What does a shifting market mean?

Real Estate

Hey, we are here to talk to you today about the shifting market and how it affects you as the consumer, both as a buyer and seller.   What you have probably heard is that the market has come into a screeching slow down. Homes are taking a lot longer to sell, and there's been longer days on the market and that a lot of homes actually aren't selling.

There's been a lot of panic, people wondering "what does this mean for the market,does this mean our market is going to cras, what is going to happen?"  

For any one person to say 100 percent that they know what is going to happen, that is just not possible. But as far as my personal opinion, I’m pretty confident we're not going to crash like we did in 2008, but things are going to come to a major slow down. Homes are still going to sell, and I think that there's still going to be our typical appreciation gains in Dallas which historically has been about 3-5% a year. But we're not going to see the crazy 10% or more appreciation gains in one year like we’ve been used to. Interest rates are going to go up as well.

From the buyer's standpoint, right now is still the best time to get in and purchase a house before interest rates go up much more.

From a selling standpoint, depending on where you are in terms of price point and the condition of your home, you can actually still sell your home relatively quickly. The multiple offers are going away, but they are still around for specific homes and GOOD agents who know how to generate multiple offers. But, we are still going to be selling most homes in less than six months. In a more balanced market, six months is pretty average.

So buyers for the first time you have more selections, and you're not in as in many bidding wars. And sellers, things are still pretty good for you if you've got a great agent that can give you great advise THAT YOU FOLLOW. You can still get your home sold relatively quickly. Again, the interest rates are going up and I do see about 3 to 5 percent appreciation per year in our future. So if you've been thinking about buying in and maybe you're wanting to hold on in case you think the market is going to crash, I definitely don't see that happening anytime soon. And likewise for sellers, things are going to slow down quite a bit, so if you are wanting the opportunity to get the multiple offers, it is going away. You need to make sure that you are with a skilled agent that knows how to best prepare your property for that. And if there's a need a few things from you.

 

So as always, if you have questions on the buyer's side or the seller's side, you can reach me anytime, 214 -659- 1890, looking forward to be hearing from you.

 

Gabrielle