As is typical this time of year, we are seeing cooling in the residential real estate market. If you’re a buyer in this market, now is a good time to jump in as the competition is low as people are waiting on the rates to come down. As rates come down, home prices and competition in the marketplace will increase. If you can find the home you want in this housing market, you can always refinance later.
As a seller, you are at an advantage because inventory is still very low. In Denton and Tarrant Counties, we are sitting at about 2.7 months of inventory, so this shows us that we are still in a sellers market. With that being said, in real estate, many people think we’ve had a housing shortage in just the last year or 2, but the truth is, we’ve been in a shortage since 2017!
The compound effect of this means we’ll likely be in a shortage for years to come and the demand for real estate will only grow as rates continue to fall. It’s really a matter of supply and demand. As soon as rates come down, the buyers that were waiting on the sidelines will all come out and the demand for homes will increase. If you’re curious about what’s happening in your specific neighborhood, send me a message. I’ll send over a market update for your area.