Dallas Fort Worth Housing Market Update in 2022!
Can you believe we’re halfway through 2022? Times are moving and changing too fast and so is the real estate market! Things are a bit different from what we saw at the beginning of the year but don’t you worry! We’ve compiled everything that we’re seeing and what we’re anticipating in the housing market for the next 6 to 18 months in the Dallas/Fort Worth area.
Here are a few things that are interesting to know:
- On average, we’ve seen a 23 to 24% appreciation year over year as of May, which is incredible! As a homeowner, you are building wealth.
- More listings are coming on the market than we had a year ago.
So what does that mean, and what are we seeing?
Have you heard a little bit of a shift happening or people are concerned about a bubble bursting or the market shifting or recession?
Well, we have been watching the market closely and listening to economists in our area and trying to get a grasp on what we can anticipate and how we help our sellers and buyers as they navigate this market.
1. The market is still strong.
First, the market is still very strong! We’re still at almost an all-time low of inventory of homes and still have a high demand for buyers in the Dallas Fort Worth area. And they don’t anticipate demand going down much because we have so many people moving to DFW, which is great for our local market. We may be in a better spot than several other cities that don’t have as much the traffic moving into DFW.
2. Interest rates are rising.
The next big piece of the puzzle is what is happening with interest rates. Interest rates are increasing and what happens when the interest rate increases, your buying power or what you can qualify potentially decreases or your monthly payment gets higher with the same priced home.
Is that impacting buyers? Potentially.
Some buyers are having to readjust or make sure that their payments are still something they’re comfortable with but we’re still seeing interest rates, as of today, in the high fives to low sixes depending on your credit score. Potentially higher on what type of loan you get, but it’s still allowing people to purchase homes that they are looking for and it’s just something to be aware of and be asking and partnering with a great lender.
3. The market is becoming more healthy.
The next piece of the puzzle is for our sellers. The market is slowing down just a bit in a healthy way. Not on every listing. In some listings, we’re still seeing multiple offers going crazy but what I would mentally help prepare our sellers or what we’re having a conversation with is that we’re getting back to more of a stable market than what we had seen over the last 18 months.
It may be that your home doesn’t sell in the first week or two and that’s okay! We may be sitting on the market for two, three, or four weeks. Maybe a little bit longer depending on the uniqueness of your property, how you price your property, how you stage your property and this is where it becomes important to work with a real estate professional to understand how your house should be positioned in this real estate market to still capture all the appreciation that we’ve seen in the marketplace.
So it’s still an awesome time to sell. There’s still demand out there. This is just making sure that your expectations are right on what’s happening in the market. If you’re looking at buying, it’s understanding what your numbers look like and knowing that you may be in a situation where you’re not competing against as many offers as you have seen in the past.
So that makes it exciting for buyers who have been burnt out by this market that we’ve had in the last 18 months. Those are the 3 main pieces that we are seeing at this point and we just wanted to share these with you as we are going into the next six months.
We are here to answer any questions! We watch the market weekly just to keep an eye on what’s going on, and we are helping our clients navigate to figure out what’s the best solution for them to capture as much money as they can from this market if they’re selling or to get an awesome home and win in this market if they’re buying.
Let us know if we can help! Contact us at firstname.lastname@example.org or 817-796-9172 TODAY!