Insights on Denton County’s Housing Market
Buying a house is a dream for many North Texans, but lately, it might feel more like a burden due to higher interest rates and inflation. So, how is Denton County in North Texas faring for those looking to buy or sell a house? This article provides valuable insights and advice from a local real estate expert.
Recent Housing Trends in Denton County
In Denton County, there are several metro areas along with plenty of open space for those looking for acreage. The housing trends in September, according to MetroTex, include:
- Median home price at $450,000, up 1.1%
- 2,923 active listings, down 5.9%
- Closed sales down 8.1%
- Days on the market increased by 14 days, up to 82 days
Expert Opinion on the Current Market
CBS News Texas spoke with Tanya O’Neil, a broker associate with Great Western Realty, who said the market is interesting right now. It’s trying to get back to pre-COVID levels and becoming very town and even neighborhood-specific in real estate, with certain neighborhoods selling better than others.
“What’s interesting is we’re seeing homes on the lower end go, and we’re seeing homes on the higher end go. It’s that middle ground that’s really taking the hit,” she said. “People that can splurge on a house are still doing fine in this economy, it seems like. It’s just the everyday person’s home that is really seeing more days on the market.”
Advice for Buyers
According to O’Neil, buyers should decide what is important to them and their lifestyle. “I would say the biggest competition for my existing home listings is new construction because a lot of new construction has lenders that they work with, or their company may even own, and they’re just throwing money. So new construction is still doing well, but they’re throwing money at people, offering lower interest rates and seller concessions.”
Advice for Sellers
For sellers, O’Neil urges patience. “Don’t assume you can put your house on the market and it’s going to sell in any condition,” she said. “People now more than ever expect it to look good. Nobody wants a fixer right now unless they’re an investor and they are going to low-ball you. So you have to stay on top of your house. Staged homes sell about 70% faster than other homes, so you really want to take time and make sure you prep your house so it goes quickly.”
Part of a Series
This story is part of a series. To look at the housing market in Collin County, click here.
In summary, the Denton County housing market is currently in an interesting state, with both low-end and high-end homes selling well, but middle-ground properties experiencing longer days on the market. Buyers should carefully consider their needs and lifestyle before making a decision, while sellers should take time to prepare their homes for sale. Staying informed on local market trends and seeking expert advice can help both buyers and sellers navigate this ever-changing market.
Orginal article: Link To Article – provided by Kansas City Realtors