In July, The DeBerry Team has been busy helping home buyers find pre-owned homes as well as new construction homes. July for us was very active in both putting resale homes on the market and helping buyers find the homes they desire. You may ask, what was July like for resale homes in Collin County?
Let’s first understand some of the dynamics in the market at this time. Inventory of resale homes are lower and prices are higher overall with increased interest rates. These things together put a damper on sales for resale homes. Sometimes even negative local news is a factor in both buying and selling decisions. To get the real scoop on the real estate market in your area, speak with a Realtor. Sellers’ may say it is good time to sell due to fewer homes on the market to compete with which will allow them to get better offers on the homes they have for sale. However, sellers are not happy with present interest rates because many of them already have a mortgage with lower interest rates and that fact alone may play into both their selling and buying decision. Buyers who don’t have a home to sell are not faced with this fact since they don’t own a home. However, it is still a factor based on what they have to pay monthly on their new mortgage. However, mortgage providers have some great programs for those needing to buy a home. Realtors can put you in touch with their reliable vendors.
Here are the facts for July in Collin County for resale homes. Median prices actually moved down by 2.4% and in part this was due to offers on some homes coming in below list. However, there were other homes selling above list. It all depends on the area the home is located in and the condition of the home itself. July demand was down compared to last year but as noted there are many factors for this reason. People are having to get used to the “new normal." Our team closed several homes in July and many were at or above list price. Again, it depends on the area and the home itself. July saw an uptick in showings per listing which means there is still a lot of interest in getting a resale home. Inventory of resale homes are moving up slowly and until we get more inventory it will remain a seller’s market.
Buying or selling a home is a big decision and the best way to be prepared is to have factual information. Our team tracks Collin County comparing the stats for a particular month to that particular month over the past 5 years for both resale and new construction homes. We also track 20 different city stats weekly within north Dallas, Collin, Rockwall and Denton counties. Why do we do this? To equip our clients with the best information possible to make an informed decision. If you or someone you know would like a “free consultation” about home buying or home selling in the area you interested in, please give me a call at 214-676-8040.
Roxanne DeBerryPosted by Roxanne DeBerry on