Much of what we have been talking about over the past 5 months has been captured in last week’s Real Estate update by Steve Brown. In his article, he reiterates what we have been discussing on our weekly market update since April this year. The same as the last market shift, the news media trails by 3-6 months of our access to the numbers. This would put The Dallas Morning News at 5 months trailing our initial reporting. It’s funny how some trends stay the same. Steve Brown and the Real Estate Center give their take on this article as well.
If you are interested in investing in property, we are already seeing opportunities popping up. Let us know if you have interest and we can discuss your personal goals.
For our sellers, it’s key to observe and stay ahead of the competition. For buyers, remember that sellers are still getting used to the idea of a shifting market and this takes time to adjust. Interest rate hikes are just as much an important piece to watch as pricing, so make sure you don’t mistake pricing slow downs as a reason to “wait until the market cools off”. Interest rates going up can offset any lowering of pricing – at the bottom of the last market DFW was only down 11-13% in the lowest neighborhoods, 1% in interest rate hikes would mean the same discount to the buyer.
You can take a look at our latest numbers here.
**Side note – if you have an FHA or VA Loan and you are thinking of Selling, we absolutely need to know what your interest rate – these loan interest rates can be assumable in certain cases and can make your home worth more/be more competitive than the other homes in your neighborhood. This will be the first time in almost 30 years that this could mean something to a home seller and buyer.
Cheers to a strong selling week,
Seychelle & Team