Everywhere you turn it seems that the Real Estate Market is in crisis! News outlets on television, the radio, and Youtube videos all talk about how interest rates keep rising. Currently mortgage rates sit at 6.8% for a 30 year fixed. Home Buyers are not on steady ground right now. However, Dallas is seeing an influx of listings being put on the market.
Homes closed in the Dallas Metroplex are down 28% year over year, Days On Market has increased from 21 days to 45 days year over year, and homes are selling on average 3% below listing price.
These are all shocking numbers, but are the reality we are in right now. Inflation was out of control over the past few years. The real estate market has to level out. Which is why we are seeing some savy home buyers taking advantage of the market while sellers are getting realistic about price.
Buying a home is a way of life. Families need shelter. Dallas is one of the most desirable metros to move to. So, the real estate market is still seeing some action. Currently, the DFW Metroplex has a 2.5 month supply of inventor. As we keep trending up, we will see a Buyers Market. Dallas needs to be at a 3 month supply to fully shift from a Sellers Market. However, buyers may not still be willing to pull the trigger with interest rates so high.
Some experts say that we will see an increase of closed deals this Spring. As, some home buyers will have to saddle up and take the dive, but this will tend to be the case for buyers who are hard pressed to buy for things like relocating for work. But after this Spring increase we are expected to see the Summer slow down. Summer and Fall is when many economists say the Housing Market will bottom out. We will be in an over saturated market with housing inventory, and very few buyers.
However, the FED is expected to start cutting rates at the end of the year. So, Spring and Summer 2024 we should see a healthier and balanced housing market. Hopefully, hard working Dallas REALTORS like me can hang on till then. It is very tough right now trying to stay afloat financially in this trying time. Call me for all your buying and selling needs!
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