Market Report November 2021

Dear Neighbor,


It’s true—maintaining an oversized home as you prepare for retirement can be stressful. After a while, cleaning a large house and spending more money on updates just doesn’t make sense. Now you’ve decided to sell, but like most homeowners, you’re not sure where to start.


You want to get your home sold without a whole lot of stress and worry—and do it fast. That’s why you deserve the guidance of someone with experience in the field. Like you, I live in Heritage with my family and I know the neighborhood very well.  As you prepare for your transition, here are the top things to know about the Heritage real estate market:


The Market is Shifting.


Right now, it looks like the market is leveling off. This could partly be due to the time of year, as most people are now settled from their summer moves and have their kids in school. A large part is likely due to the increase in supply. Builders have been trying to make their hay while the sun is shining by increasing housing starts.


According to the U. S. Census Bureau’s Survey of Construction, Texas accounted for 81.6% of the nation’s total single-family permits in 2020. DFW built more homes than the entire state of California last year! While inventory is increasing, there’s still opportunity to capture interest from buyers who can’t wait for a build and are ready to buy now. Working with a real estate professional to put the right strategy in place is key to making sure you sell high and fast.


Now is a Good Time to Sell.


It is very difficult to time the market.  However, if you have been thinking of making a move for your family, now is a good time to sell. The current situation is high prices, lower supply, and high demand for your home. Would you like to keep waiting at the risk of any one of these three factors changing? If you already know you want to move, I would recommend selling. Now is the time to capitalize on market conditions and leverage my real estate expertise.


“We would love to sell, but where would we go?”


I hear this question a lot, but I must say the cost of waiting is costing you a small fortune. Over the last year, we have seen houses in Heritage rise 13.2% versus 19% in Tarrant county as a whole. Yes, your home is rising in value, but you are also missing out on the appreciation of your next home that is likely increasing in value at a faster clip. Industry experts project home values will increase 7.7% over the next year nationwide.  If they are right, that means a house valued at $650,000 today will be worth over $700,000 by 2022. That’s over $50,000 being left on the table in a home that would suit your family better at this stage in your life.


Currently, interest rates are just above 3%. Not only will your purchasing power go down if rates slightly increase, but your payments will go up a few hundred dollars each month resulting in tens of thousands of dollars in extra interest over the life of the loan. All those factors considered, it makes more financial sense to buy now, locking in a price and rate which will save you a ton of money. If you are worried about overpaying, you won’t. Twelve months from now, you will be glad you made the decision to buy. If you are worried about finding something, that’s where I can help.  I would much rather you be proactive during these times with a clear strategy and my expert guidance versus being reactive to a shifting market.


As a Heritage homeowner, what does all this mean for you?


Well, if you’re thinking about selling in the next 12 months, now is the time to start preparing for the market.


In addition to working as an agent, I am a homebuilder. Meaning, I don’t just sell homes, I build them. That means I can help you with any repairs that may need to be made prior to going on the market, and work through items that might come up during the home inspection.


You will benefit from my real estate expertise as I give you step-by-step support and clear communication along the way. You’ve worked hard for what you’ve earned, and you deserve to capture your equity without a lot of stress and heartache. With my ROI-based property updates, highly targeted pre-listing marketing, and a systematized approach, you can rest easy knowing you are in good hands.


Looking Ahead


  1. The Heritage Market Is Shifting


Although we are still in a strong seller’s market (with low inventory), the data is not catching up with the changes in the market that I am seeing in my everyday negotiations. While houses are still getting an offer or two, they are not getting 4 or 5 offers and calling for “highest and best” by 6 pm on Sunday like we saw this past summer. I have seen more offers come through with financing as opposed to the unprecedented amount of cash buyers that we had in 2021. We are no longer seeing $30-40k over asking price offers. Most homes are selling for asking price or slightly less.


  1. Capitalizing On The Current Economy


Many experts are saying that the stock market is due for a 10% correction by March or April. The volatility in the stock market has more of an effect on the higher-end homes like Heritage compared to starter homes. Buyers and sellers will have to evaluate whether to dip into their portfolios in order to make a move.


No one can predict the stock market, and nobody knows the exact peak of the housing market.  As the old saying goes, “pigs get fat and hogs get slaughtered.” However, as a trusted real estate advisor, I want to tell you, if you were already wanting to move, now is the time to consult with a real estate professional to put a strategy in place to sell and capture the equity you’ve built in your home.


  1. What to Expect When Selling Your Home


Selling in today’s market requires you have the right strategy in place. It’s not as simple as listing your home on market. Those days are past us. You’ll want to have a clear marketing strategy that attracts qualified buyers. It’s not too difficult if you work with a professional who knows what they’re doing.


If you’re thinking about selling your home in the next 12 months, call me today for your Strategic Marketing Consultation 817-888-0683.


We will cover your goals and my unique approach to getting you the highest possible price in the fewest days on market.


To Your Success,


Joel C. Allen
TREC #0702231

Allen Real Estate Group, LLC.
All City Real Estate, Ltd. Co.