We hope you all have a safe and fun time for Halloween. I still find myself loving the joy of seeing kids get dressed up and drive communities to get together. We’d love to see costumes if your kids or pets have any cute ones! Our five-year-old is going as a “rainbow mermaid unicorn.”
The jobs keep pouring into Dallas, the latest speculation is JP Morgan considering their move to DFW out of New York. Why are jobs important here for your housing value? A steady employment market and stable interest rates create a strong housing market.
Our biggest challenge that we will face in the next 2-3 years is affordability. Once first time home buyers are unable to purchase a home because entry-level pricing is too high, it will keep move-up buyers from being able to sell, which in turn, impacts all pricing brackets. This has been the main shift in our DFW market that has caused a market correction in pricing. Homes in the entry-level just got too high priced and homes in the luxury segment were overshooting the mark on what buyers were willing to pay. Our market will continue to correct in the coming months, however barring a national economic crisis, we aren’t anticipating a major crash. This is just an evening out of home prices. As of the end of September, home prices were still up 5.6% for the year here locally.
Storm Update: We hope you all are recovering from the storms last week. Our crews spent hours walking to job sites instead of driving in areas that were blocked off. If you or anyone you know is still in need of additional resources, please let us know – we are here to help!