Learning The Basics

In the real estate context, inventory refers to the total number of properties that are available for sale at a given time. This could include single-family homes, condos, townhouses, and more. It’s a snapshot of what’s on the market. Inventory is a critical concept in real estate, helping to indicate whether it’s a buyer’s or seller’s market. By understanding inventory, you can gain insight into the real estate market’s current state and make informed decisions, whether you’re a buyer, seller, or just interested in the market!

The Importance of Inventories

Inventory is a key indicator of the health of the real estate market. If many homes are for sale (high inventory), it’s generally a buyer’s market. This means there are more options for buyers, prices might be lower, and buyers can take their time choosing a home. If there are fewer homes for sale (low inventory), it’s often a seller’s market. This means there might be more buyers than homes available, which can lead to competition, higher prices, and quicker sales.

The Current Market

Currently, there is an increase of about 21.5% of available homes for sale compared to the same time last year. What this means is that it is the perfect time to buy a home. Higher available homes represent lower prices on average. However, keep in mind that other factors can come into market prices. These include economic changes, interest rates, and local factors like new construction or job growth. Seasonal trends can also play a part – there are often more homes for sale in the spring and summer than in the fall and winter.

Mister Frisco is here to teach you the basics of market inventories. Connect with Mister Frisco if you want to learn more. Call now and get helpful tips!

The post The Basics of Market Inventories appeared first on MIsterfrisco - Realtor in North Dallas.

Existing Home Sales

Economists love making charts. Their favorite right now is all about interest rates that keep rising. Real estate companies also like making charts, and right now, they’re heavily tracking home sales year over year. Although it can seem like the chart lines between interest rates and home sales seem to be moving in opposite directions, Frisco paints a different picture.

Home Prices

If you’re selling an existing home in Frisco, you can agree that halcyon days of asking any price and getting it has cooled. But existing home prices are nowhere near where they were, even less than two years ago. Although sales prices of existing homes have climbed down from their peak, they remain hundreds of thousands of dollars above their early 2021 prices.

Buyers or Sellers Market?

Ironically, the answer to both questions is yes. Rising interest rates have cooled competition between homesteaders and investment companies, so people wanting a place to live have a better chance of getting a home. Falling prices have also created another incentive for first-time home buyers. As they say, you buy the house, not the rate, so a refinance could be a strong move when rates decline. 

For sellers in Frisco, demand remains strong. Sure with money and friends, the more, the merrier, but small price decreases have kept demand strong. So if you want to sell your home in Frisco, you can find a serious buyer invested in your neighborhood.

So what’s the best strategy for navigating a changing market? Finding the help you need with Globus Realty and Viktor Taushanov puts you on the path to homeownership no matter what the markets are doing. 

The post Navigating a Changing Market appeared first on MIsterfrisco - Realtor in North Dallas.

Where are Home Prices Going?

Are prices going to rise or fall? The article states, “There are two places to turn to answer this question. First is the consensus of what experts are saying. If you look at what experts are projecting for home prices in 2023, they forecast home price appreciation of around 2%. So while it’s true some are calling for depreciation, most are calling for appreciation in home values over the next year…The second spot to turn to for information is the Home Price Expectation Survey from Pulsenomics – a survey of a national panel of over one hundred economists, real estate experts, and investment and market strategists. According to the latest release, the experts surveyed are also calling for home price appreciation for the next several years.”

What About Rates?

There is even more interest surrounding rates. The KCM article offers, “Like mentioned above, Ratiu sees mortgage rates rising over the next several months. Another expert agrees. Mark Fleming, Chief Economist at First American, says: “While mortgage rates are expected to continue to drift higher over the coming months, much of the rapid increase in rates is likely behind us.” The instability in the world and higher inflation are driving this volatile market, resulting in higher borrowing rates for those looking to buy homes.”

To Be or Not To Be

Regardless of prices and rates, many homeowners still feel the carpe diem passion raised during the COVID pandemic. As a result, many are taking the plunge on a new home, knowing that rates change, but opportunities to own the home of their dreams can pass forever. The key is finding the right realtor and knowing your valuation of cost versus the happiness the perfect home would bring you and your family.

When it’s time to consider the important questions house hunters should ask now, remember to have the right expert on your side. Viktor Taushanov with Globus Realty is your guide to finding the home you want in any market.

The post Important Questions House Hunters Should Ask Now appeared first on MIsterfrisco - Realtor in North Dallas.

Rates May Continue to Rise

Nobody likes to enter an equity market just before the peak, and you don’t want to do that with interest rates, either. But, if the past few months are any indication, now is still the best time because things may be more expensive later. Although these aren’t your parent’s interest rates of the low threes, they are certainly not your grandparent’s interest rates of the low twenties. Locking at a lower rate for 15 or 30 years could have you smiling all the way to the bank.

Real Estate is a Real Asset

Today’s market is nothing like the pre-2008 market, where people who could not afford a loan at any rate were securing homes well beyond their means. Today’s homebuyers can still rely on having an asset that appreciates, but more importantly, a home they can enjoy. Finding the right real estate agent is critical because avoiding overpaying buoys you from being underwater in the home value versus mortgage equation.

A CoreLogic analysis shows U.S. homeowners with mortgages (roughly 63% of all properties) have seen their equity increase by a total of over $3.6 trillion since the second quarter of 2021, a gain of 27.8% year over year. Despite current market shifts, this isn’t 2008.

Falling Prices

There’s quite a consensus that the recent spike in home prices was part of the side-effects of the global pandemic. Now that the fever has chilled, prices are sinking into reality. Lower prices and slowly rising interest rates mean less competition for homes and lower prices. If you began your home search two years ago, you would likely see some of the dream homes on your list for sale at significant discounts. So find the right realtor and get into your dream home today!

It’s still a great time to buy a house, so contact Mister Frisco and Globus Realty. Don’t wait on your forever home. Live happily today!

The post It’s Still a Great Time to Buy a House appeared first on MIsterfrisco - Realtor in North Dallas.