Articles Tagged "mortgage rates"

The 2021 real estate market was a bumpy ride, with random periods of waiting thrown in for good measure.    

The year started off with a bang with surging prices and inventory down across North Texas. Housing inventory was down for two reasons:

• Low interest rates – Low interest rates had an interesting effect of both encouraging people to buy a new home while also encouraging others to stay put. Those who stayed refinanced and renovated their homes, putting further downward pressure on housing inventory. Those who wanted to buy found few homes on the market.
• Global building supplies shortage: The logistical disruptions of 2020 spilled over into 2021. This combined with the Texas recovery from February's "snow-mageddon" pushed the prices of building supplies ever higher.

By September, the housing market was still tight.  North Texas home sales fell but prices continued to rise due to a lack of housing inventory.  North Texas saw record gains in home prices:

"Dallas-area home prices jumped 25% year-over-year in September — the largest gain for the market in the history of the closely watched S&P CoreLogic Case-Shiller Home Price Index."

What will the new year bring?  Here are our three predictions for the housing market in 2022:

• Winter, spring, and summer seasons are going to be just as busy as 2021. We will continue to see multiple offers and a housing shortage.
• Interest rates are going to start creeping up starting at the beginning of 2022 and will continue increase to mid to high 3% by the end of the year.
• Prices are going to start leveling out and late 2022 and 2023 should be much calmer for the housing market.

If you have been thinking about selling your home, give us a call.

If the timing is right and you are ready, so are we.

Whether you are buying or selling a home, now is a great time to act.

In North Texas, the supply of homes offered for sale is the smallest since January 2018. And there are even more buyers actively looking for homes to purchase. Why is this big news? Glad you asked!

Ready to upgrade to a bigger house, or move to a different area of town?

You've added a kid or sent one off to college. You're interested in a more urban lifestyle. You want to live on some acreage off the beaten path. We know where the hidden gems are right now, and will help you sell your home quickly and then secure one of the few choice properties on the market that fits you perfectly – leveraging the equity in your current home to match your family to an even better one. Plus, mortgage rates have fallen below 3% and are likely to go up after the new year.

Homes are selling quickly and often for more than their asking price. Texas is no exception. The housing market is under-supplied, and the shortage is rising:

• Active listings in Dallas County decreased 19.9% from June 2019 to June 2020. But the number of homes sold increased by 8.6%.
• There has been a 36% decrease in month's supply of inventory in Collin County from June 2019 to June 2020. Closed sales in Collin County increased by 9% during the same time frame.
• The numbers are even more drastic in Kaufman County, where active listings decreased by 22%, while homes sold increased by 47.7%.

Have you been in your moderately priced house for a while now?

Your house is the most in demand; and you're most likely in a strong equity position. Selling your home while the interest rates for buyers is low and the pool of houses to choose from is also low, puts you in a very favorable position. Demand for houses is driving bidding wars and multiple-offer scenarios, and houses are selling quickly.

Selling and buying a home can be challenging. Let us make it easy for you!