The October Housing Report is Here!
Tarrant County The median selling price is up slightly from last month. Currently, there is 2.2 months of inventory available on the market. A balanced market is 6 months worth. We are still short on inventory, which has improved from earlier in the year. This shortage is because there are more buyers than available homes, which in part can be contributed to not enough homes being built over the last 15 years. It will still take some time to catch up, but it is slowly improving. Denton County The median selling price increased by $12,000, and we're sitting on about 2.5 months of inventory. What Does All This Mean? In summary, homes are still selling. If priced correctly and marketed well, homes are still going under contract in about a month's time. Overall, homes are still maintaining their value. We just aren't see the increases like over the past year and a half, which is not a bad thing. Buyers have more negotiating power than earlier in the year. The interest rates are higher, which is causing there to be less competition. There are programs offered by lenders that may fit your budget, so don't just assume that because rates are higher that you are pushed out of the market. There are options! Even though buyers have more power now than earlier in the year, it's still a seller's market due to lack of inventory, but we are seeing the shift in this cooling market. If you are thinking of selling, now is still a good time. If you wait and interest rates keep going up, you may run the risk of your buyer pool shrinking more. Although interest rates rising is frustrating for many, this market is making a shift to be a healthier, more stable market.
SSG Alex Viola Memorial Car Show
This past Sunday, we had the honor of participating in the SSG Alex Viola Memorial Car Show. This event has become an annual Veteran's Day tradition in Keller since 2015. SSG Viola served our country and lost his life on November 17, 2013 while on tour in Afghanistan. He gave the ultimate sacrifice for the country that he loved. His family and friends began hosting a car show in Alex's name to raise funds for the Green Beret Foundation and the Special Operations Warrior Foundation. So far, they've raised nearly $450,000 for this worthy cause. The car show featured a plethora of cars, live auction, raffle and an array of vendors. A good time was had by all, and we look forward to next year!
LOOKING TO BUY YOUR FIRST HOME?
If you’re a first time homebuyer, you may be feeling very overwhelmed in this market. However, now is actually a great time for you. The interest rates are higher than they were 6 months ago, but the competitiveness of buying a home has definitely decreased. With rent continuing to rise, it now may make more sense for you to invest in a home. There’s other good new! Recently, the FHA is recommending lenders consider using borrower’s positive rental payment history when applying for FHA-insured financing. The idea is that this would increase a buyer’s credit score when applying for a mortgage. “If you’re regularly paying your rent on time, that’s a good indication you will also pay your mortgage on time,” states Julia Gordon, Federal Housing commissioner. “We hope that adding this positive factor to all of the characteristics currently considered in an FHA credit evaluation will increase access to affordable FHA-insured mortgages for first-time home buyers.” A new pilot program launched by Fannie Mae, “Multifamily Positive Rent Payment Reporting,” launched recently as well. It’s purpose is to help renters build up their credit histories. Landlords and property owners who are eligible can report on-time rental payment data through this system. Data will be reported to the three major credit bureaus. There are other programs lenders are rolling out to help first time home buyers, so it makes sense to shop around and do your research. Investing in your first home could become reality for you sooner than you think!
