Is the Housing Market Healing?
Real estate values in the Collin County region are holding relatively steady. The median home sales price for June was $182,995, which represents an increase of 0.5 percent from last year. Most markets around the country are experiencing hard price falls, but Collin County's real estate market has avoided this by maintaining a relatively balanced market between home buyers and home sellers.
The inventory of homes available for sale continues to fall relative to one year ago. In June there were a little under 19,000 homes for sale—a drop of 14.9 percent from a year ago.
The decline in supply has helped offset drops in home sales to keep the month’s supply of inventory available to a relatively balanced 6.6 months. This number is much more moderate than the 9.4 month supply nationwide currently. Low prices combined with mortgage rates around 5 percent and an $8,000 tax credit for first time home buyers, have made homeownership more affordable than it's been in decades.
In the last month, I have been in three separate situations where I was either competitively bidding for a client or receiving competitive bids on a property I had listed. Though I can’t speak for the macroeconomics of the United States, on a smaller level for North Dallas, Frisco, Allen, Mckinney, Richardson and surrounding areas, it seems there is pent up demand for quality homes at present. The best advice I can give anybody looking to market their home is to price it correctly. Of course, this is why you need a good real estate agent. With that said, this is very much a buyer’s market, and will stay that way for some time. Generally, buyers are still in a position of strength when making offers on listings.
Sincerely,
Ryan Kirkpatrick
Covenant Realty Corporation - For Your Peace of Mind
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