Real Estate Market: Fort Worth Heating Up!

In case you missed the good news, April saw pending home sales rise to an over 10-year high. This is according to the Pending Home Sales Index, which is based on contract signings. In fact, April also saw the sale of new homes soar 16.6%, according to USA Today. This is just part of a general positive picture being painted so far this year for the real estate market.

To bring things a little closer to home, the Dallas and Fort Worth area had one of the biggest price gains in the country in April. The jump in prices has been faster than predicted because of the imbalance between homes on the market and those seeking to buy. Low inventory of houses available has resulted in a sizzling housing scene here in DFW. What does it mean for sellers? A mentionable number of houses aren’t even making it to the market before being sold to investors, and when they do hit the market, there are often multiple offers very quickly. It’s a good time to be a seller!

There is a down side to all of this. As high demand continues to drive prices upward, potential buyers may not be so thrilled with the outlook. Though mortgage percentages are lowParticularly first time home buyers, to include the Millennials credited with having so much impact on the current market. If those buyers find that they can’t afford to jump in and win the prevalent bidding wars, or offer above-market amounts for houses, they may put off home ownership even longer and continue to rent.

We’ll keep our eyes on market news, and keep you informed.

Until next time! – The Young Home Team

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