The first thing any buyer or seller wants to do, is get a pulse on the current housing market trends. Rightly so, because the current state of any housing market has a direct effect on your home buying or selling strategy. So, what exactly are the current trends for our area?
Home buyers are still experiencing limited inventory when selecting a home. This has allowed sellers to price homes at the top of the market, above the averages for the previous year. They have also been able to sell more homes “as is”, without doing as many updates before listing their home on the market. However, in November we saw an 23% increase for Single Family homes on the market in Tarrant County and are now at 2.7 months inventory. This is great news for home buyers in that there seems to be a growing selection of homes coming on the market.
One of the biggest topics among home buyers is interest rates. Mortgage rates are at their highest mark since 2011. We saw interest rates rise over 2018, and Mortgage Bankers Association (MBA) and Freddie Mac both predict this rise would continue into 2019. Keep in mind, specific programs may allow for a tiny bit of movement on rates. Just this past week, one of my lenders was able to decrease a rate for some of their buyers! If you are needing to buy, it’s always a good idea to contact lenders to find out exactly what you qualify for.
Overall, home price increases are predicted to slow down in 2019. This could be in part to a higher supply of inventory, and increased mortgage rates. Although leveling out somewhat, home prices are predicted to continue to rise throughout 2019. Home prices in November were still overall 4% higher than we saw last year in Tarrant County. With inventory beginning to increase, buyers are able to be a little pickier with their purchase. They are looking for “move-in” ready homes. Making needed updates and repairs can give you an edge of the competition and move your home to sale quicker.
In recent months we’ve also seen an increase of days on the market. This could be due to weary buyers due to rising interest rates, or the fact that more homes are coming on the market. The best way to combat this is to make sure your home stands out amongst the competition. Thinking of selling? Make sure you check out my tips for sellers.
Rising interest rates, more homes listed, and longer days on the market means we should be moving into a more balanced market in 2019. It’s predicted that home prices will continue to rise, but at a slower rate than what they have.
Keep in mind, real estate is very driven by cities and sub-divisions. For specific information, you will want to speak with a qualified Real Estate Agent. If you don’t already have an agent, I would love to help! Give me a call at 214-929-5535.
Pam Yoakum 214.929.5535