This update is to calm any fears about how our local real estate market is being affected by COVID-19. We are all susceptible to fear, so why not have some open and honest dialogue about what's going on all around us?
Since March the 9th, buyers have continued to purchase homes. In Collin County, 320 homes have been put under contract. Denton County has had 304 and Dallas County has had 546 properties put under contract since then. While others have to wait on "sold data", we are getting as close to real-time data as possible by digging into "under contract" property info to give you the inside edge on what the future holds.
Here is a look at the stock market as of yesterday afternoon...
March the 9th is the starting place for our data because that is when the current level of panic set in for most of us. So in the coming weeks, I will continue to provide updates on how many homes have been put under contract since then and progress towards closing and funding. THIS will tell us if we can expect any loss in home values since demand profoundly dictates how much each of our homes are worth.
Just for perspective, here is a market snapshot of the last 5 years. I pinpointed December 21st, 2018 because that was the last time our markets took a steep nosedive.
And this is what happened with home prices over the last 3 years in Collin, Denton and Dallas Counties. The months after December 2018 behaved much like any other year but took a couple of extra months to fully recover.
Stay tuned for the next update in about 2 weeks, when we will be able to provide....
If you HAVE to sell, there are ways to position your home so that it does. But if not, then it's best to closely monitor buyer activity and wait for early indicators that the panic has subsided. When homebuyers have accepted these strange times as "the new normal", then the allure of low-interest rates will still be a big incentive to own the home of their dreams.
This is the time to carefully consider what is going on around you. Homes that are in great, move-in ready condition will either sell quickly or be taken off the market to be sold after this crisis has passed (to get top dollar for their home). If you can wait a couple weeks, our initial data report will shed some light on how other buyers are behaving, which will tell you if it's the right time to buy a home. Buyers hold the pre-approval letters, and ultimately the power to set prices in any market. The best move to make in ANY housing market is to use the Custom Perfect strategy to save as much money on the initial purchase, then design the home around the specific needs/wants of you, the buyer.
Please feel free to reach out with any specific questions to me by phone or email.
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