Dallas real estate agent says Texas housing market frenzy far from over, despite data forecasting a slowdown – Spectrum News

December 14, 2021 by No Comments

DALLAS — Data from research economists shows the housing frenzy spurred during the pandemic is being replaced by more long-run, sustainable rates of growth. However, those with boots on the ground say that hot housing market is far from cooling down.

“It is still a strong housing market. Months of inventory are still really low. It’s strong, but still you kind of reached that peak. The idea here is we kinda stabilized,” said Dr. Luis Torres, a research economist for the Texas Real Estate Research Center at Texas A&M. “So imagine you’re going at 120 miles per hour and that’s the fastest you went and now you’re going to 90, 80, until you go back to 40 or 50, where that’s like the healthy and stable velocity that you want to go at.”

Home in Forney, a suburb near Dallas, Texas, that has already been sold. (Spectrum News 1)

The strong housing market performance was stimulated by federal government stimulus checks, the lack of student loan payments, depressed mortgage rates and an increase in home-purchasing preferences.

“Texas housing sales accelerated after the pandemic shut down the economy in March and April of 2020. This caused the already depleted inventory of homes for sale to reach historic low levels and led to exuberant home price growth,” Torres said. “Some of the price pressures caused by strong demand and weak supply in the housing market have subsided. I think it’s still hot and I’m not saying it’s not, but getting back to more healthy levels.”

Alicia Trevino has three decades of experience in real estate. When COVID hit, she and her team were convinced they were done for, but that definitely wasn’t the case.

“We are selling more homes than ever, you know. It’s good to be a realtor these days, sold more homes than ever because people want to work from home and play from home,” Trevino said.

Trevino doesn’t necessarily agree that the home sales are slowing down, saying that there’s still a lot of action in the market right now. To find properties, Trevino said people need a good realtor who has studied the market to know which homes you should overbid for and which you shouldn’t.

“Today, if I put a house on the market, granted it has to be priced correctly, it’s going to sell overnight. It’s going to have multiple offers. So Dallas-Fort Worth, Texas in general, the average offers for a property right now on an existing home is five offers as opposed to other states in the nation,” Trevino said. “The market is super hot. Maybe the prices aren’t jumping as high as they were, …….

Source: https://spectrumlocalnews.com/tx/south-texas-el-paso/news/2021/11/19/texas-housing-market-frenzy-far-from-over

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