Well. The new year has finally come upon us, and so far it doesn’t seem any less weird than 2020. So what does that mean for your most expensive investment? What does it mean if you’re looking to buy your most expensive investment? That’s what this blog is about. I’m your friendly neighborhood Realtor here to help you along with some advice, explain the buying and selling process, do’s and don’ts of real estate, household fixes, info on different communities in Kennedale, general market news, and anything else real estate related my brain thinks up.
So, with that said the topic for today will be…….
What Is Going On With The Real Estate Market?
I hear these very words from potential sellers and buyers: “It’s a madhouse! Interest rates are the lowest ever and they are going to go up! Interest rates are the lowest ever and they will stay that way! COVID is killing the market. Lines out the door for Open Houses. No way to stay safe from the virus with people walking through. I’ll never find a home since I have to sell first!” and, after I get them to take a deep breath I explain this… .
Yep. There’s a lot to think about right now. Here’s what we know.
We are at HALF the inventory we were last year, and our cup wasn’t exactly running over then.
We’ve been dealing with a sellers market for years now. Meaning,
there are more buyers looking to buy, than houses for sale right now, and that creates a ton of competition.
Your basic Supply and Demand goes into effect and prices of that item or, home in this case, go up. So home prices are higher. But here’s the bright side Mr. and Mrs Buyer, with these very low interest rates (15 year in the 2% ‘s) people can still get a deal and a very nice home to boot. That’s for both resale and new build homes. Here in Kennedale you might have noticed all the new neighborhood developments coming in. (Don’t worry. I’ll be talking about them soon.) Well, that helps give buyers more options in purchasing. So as a seller, you’ll still need to make that house as pretty as you can before you try and sell it. You’re still entering into a “beauty contest”.
As for COVID. This thing just won’t go away. So what can we do about it? Well, lots. Your Realtor is a business owner and the LAST thing we want is to get our industry in trouble. So make sure you have open conversations with your agent. From virtual showings, videos of home walkthroughs, hand sanitizer before entering, mask wearing, etc. can certainly make both sides a little more at ease. Talk to your Realtor! Let them know your concerns because there are options and we want to inform and protect you.
As for the future of the market next year, later this year, next month or next week….we can only guess. But here, in DFW, it’s looking pretty strong. Our job market, continues to grow. Businesses are coming here, growing here, and starting here all the time, even now. Big and small. New people need to find a home, and the others need to move closer to their jobs. So that’s great news right? Don’t be scared to sell or buy.
It really, truly is a great time.
My Goal is to Help You Reach Yours. Looking to sell or buy? Let’s talk.