I'm the type of Dallas Real Estate Agent and Dallas REALTOR® that tries my best to do it all. I give you amazing Real Estate Services when buying and selling your home, keep you updated on all your Market Real Estate News, and I blog! Yes, I said blog! I spend countless hours searching the internet, news, and social media outlets to find some of the best information for you. I also like to talk about what is going on in the Local Dallas Real Estate Market. When dealing with home buyers and home sellers there is always a lot of first hand experience to talk about. Every day is something new.
As a Top Dallas REALTOR® it's my job to keep everyone informed on everything that is going on in Dallas Real Estate! Read some of my real estate blogs and contact me about any of your real estate needs. Also, email me about any topics you would like for me to blog about. I hope you find some good information that helps you on your real estate journey. At Coldwell Banker Residential Brokerage Residential we can do it all!
The promise of 50,000 jobs, becoming an instant Silicon Valley, and a $5Billion project going to any city sounds too good to be true. Amazon is closing that deal soon, and making it a reality for one very lucky city. Dallas is one of the top picks for what is being called HQ2. Any city would benefit from it greatly. Both the economic landscape and the real estate landscape.
Right now Dallas and cities abroad are suffering from high interest rates. The era of record breaking homes sales month after month are starting to take a huge dip. Some would say the market is just correcting itself after so much inflation, but homeowners are feeling the pain. So are real estate agents like me.
The truth of the matter is that we can't do anything about it. The FED dictates the interest rates. Interest rates were are record low's year after year. Remember the crash of 2007? This is not that it any way. People naturally are still concered. It is 2018 and we have been in recovery for so long that 1%, 2%, and 3% were unheard of for interest rates. They were a reality tho and home buyers were cashing in. Also, sellers were benefiting from the extra cash flow going into their pockets. We were becoming content. We were in recovery. Everyone was benefiting from the slow upward tick drawn out over the past 10 years. I guess you could say we were along for the ride. Now, as things like interest rates start to rise almost every quarter, everyone starts to slow their pace. They are still along for the ride, but they are more cautious.
All this talk of rising rates doesn't mean that we are heading to another collapse or anything. Unemplyment rates are at historic low's, small businesses are popping up everywhere, and wages are rising. The economy is booming right now! So that means more money in your pockets. Naturally, everyone should want to go out and buy a home! Well, not exaclty because those big tax breaks that we recieved last year will not kick in until 2019. Home buyers are being a little more cautious right now with their pocket books. Even with more money in the bank it doesn't mean that home buyers want to throw their hard earned cash down the drain. Or spend it on a higher monthly mortgage payment. They are kicking the tires longer. Waiting to strike on a home. People are smart. Saving for a larger downpayment would counteract what are still low interest rates. We are around 4.6%. Back in the day interest rates were around 13%. We are still low.
In August the great state of Texas had over 24,000 homes for sale in North Texas. That is a lot of inventory. Homes have also gone from average DOM of 30 to 90 days. Everyone is the housing market right now is feeling the slower pace. Homeowners are naturally freaking out. Realtors are having to plan their business a little differently. It is nothing to worry about tho. We just have to adjust our expectations. Only time will tell what happens. Amazon HQ2 sure would be a shot of adrenaline that the DFW market could use. Home sales would spike again. They could even surpass the highs that we were use to. Call me for all your buying and selling needs.
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