North Texas realtors say the housing market is balancing out - and the market is hot
NORTH TEXAS — The housing market is finally balancing out, according to some North Texas realtors.
"I would say now's the time to buy. It's more balanced. It's not a seller's market anymore," says Williams Trew Real Estate realtor Debbie Petty.
Petty sells homes in Fort Worth and says the housing market has reached pre-pandemic levels.
According to MortgageGageReports.com, the interest rates for a 30-year mortgage were as low as 3% in 2021. Now, in 2024 it is around 7%.
"So, it's not a seller's market. It's not a buyer's market. It's getting very balanced, there's more inventory, and for us, we really like to see that what you want in real estate is a win-win for the buyer in the seller," Petty explains.
Petty says, in Fort Worth, the city is exploding and there are also a lot of homes to choose from these days, from new builds to existing homes. Over in Dallas, realtors say the market is just as hot.
"The Dallas market is one market that's going to drive all the others. It's going to stay at the top," says Dallas realtor Jason Cole.
Jason Cole and his twin brother Justin Cole both sell luxury homes in the Dallas area and also say DFW buyers are able to pick from a lot more listings -- from luxury homes to medium-priced homes.
"There's 1,031 homes that were sold in April. Last year it was 946. So we're trending going upwards, not downward. So, there are it is a lot more inventory," Justin Cole explains.
Petty thinks the feds could cut interest rates more in the fall, but her biggest piece of advice to potential buyers: "Don't wait."
"We like we say, 'marry the house, date the rate,'" says Petty, "if you're sitting on the fence waiting for interest rates to come down, you're going to miss the boat. Because as they do start to take down, more and more buyers are coming to the market."
