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Expert Tips for Navigating the Real Estate Market

Our mission at Mitchell Group is to be your best resource for real estate advice. Whether you are a buyer, seller, or investor, our team of professionals can answer any questions you might have about real estate. Subscribe to this blog to get the latest news on local market trends and receive expert tips for buying or selling a home.

5 Things Potential Homebuyers Should Know


Thinking about buying a home? If so, we’ve got some great tips to share.

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My name is Cara Holt, and I’m a local Realtor here in Ft. Worth. I’m often told by potential clients that they want to buy a home, but they don’t know where to start. I put together a list of five tips to help you out if you’re in the same kind of situation:

1. Select a trusted agent. You want somebody who understands your needs, who can guide you through the process, who knows market strategies, and who can negotiate on your behalf.

2. Select a local mortgage broker. If you don’t have one that you know and trust, I’d be happy to recommend several fantastic local lenders to you. It’s important to work with one because you’ll need to get pre-qualified before going out to look at homes. The pre-qualification will let you know what kind of home you can afford. With record low interest rates, you might be surprised at how far your money can go in this current market.

Don’t sweat the small stuff.
3. Drive around the neighborhood(s) you’re interested in. Drive around and make note of the local schools, stores, parks, as well as your daily commute.

4. Be prepared to make a strong offer. This is where the pre-qualification letter comes in handy. You’ll need one to make an offer because we’re in such a competitive and fast-moving market. Having a knowledgeable agent who can run comps for you and help you write an offer is an invaluable resource as well.

5. Don’t sweat the small stuff. Every home you see will have minor aesthetic imperfections and will need some kind of repairs. Focus on the big picture things. The things that are most important to you and your family.

I’m not just here to show you homes, I’m here to be a guide and walk you through the process hand in hand to make it as stress-free as possible. I highly encourage you to give me a call at (817) 688-2026 or send me an email to Cara@DFWhomeseeker.com if you have any questions at all. I’d love to talk to you about how we take care of our clients. I look forward to hearing from you soon.

The Latest Numbers Are in From Our Local Market


It’s time for a July 2017 market update. Let’s take a look at what has
 been going on in the market and how it affects you.

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Right now, the Dallas/Fort Worth Real estate market is absolutely on fire.

Prices have continued to rise over the course of the summer due to the lack of inventory that we’re seeing across most markets. This is also happening because of our still-low interest rates.

Today, I’d like to talk a little bit about the North Crowley area, specifically.

Last month there was 1.7 months of available housing, which hasn’t changed since this time last year. The average days on market, too, has stayed the same—about two weeks.

Home prices, however, have risen. In fact, they’ve gone up by 15%. This year they were at $203,000. Last year, the average home sold for $177,000.

Houses right now are selling quickly and for top dollar.
Also, in 2017 the average home is selling for $93 per square foot compared to $84 per square foot last year.

But, what does this mean for you?

Houses right now are selling quickly and for top dollar. For this reason, now is still a great time to list. Our market is still hot.

However, buyers, too, have a lot of opportunities that they can take advantage of. Today, we’re still experiencing historic lows in terms of interest rates.

This gives buyers a lot more purchasing power than they may have had in the past. Even though it’s a seller’s market, buyers shouldn’t shy away from seizing this opportunity.

If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.
 

What Does the Fed’s Recent Rate Hike Mean for the Real Estate Market?


The Fed’s recent rate hike shouldn’t have any significant impact on our market. In fact, it might actually stimulate it.

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On June 14th, the Federal Reserve increased its federal funds interest rate by 0.25%. They’re also widely expected to raise rates once or twice more over the course of 2017. What does this mean for the real estate market?

While any action by the Fed always garners a lot of attention, I believe these increases will not have any significant impact on our market.

First of all, mortgage rates have actually trended lower in the wake of the Fed’s recent announcement. The 30-year mortgage rate recently hit 3.9%, the lowest level in 2017. In fact, it’s a common pattern for the mortgage rate and the Fed rate to move in opposite directions, and the same thing has happened the last two times the Fed raised rates.

Second, the economy continues to do well. The Fed decided to increase its rate because unemployment and inflation are low, household spending is picking up, and we’ve seen steady growth for the past nine years. This is good news for the real estate market. As expected, we continue to see strong demand and a corresponding increase in home prices.

These increases will not have any significant impact on our market.
Third, while the Fed’s rate increase is normally meant to cool off the economy, it might actually stimulate it in this case. Because interest rates were so low for such a long period of time, experts believe the recent increases might ease pressure on the financial system and encourage lending.

Case in point: since the Fed started raising its rate in December 2016, total mortgages are up 2.5% year over year.

In conclusion, while any move by the Fed is likely to lead to a lot of hand-wringing, I believe the real estate market will not be affected and will continue on its own healthy course. Nonetheless, it’s clear that right now is a uniquely good moment for everyone in the real estate market. Today’s low mortgage rates are good for homebuyers because they make homes more affordable.

If you have any questions about our market or you’re thinking of buying or selling a home, give me a call or send me an email at. I’d love to help.