Dallas-Fort Worth is growing at an unprecedented rate, and that means that we are constantly building new homes in order to meet up with demand. When that fact is coupled with the current instability in the housing market, many families are taking a hard look at whether 2024 is really the right time for them to make a change in buying a home in the Metroplex, and we certainly understand that mentality. While interest rates are still at a significantly high level, bidding wars are cooling off, so weighing your options is more important than ever when you are looking to make a change.
At Family Home Loan Texas in Frisco, TX, our team is here to help you make smarter financial decisions when your family makes a change to their housing. Interest rates remain high, which serves as a barrier for those looking to enter the market, but there has been much in the way of new construction here in the Metroplex. This means that there is a sudden influx of available new houses and condos, and there are also less buyers to compete with. If you have been thinking about making the move from renting into homeownership, talk to our team about positive ways to do it!
The Bidding Wars Are Seemingly Over
During the height of the pandemic, people were fighting over each other to purchase homes. While this helped many home sellers to see record prices, it made buying a new home difficult, if not a downright nightmare. Many people decided to sit that period out and wait until things settled down a bit.
That time is now, but there is a new housing hurdle to handle when thinking about a new home purchase: high interest rates. The shift from a 3-4% interest rate to a one closer to 7% is sizable, leading many to hold off yet again.
This Housing Market Brings Unique Possibilities
Here in North Texas, we have never seen a period quite like this. For some, the expectation is that the housing market will crash in 2024, and for others, the outcome is a bit rosier. As interest rates seem steady, people are sitting on their homes, and it can be helpful to track things while we wait for a shift.
For instance, should interest rates see a change, it is helpful to be prepared to make a move. Our team can help you to know your options, and when the time is right, we can assist you in securing pre-approval for your new home.
Find Out More With FHL Texas!
If you have been navigating the real estate market and know that 2024 is your time to strike, give us a call. Talk to our team today at FHL Texas in Frisco, TX by calling (214)447-7575!