North Texas housing market cooling off due to interest rates

More homes are available, and they sit on the market for longer.

DALLAS — As Taylor Martin prepares to celebrate her two-year anniversary as a North Texas Realtor, she can’t help but acknowledge the major change in the housing market since she started.

“I came during a time that was untrue to a lot of realtors who were already real estate agents,” Martin said.

Martin, a real estate agent with Dorsey DFW Realty Group, said record-low interest rates caused a rush of buyers to try to take advantage and sellers got the upper hand.

“There were a lot of other things we had to do because it wasn’t a buyer’s market,” Martin said. “It was a seller’s market, and so buyers don’t have court. We had to figure out what we could do to sell ourselves to sellers. We had to be a little more creative. We had to trust the building people.” relationship with, and you should have had a lot of money.”

In the last one month, with interest rates going up, fewer people want to buy. More homes are available, and they sit on the market for longer.

“We had one moment where there were 18 offers on a house and the next, I had some listings that sat on the market for about 30 days, and that was unheard of,” Martin said.

While she said it’s currently an “unpopular” time to buy, she said it’s a better time for buyers to get a home without engaging in competitive bidding wars and offering a good asking price.

“I had actually accepted an offer overnight,” Martin said. “We had to go under the demand of $5,000, but if we had done that four months ago, we would have gone over $100,000. So, think about that math a little bit. I’d have to offer $565,000 for this house. Less Go to the interest rate, or higher interest rate and go down by asking, and don’t be one of the 20 million offers.”

Michael Melton, a loan officer at Supreme Lending, said changes in the market have also leveled the playing field for first-time home buyers and low-income home buyers.

Melton said, “This has created an opportunity for those people to get back into the market and start shopping. It’s been very difficult to accept an FHA offer. We’ve been through a really tough time where a lot of sellers haven’t been entertained.” has done.” FHA offers.”

A less competitive market allows more options for buyers. Melton and Martin said balancing flexibility and feasibility to determine what they can afford for a monthly payment can allow buyers to come back to the market before they come.

“Let’s get you into your home now, and we can work on refinancing when interest rates go down,” Melton said.

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