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Writer's pictureGigi Pendleton

Is Now the Time to Make A Move?


Image of current mortgage rates 8/8/2024
August 2024 Mortgage Rates - Freddie Mac

Deciding whether to move can be a complex decision, influenced by various factors such as market conditions, personal circumstances, and financial readiness. Is now the time to make a move? As a local Realtor with over 35 years of experience in the DFW area, I understand the intricacies of the real estate market and the importance of timing in making a home move. Let’s explore whether now is the right time for you to make that move.


Current Market Conditions

The real estate market is like the weather, if you don’t like it just wait a few minutes…


According to DFW MLS statistics, average home prices in the Metroplex in 2024 have fluctuated from a low in January of $444,305 to a high of $494,157 in May, during peak buying season when home prices reached the same level exhibited during the buying and selling flurry in 2021 and even into 2022 when mortgage rates fell to a historical low.  


Mortgage rates plunged this week to their lowest level in over a year following the likely overreaction to a less than favorable employment report and financial market turbulence for an economy that remains on solid footing. The decline in mortgage rates does increase prospective homebuyers’ purchasing power and should begin to pique their interest in making a move. Additionally, this drop in rates is already providing some existing homeowners the opportunity to refinance, with the refinance share of market mortgage applications reaching nearly 42 percent, the highest since March 2022. 1


Experts in the Real Estate field believe interest rates will fall a bit further before the end of 2024 but as interest rates fall, prices typically follow with an increase and more competition from buyers as homes become more affordable for buyers to finance.


And, if you are thinking of selling your home soon, keep in mind the number of days homes spend on the market has increased this year, currently at an average of 48 days before executing a contract in the DFW metroplex. Housing inventory has risen as well creating a more balanced market between buyers and sellers. 


Personal Circumstances

Your personal situation plays a crucial role in deciding whether to move. 


If you have a stable job, a strong credit score, and sufficient savings for a down payment and closing costs, buying a home now might be a smart move to start building equity for yourself instead of a landlord. If cash on hand for a down payment is a significant consideration, new build homes offer many buyers the opportunity to purchase with less cash down and more favorable interest rates. The best way to find out if you are ready to buy is to talk with a lender who can analyze your financial situation without affecting your credit score.


Financial Considerations

High mortgage rates can be a deterrent, but they shouldn’t be the sole factor in your decision. 


If you can afford the current rates and have found a home that meets your needs, buying now can help you start building equity and take advantage of homeownership benefits like tax deductions.  If you are living in a home that needs significant repairs or is not energy efficient, a newer home or downsizing could be your perfect answer. 2  And remember, refinancing is always an option if rates drop in the future.


Selling Your Home

If you’re considering selling your home, now might be a good time. 


According to recent surveys, a significant percentage of consumers believe it’s a good time to sell. 3 With rising home prices and increased buyer interest, you could potentially get a favorable price for your property. Here in the DFW area, property values are expected to continue to increase over time as new employers move to the area, the population increases and demand for homes continue to rise. Dallas, Texas has seen a significant increase in property values over the past decade, with a 116% increase in median home value from 2014 to 2024. This is 35.12% higher than the national average. 4


Conclusion

Ultimately, the decision to move should be based on a combination of market conditions, personal circumstances, and financial readiness.


As your trusted Realtor, I’m here to provide personalized advice and help you navigate the complexities of the real estate market. Whether you’re buying or selling, my goal is to help you make the best decision for your unique situation.


Feel free to reach out if you have any questions or need further assistance. Let’s make your home move a successful and rewarding experience!


What are your thoughts on the current market? Are you leaning towards buying, selling, investing, or perhaps waiting a bit longer?


 

The above references an opinion and is for informational purposes only. It is not intended to be financial, legal, or tax advice. Consult the appropriate professionals for advice regarding your individual needs.


Sources:


 


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