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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.

What’s the Latest Real Estate News in the 76133 Neighborhood?


The latest statistics tell us that a strong seller’s market got even stronger this year in the 76133 zip code. Here’s what that means for buyers and sellers.

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What are the latest developments in residential real estate from the 76133 zip code? The way the numbers from March 2016 compare to March of this year paint an interesting picture.

In March 2016, we had 1.4 months of housing inventory available. In March 2017, we saw that number get slashed in half to 0.7 months. That’s a decrease of 50% and means if no new homes came on the market, it would take approximately just three weeks to sell all existing homes for sale.

Our average days on market decreased 26% from 35 days in March 2016 to 26 days in March 2017. The average sales price increased 26% from $129,000 in March 2016 to $156,500 in March 2017. The average sales price per square foot increased 21% from $73 in March 2016 to $84 in March 2017.

What was already a hot seller’s market got even hotter in 2017.
These numbers tell us that what was already a hot seller’s market got even hotter in 2017. If you’re thinking of selling your home this year, you can expect multiple showings within the first few days and a likely sales price at or above the current asking price. If you’re thinking about buying a home in the 76133 area, you need to move quickly because most homes are selling at or above their list price.

If you have any further questions about our market or you’re thinking about buying or selling a home, give me a call, shoot me a text, or send me an email. I’d be glad to help you.