The answer? Not on the market yet! Over the past 12 weeks, we track 20 school districts in north Dallas and Collin County. These areas give us a good indication weekly of what is happening with homes coming on the market. Something we did not expect is that inventory of single-family resale homes has declined since January of this year. Historically, it is not unusual for those wishing to put their homes on the market to wait till March, however, this year might be different. Why? Those who had better mortgage rates may decide to wait to see if they come back down. Although, that is not usually a major factor for moving, but it is one that home sellers do consider. What they should understand, based on the information we have, if they wish to move then this is a good time to put their home on the market since the competition at this point is less. We don’t believe interest rates will be coming down to the low levels we saw over the last few years. Why? It is not historically the normal. Home buyers and sellers need to understand that our market is returning to the “normal trend line”.
Our team has helped several buyers and sellers over this past month. This means the desire to purchase homes is there and I believe inventory will start improving over the next couple of months. New construction home builders also pulled in their builds in many areas and that will affect total inventory in the future in that type of product. Pricing on homes have settled back down. What do I mean by that? I mean that offers way above list are not being seen as they were last year. We started moving back toward a the historically price increase percentage in the last quarter of the past year. We will still see elevated prices on homes but offers may not come in at list price for these homes. In other words, sellers should be ready to negotiate. If you need information on the real estate market in a particular neighborhood, call me, Roxanne DeBerry 214-676-8040. I talk with people daily to answer their real estate questions.Posted by Roxanne DeBerry on
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