Does this sound familiar? Where are we in Collin County on resale homes? Inventory for them has not increased to 2019 levels, yet. Demand was not as high for resale homes based on pending sales in June compared to the last 4 years. Interest rates have gone up and down but not as good as they were over the past few years. Will they ever return to where they were? To be frank, no. Get use to the new normal. Medium home prices were lower than last June for a resale home. However, they were higher than what they were in May. What does this mean? The market is stabilizing and that is all it means.
Yes, we can all look at our “real estate crystal ball” and say one thing or the other. The fact is the fact. Inventory is still lower than it was in 2019 for resale homes, home prices moved up over the past two and a half years by a large amount over more normal real estate markets. Interest rates have kept some sellers from selling and some home buyers from buying. The facts are the facts. If you go back before all the reduction in interest rates and to the normal growth of home prices, we can see the pendulum is returning back to the trend line of the past. It will take some time for the market to adjust.
Our team watches all the Collin County and North Dallas information closely to give our clients the best advice about our market. Our agents are working with buyers and we have also been seeing an uptick on sellers wanting to take advantage of the present market. These are very good signs that our market is moving in the right direction. Our goal is to help those needing help with their residential decisions with the information that will assist them in making an “informed decision.” Need help? Contact: Roxanne DeBerry of The DeBerry Team of KW at 214-676-8040.Posted by Roxanne DeBerry on