Searching for a home to purchase can be fun or it can be tiring and stressful based on what we have heard from those trying to purchase a home. During the Covid period we saw a lot of frustration with people trying to find a home and then having to compete with multiple offers and losing their bid to someone who went way over list price. What are we experiencing in today’s market?
The DeBerry Team of KW works with lots of buyers during the year and therefore we get a lot of input. This year so far, we have seen more inventory coming on but still way below what is necessary to keep prices in check. Therefore, those in certain price ranges seem to be having a more difficult time finding the home they desire than those in higher price ranges. Why? Because many homes moved up in price in both new construction and resale.
Let’s take a look at resale homes in July in the city of Wylie for instance. There were only 7 homes that closed in that price range from $275,000 to $357,999. Why? Because the number of homes most likely available are in the higher price ranges. The highest number of homes sold in July in Wylie was in the price range of $358,00 or more which was 43 resale homes closed. Looking at Plano, where most people would not think you would be able to find a lower price home might be surprised. There were 34 resale homes that closed in July in the price range of $285,000 to $408,999. However, when you look at what price range had the most resale home closings in Plano, it was the price range of $409,000 or more and the number of closings was 150 homes. Are you getting the big picture?
Let’s take a look at McKinney because that has been a very popular area for many home buyers. In July for resale homes the price range between $357,000 to $518,999 had 35 closing in July. However, the largest amount of resale homes sold was at the price range of $519,000 and above. That price range had 145 closing in July. Just south of McKinney is Allen and the price ranges in this city for resale homes may differ from the east side to the west side of the town. When I make this statement, that may also apply to other cities that are along highway 75. It doesn’t mean that there are not some good deals west of it but that depends on the city itself and the time period that resale homes were built. Allen has also been a very active area for home buying. However, in July the price range between $299,000 to $424,999 only had 16 closings of resale homes where the price range of $425,00 or more had 59 closings of resale homes.
Last let’s take Frisco. The price range that had the most closing in July on resale homes in this city was $519,000 or more which had 145 closings in July. However, the price range right below that was between $357,000 to $518,999 that had 35 closings in July. As you can tell, each city has its own dynamics. Why do I bring this up?
The buyers we work with that have selected The DeBerry Team to represent them will have agents who are well versed about the market and the cities around the area. We know where to find certain price range homes. This helps take away the frustration and stress that is related to the first step of home buying right after a buyer gets pre-qualified for a home. The second step is “making the offer”. Our agents have experienced many, many competitive bid situations and therefore can give the “best” advice when it comes to making an offer. We say on our team, “that knowledge is power” and we use that knowledge for the benefit of those we serve. Want to know more? Contact Roxanne DeBerry with The DeBerry Team of KW at 214-676-8040.Posted by Roxanne DeBerry on