People are asking: “Is the housing market slowing down?” The answer is both yes and no.
Is the housing market slower now than it was a few months ago? Yes. Is this considered a slow market? No.
The housing market is starting to shift and is slowly trending back to what the DFW housing market used to be. Have you ever heard the phrase: “What goes up must come down?”
Thankfully the market does not seem to be heading in the direction of a crash but more of a leveling out. Contributing factors to this are affordability and interest rates.
While many people are worried about the increasing interest rates, I like to remind my clients that the lower interest rates over the last two years that people were getting accustomed to were not normal or average and that while rates are increasing, they are still in a good range.
Homes are still going under contract, but now it is taking two to four weeks on average, versus homes accepting an offer within hours or a few days of being listed. Most homes are still getting multiple offers, but instead of 15+ offers, it is more around three to seven offers.
Most home sellers are now starting to be more open to buyers having option periods and getting home inspections done, and not all are asking for waivers of appraisals.
Most homes are still selling for above list price, but instead of homes going for $50k and sometimes $100k+ over list price, now they are going for an average of around $15k+ over list price.
We have gone from a scalding hot housing market to just a regular hot one. The good news is that homes are still selling! Buyers are still buying, and sellers are still selling.
This real estate column is brought to you by Kylah Artz, a local real estate agent with Texas Urban Living, serving the DFW area.