were down from other August time frames. Why is that happening? We have a lot of things going on today that we haven’t seen for quite some time. Home prices escalated significantly during the pandemic era moving up home prices above the normal increase that we normally see each year. Interest rates moved up significantly then settled back down at a lower rate. Inventory of resale homes increased significantly which gave those looking for homes a lot more choices which in itself can slow down the rate of purchasing a home. Overall, though, the past two months have shown lower closings. Closings normally take 45 to 60 days or longer to close. What this means is that the number of those looking to purchase decreased two or three months ago. This is also the timeframe that interest rates for mortgages were fluctuating. I know this is a lot to take in but the market is still adjusting to the “new normal.”
For those who are deciding to purchase a home what is good to know is that sellers are having to deal with more competition due to more resale homes for sale in most areas of Collin County. The median home price increase in August of 2024 was up only 1.9%. Offers coming in on homes for sale in many cases are below list price. Sellers can set themselves apart by making sure they price their home aggressively to get the most traffic and potential offers on their home. Sellers should make sure they are listening to their realtor to understand the market their home is in to get the best results. Buyers should understand that there is only so much a seller can negotiate and that is where your realtor is key when making offers. For both sellers and buyers make sure you are educated on what you need to do to achieve your home buying and selling goals. Need advice: Contact The DeBerry Team of KW Legacy @ 214-676-8040.
Posted by Roxanne DeBerry on
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