Dallas/Fort Worth Market Update in May 2022!
We’re almost halfway through the year and we’re already seeing tons of updates in the market! Here’s a rundown of every real estate trend that we are noticing in May.
Here are the top 2 things in the market so far:
If you are a buyer and looking to purchase a home in the next couple of months,
Check back in with your lender. Interest rates are going up, and it’s going to impact what your buying power is. So if you have a pre-approval letter already, and it is under 4% or 4 1/4%, it may be worth checking in with your lender because they’re ticking up close to 5% or a little bit above. It could impact what you qualify for and make a difference when you submit offers, if an agent sees it and it looks like it’s out of date, they may question your buying power for the property. So definitely check with your lender.
If you are a seller or considering selling,
It’s still an incredible time, even with interest rates going up! We are still at an all-time low in inventory. As of this month, we are 40% down from last year’s same time, which is an all-time low history in real estate in DFW for an inventory of homes. What does this mean? It means that you are potentially, if you price it right, going to see multiple offers on your home. On average, just looking at a couple of different cities, we’re still seeing either 2 to 8 to 9% above list price for great homes that are priced right, so that’s why
it’s still an awesome time for you to consider making a move.
If you are curious about your particular neighborhood or have questions about what it means for you with interest rates changing or what’s going on with the real estate market, we’re also hearing buzz about a shift in the market or potentially a recession in the next couple of years, those are terms that we’re listening to different economists. We’re watching it for you, and we will keep you in the loop as we learn more but we’re here to answer questions as well.
If you have any specific questions or any real estate-related questions that you may have, feel free to contact us as at 817-796-9172 or email@example.com!