What Happens To Residential Real Estate In Collin County In 2020?
by Larry DeBerry
on Thursday, December 19th, 2019 at 12:03pm.
What will 2020 bring residential real estate in Collin County and in North Texas in general? As we have seen over this past year home prices continued to move up approximately 4% in 2019. However, the movement upward has slowed. Why? First, more inventory came onto the market and second the demand in the lower price ranges was high but inventory for that product was low causing those who could get into a home to wait. Even though interest rates remained at an all time low it did not spur a surge in activity due to shortage of these type of products. Until this changes I think we will see still see more of the same in 2020.
A sellers market vs a buyers market. There have only been a few months over the last decade that we might be able to look back and say it was a "buyers market". Very few! The reason is that demand has been high and inventory has not kept up with it. This year will continue to be a 'Seller's Market". The big issue will be affordability in 2020. When home prices rise up above the ability for people to qualify then that has an affect on home sales. I do think that prices will continue to rise in certain areas but at a moderate pace. I am hearing that some builders are starting to produce more inventory in the lower price range and this may help those in that range to be able to acquire a new home. Both resale residential homes and new construction homes are in supply in areas outside the major cities of Collin County. Melissa, Van Alstyne and in areas such as Wylie, Fate, and Lavon we can find modestly priced homes. Realtors are aware of these homes in these markets as well as other markets. Our team keeps an eye on where these homes become available in Collin County and outside of Collin County as well.
Our forecast for this year is very positive because of the job growth, business growth, and the overall dynamics that make this area strong. In 2019 The DeBerry Team again helped over 100 people (families) find, sell homes in Collin County, North Dallas and even in Denton and Rockwall counties. The largest amount of our sales comes from Collin County but we have past clients in many areas of the other counties that depend on our services and we are happy to be of help them. Because our team has been in business a long time, our past clients and their referrals create approximately 70% of The DeBerry Team's business. We are so proud that so many people have used our services over and over again as well as referred us to some wonderful people to help with their real estate needs. The DeBerry Team is looking for a great 2020 by assisting people with their home buying and selling needs in residential real estate.