We have great news for those interested in selling or buying a home in North Texas in 2016. According to the chief economist for the Real Estate Center at Texas A&M University, 2016 will remain a great time to buy or sell a home in the area. As we have mentioned in past blog posts, the Texas economy is stronger than ever, and there is no sign of this changing. With big name companies moving into the area and new housing construction underway, we expect 2016 to be yet another important year for the real estate market. According to a year-end report, home prices in the Dallas-Fort Worth area rose by 9.5% in 2015, which is significantly higher than the rest of the country. While there has been some debate as to whether or not this will continue into 2016 in the past, we are now seeing that the answer is yes.
In addition to a booming economy and stunning communities popping up all over Frisco and the surrounding areas, low interest rates are making it a particularly appealing time to buy a home in North Texas. Perhaps the only challenge that potential home buyers may run into is a lack of inventory. Homes are spending a remarkably short amount of time on the market and the inventory of available home isn’t huge, however, new construction should change this.
What To Expect
If you are thinking about buying a home in the coming year, it will be important to act quickly. Because inventory is relatively low and the housing market in North Texas is so hot, home buyers are encouraged to act quickly once they find a home they like. This is, however, great news for those looking to sell in 2016. Unlike in other parts of the country, North Texas homeowners will have no problem selling their home fast, and for the price they want.
According to the same report from Texas A&M University, the median price for a home in Texas in January of this year was $201,900, which is up $8,200 from December 2015 and up $9,900 from one year ago. Over the past four years, North Texas has seen an impressive surge in the housing market, causing developers to scramble to keep up. That being said, it seems details on new communities and developments are being released on a frequent basis. In fact, we recently were informed of a 22-acre mixed-use development that will include office, retail, and apartments that will be located directly adjacent to the Toyota Stadium in Frisco.
The Cheney Group Effect
Whether you are thinking about buying or selling in 2016, it is of the utmost importance that you have a knowledgeable agent by your side. Industry experts indicate that having the right agent on your team could make all the difference in the world when it comes to selling your home quickly or finding the home of your dreams in the area. This is especially true for those looking to buy, as market knowledge and information on the day-to-day happenings will play a bigger role than ever for potential homeowners. Over the last year, we have witnessed a trend of properties being grabbed up as soon as they come up for sale. In some cases, multiple offers are made on the same day the house hits the market. This is why it is imperative that you retain the services of a Buyer’s Specialist from The Cheney Group. Not only do we have an incredible team of Realtors that will work together to ensure your needs are met, but we have been a staple in the Frisco community for nearly 15 years, which is something that gives us an advantage over the rest. To learn more about the housing market in North Texas or to schedule a meeting with one of our agents, please do not hesitate to contact The Cheney Group today.