Housing prices have soared in DFW over the last three or four years. A 6-10% growth rate was not uncommon. So, it stands to reason that at some point the market will slow down. Is the real estate market slowing down now?
The quick answer is yes but it is not the complete answer. Recently, many people have been hearing about this “hot” market and began to list their homes at premium prices. For a while that seemed to be ok, but as the prices went higher, buyers began to wonder if these homes were actually worth the top dollar sellers were asking. With the end of summer, vacations over and school starting, we typically see a slowdown in August. With that and the fact that there is a slight shift occurring, it has caused concern and speculation.
Additionally, interest rates began to rise. Our booming economy in the United States has caused the Federal Reserve Bank to raise rates in order to keep inflation low. As interest rates rise, buyers have less buying power and with a slight increase in inventory, they have a bit more time to shop and find their perfect house.
Now, we are in an unusual period. Gary Keller, the “Keller” in Keller Williams, stated last week in our annual training seminar in Austin, that this is one of the strangest markets he has ever witnessed. In spite of this shift, it still can be a good time to buy or sell real estate. First, as a seller, you need to price your house accurately, make sure it’s in move in condition and then be able to adjust to what the market is telling you!
Second, if you are a buyer, this might be a good time for you to be looking for your next home. Prices have stabilized and a seller might be more motivated to sell if their home has been on the market for a longer period of time. While interest rates are higher than a year ago, they are still at historical lows so you should be able to find a decent rate that will meet your financial goals.
If you have any questions about buying or selling a home, please give me a call at 214-769-2947. I would love to answer any of your questions. The GoalLine Real Estate Team is ready to help you with all your real estate needs.
Beth Brake: Team Lead
Performance Driven Excellence