Dallas Housing Market (Kaufman: real estate, mortgage, homes)

[Capitalprophets]

Hello All,

Inventory is growing, rates are increasing and going to be high into the next year, fear of recession is on the rise.

How does that impact the buyers and sellers? Should they wait or not?
What is the average list times before homes are going under contract?
Is it a good time to sell/buy?
Any tips!

I think we can all use some statistical, calculated data from the realtors on this forum.

[ChristieP]

I was speaking with a Realtor friend yesterday. She said homes are now staying on the market longer (30-60 days), and when they do get an offer, the buyer is often able to negotiate with the seller. She said it is still a good time to buy since a 5% mortgage interest rate is still a good rate, and for sellers, there are still buyers available.

[Wittgenstein's Ghost]

Originally Posted by ChristieP

I was speaking with a Realtor friend yesterday. She said homes are now staying on the market longer (30-60 days), and when they do get an offer, the buyer is often able to negotiate with the seller. She said it is still a good time to buy since a 5% mortgage interest rate is still a good rate, and for sellers, there are still buyers available.

In my experience, real estate agents will always say it is both a great time to buy and a great time to sell.

OP, I think agents are in as good of a position as anyone to know what is happening on the ground right now. That's not the same thing as knowing where things are headed, though.

Edit: I should add that this isn't a knock against real estate agents. If you ask any salesperson in the world whether their product is a good fit for a lot of people right now, they'll likely say yes. This isn't necessarily devious -- people are more likely to want to sell something they believe in than something they don't. But a person with a vested interest in selling something isn't an unbiased source of information.

[hereticiam]

You may have to view some of these videos

https://www.youtube.com/results?sear...ure+consulting

The most recent one does talk about Dallas Housing Market.
He expects the prices to fall for rest of this year.

[Texan#1]

I did a quick search for my area (LHJH feeder) and 3 of the 5 newest listings say multiple offers received in the description. I do think think things are adjusting to a more normal pace and our home has dropped substantially on Zillow’s “zestimate.”

[Rakin]

Instead of a 2-3 week supply of homes we saw 6 months ago there is now a 6-9 week supply depending on the county. A "normal" supply would be 15-20 week supply so homes are still selling but sellers cannot get greedy like they were over the last 18 months. Many over priced homes are still sitting with their sellers thinking they don't need to sell and waiting for some fool to come overpay on the home.

Interest rates are now at 5.875% and will probably break 6% soon. To me, 6% is a normal interest rate. Try paying 12-17% like we did not so long ago. And if Inflation keeps up we may see that again one day.

If you are under $500k the market is still great. If you are over $800k not so great. But that all depends on location and schools.

[Rakin]

Originally Posted by Texan#1

I did a quick search for my area (LHJH feeder) and 3 of the 5 newest listings say multiple offers received in the description. I do think think things are adjusting to a more normal pace and our home has dropped substantially on Zillow’s “zestimate.”

Never ever use Zillow to determine any value of a home in Texas.

[hereticiam]

According to St. Louis Fed housing inventory in TX has more than doubled from the low of 34K in March 2022 to 80K in July

https://fred.stlouisfed.org/series/ACTLISCOUTX

[ChristieP]

Originally Posted by hereticiam

The most recent one does talk about Dallas Housing Market.
He expects the prices to fall for rest of this year.

Maybe prices are falling in Dallas County, but that is not what we are seeing in Kaufman County, which is the fastest-growing county in Texas. https://www.kxan.com/news/texas/maps...g-the-fastest/

[TurtleCreek80]

Originally Posted by ChristieP

Maybe prices are falling in Dallas County, but that is not what we are seeing in Kaufman County, which is the fastest-growing county in Texas. https://www.kxan.com/news/texas/maps...g-the-fastest/

In my little corner of the world in Dallas, it seems prices peaked in May and may have “fallen” back to March / April 2022 levels. Most new listings that came on the market this summer are pending unless they are still way overpriced (like listed in June assuming they could keep tracking on an extra $50k or $100k of appreciation each month) or high traffic corner location / needs a ton of work. Well priced, move-in ready still selling quickly if under $2.5-3.0M ish.

I know several families who moved this summer and it was not a strong buyers market. Much less competition & a little wiggle room, but still not a ton of inventory when looking below Preston Hollow median prices.