Low Inventory, Interest Rates Helps North Texas Home Prices Surge
Posted On 6:21 am
The North Texas real estate market has arguably never been hotter, with sellers now routinely getting multiple offers over asking price and terms that are in their favor.
“It is crazy, it is unlike any market we have seen before as realtors,” said Julie Bologna, with EXP Realty.
Bologna says a combination of low inventory, low-interest rates and a growing number of people coming to North Texas – is fueling the trend.
“It has created this perfect storm so to speak of limited inventory and multiple offers and these are going well over asking,” said Bologna.
One of her clients, Fort Worth resident Christie Oberdorf, recently ran the gauntlet of both selling and buying.
“Within the first 30-minutes of putting my house on the market we had requests to come and view,” said Oberdorf.
But it was the complexities of finding her next home, especially since like most people she needed to sell her current home first, that subjected Oberdorf to the craziness of the current market.
“It was really competitive to put in offers, I ended up going with news construction,” said Oberdorf.
Ultimately, she was able to find the home she wanted and Bologna says for those considering buying or selling it’s likely the current market dynamics will be around for months to come.
“Once the interest rates go up a little bit that may curtail some of the buyers but there are still all these people coming in,” said Bologna.
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