North Texas home-buyers, sellers and realtors are all watching the DFW housing market closely with weekly changes to the local economy.
“Houses are still selling. When we look at 2019 to 2020 houses are only 1.3%,” Michael Coburn with RE/MAX Town & Country said. “For what’s going on, that’s not bad.”
Interest rates are good, but there is also quite a bit of uncertainty with personal finances.
“You would think it is a buyer’s market, but it still leans more to the side of a seller’s market right now,” Coburn said. “I’m seeing it head toward a flat market where it is a level playing field, but it is a seller’s market because there’s not any properties on the market for sale. The inventory is really low.”
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According to Zillow, homes under contract to be sold are down almost 26%. There are fewer homes on the market right now in North Texas.
“Typically, buyers would view nine properties before making an offer and now because of the pandemic, everything is being viewed online and buyers are only viewing three properties on average before making an offer,” Coburn said. “January was good, February was good. Everybody was out there already buying and selling property, so all the properties that were already under contract and everybody hot in the market didn’t drop much.”
Even with the uncertainty in the economy Coburn said houses are still selling in the DFW market.
“[Experts indicate that] even in the worst segments of the market, they’re not going to see much more than a 10% to 15% total decrease in sales,” Coburn said.