Do you believe in Turning Points?
We’re in one!
Here’s why we think so:
- Home prices hit bottom, probably last fall. In the Dallas market, there are still a few price reductions, but you’ll typically see those for properties where the seller over-estimated their initial list price. The average sales price for both Collin and Dallas counties is either flat or slightly higher than this same time in 2022.
- Even though the number of homes for sale has increased, we are still well below the number of homes for sale in 2019.
- consumers have worked their way through the five stages of grief about interest rates, and as rates fall below 6% strong buyer demand will likely return… at the same time, the inventory of homes for sale is still very low. Supply and demand still determine price.
- Economists and big banks are changing their story, instead of “expecting a market crash” they’re now saying, “it appears a turning point is ahead”.
And quoting from David Stevens, the former CEO of the Mortgage Bankers Assoc:
There is opportunity in the market right now - but a lot of people still believe the housing crash is eminent in the next three years. If you’re ready to be the one who takes advantage of the opportunity in our market, let’s connect and get started!