What to Expect from Dallas-Fort Worth Real Estate This Spring
"Will interest rates go down?" "When is the best time to buy and/or sell?" "Is it possible to get a deal in this market?"
These are all questions we've heard during our conversations with others about real estate recently and we're sure there are many of you out there with the same questions.
So, what can you expect to happen this Spring with real estate here in Dallas-Fort Worth? Well, we can't predict the future, but we do feel like the Spring market has already started and it feels a little reminiscent of the 2019 market. So based on our years of experience combined with what's already happening, this is what we're predicting.
Dallas-Fort Worth Will Remain a Strong Market for Sellers
We continue to have a healthy number of new residents moving to Dallas-Fort Worth each and every day. One person every four minutes to be exact according to the North Texas Commission. Because of this, our inventory remains low which means our sellers are still seeing several buyers express interest in their home, resulting in multiple offers in many cases.
Buyers Will Come to Terms with the 'New Normal' in Interest Rates
We're already seeing this happen where buyers are accepting what the "new normal" is when it comes to interest rates. They're taking into account those rates that are higher than we've seen in the last 5 years and are adjusting their budgets accordingly. And while we are seeing multiple offer scenarios happening, they are not like the multiple offer situations of 2021 and early 2022. Buyers are more judicious and conservative in their offers.
Long story short, buyers who are buying right now are serious about buying and are willing to accept higher interest rates for the time being, or are participating in rate buydown programs.
Buyers Will Still Have Negotiating Power
Multiple offers doesn't mean buyers lose all negotiating power. Unlike in 2021, we are seeing buyers negotiate closing costs, home warranties, and repairs again. The last 6 months have somewhat reset sellers' expectations so they are more willing to entertain buyers' requests.
Having a Realtor Will Continue to Be More Important Than Ever
The moral of the story is, the market is still changing on a daily basis and it continues to prove vital to work with a real estate agent you can trust. Whether you are a seller or a buyer, you can make the market work for you - it just requires a strong strategy and game plan. Our team has decades of experience working right here in Dallas-Fort Worth and we are prepared to help you whether you are looking to buy, sell, or invest in real estate.
Get in touch
If you are thinking about buying and/or selling a home this Spring, but you're not quite sure what that looks like, we'd love to help you come up with your own personalized game plan.