JENNIFER SHANNON, BROKER ASSOCIATE, REALTOR, KELLER WILLIAMS REALTY, THE PATTY TURNER GROUP
  • Sell A Home
  • Buy a Home
    • New Construction
    • Need to Buy and Sell
    • Ready to Buy
    • Guide to Homeownership
  • Resources
  • About
  • Contact
  • TREC Notices
    • TREC Consumer Notice
    • TREC Information About Brokerage Services

Real Estate Resources

​Learn more about buying and selling real estate.

Jennifer the Realtor® explains: are we headed towards a bust after this boom?

12/11/2020

0 Comments

 
A question that I’m starting to hear more and more is, “Are we headed towards a bust after this boom?”
 
It’s no secret that we’re in a crazy real estate market. We have record-breaking numbers when we look at DFW as a whole. Looking at data over the last 10 years, here are the records we’re breaking:
  • Our average sales price has never been higher. ($359,740)
  • Our average price per square foot has never been higher. ($152/SF)
  • We’ve hit the second lowest average days on market. (37 days)
  • Our months supply has never been lower. (1.5 months)
  • Our number of homes for sale has never been lower. (16,439 homes)
​With this information at hand, it’s hard to not question if we’re in a bubble and speculate when it might crash because we all saw what that did in 2006.

Well, there are some stark differences from this market compared to that one. In that market, adjustable rate mortgages stretched many buyers and we had stated income loans that didn’t require documentation. Today our inventory is lower, much lower, builders are underproducing compared to their historical averages, and we have a nation-wide housing shortage. Not to mention we have so much more regulation with lending that risky loans aren’t being showered on buyers like they once were.
 
So, to answer the question, this all means that our current risk level for a bust is much lower than the last time the market was driven up.
 
Hopefully that brings you a little peace if you’re in the real estate market at this time. And if you’re thinking of selling, your competition is at a record-low level. I highly encourage you to take advantage of this market that’s in your favor more than it has been in a decade. If that's you, let's talk. Contact me and I will follow up with you about selling in this market.
 
And if you have a real estate question you want answered, contact me.
0 Comments



Leave a Reply.

    Author

    Jennifer Shannon is a Texas real estate agent and broker, licensed since 2006.

    ​To work with Jennifer on your new home purchase and/or to sell your existing home, fill out the contact form.

    Archives

    December 2020
    November 2020
    October 2020
    September 2020
    March 2020
    February 2020
    January 2020
    December 2019
    November 2019
    October 2019

    Categories

    All
    Lending/Mortgages
    Market Update

    RSS Feed

Picture
​Each Office Is Independently Owned and Operated

Services

Selling Your Home
Buying a Home

TREC NOTICES

TREC Information
TREC Consumer Notice

Support

Contact
Privacy Policy
© 2020 jennifer-shannon.com
REAL ESTATE BROKER ASSOCIATE
​ALL RIGHTS RESERVED.
  • Sell A Home
  • Buy a Home
    • New Construction
    • Need to Buy and Sell
    • Ready to Buy
    • Guide to Homeownership
  • Resources
  • About
  • Contact
  • TREC Notices
    • TREC Consumer Notice
    • TREC Information About Brokerage Services