The market so far this year has still been HOT! Homes are flying off the shelves, and some neighborhoods have seen higher gains this quarter than for the life of the neighborhood! That being said, the shortage on homes has gotten worse especially in areas like Far North Dallas and Plano. Despite concerns the market was going to level out this year, we seem to be so low on inventory still that this has actually been one of the best quarters so far.
Now one negative thing that has happened is that mortgage rates are going up. We will have to see what the rest of the year will bring as far as what the increase in mortgage rates will do to the market, but so far it has not had a major impact on home sales. If you've been thinking of buying, you may want to make that move sooner rather than later, as interest rates are predicted to be at 6% by the end of the year. This means monthly home payments could be substantially higher and will make it tougher to qualify for more.
That being said, people are still flocking to Texas, and especially Dallas. Dallas is one of the fastest growing cities and on the top 10 list of cities for entrepreneurs. So many good things are happening around here, no wonder the rest of the US wants a part of it! It is impossible to give an acurate prediction as to what will or won't happen, but here are a few things we are looking at that could come to play in our area
1. Very low inventory of homes
2. Homes under 300k (and a little higher in some areas) are in such short demand that many buyers are having a tough time staying in certain areas
3. Higher priced homes (400k+) have already started to reflect the slowing in the market and have been sitting for longer than sellers are expecting
4. Interest rates are on the rise
5. The market will slow, and many investors that have been flipping homes have decided they are going to start buying homes to rent out so as to minimize their risk when the inevitable market shift happens
If you've got any specific questions as to the current market condition, or have been thinking of making a move, give me a free no obligation call to discuss your options. 214.53.695, as a real estate consultant, I am here to help! Always happy to answer questions or send you detailed evaluations of your home's value and your neighborhood statistics!