Market Report October 2021

Dear Neighbor,

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. As you prepare for your transition, here are the top things to know about the Heritage real estate market:

 

Home Values Are Increasing

The national inflation rate is at 5.3%. Inflation marks the general increase in prices and the fall of the purchasing value of money. As the economy is recovering from the COVID-19 pandemic, there are runaway prices everywhere you turn. If you had a dollar back in January, by December 31st this year it would only be worth 94.7 cents. If you had $200,000 saved up, by year-end it would only have the purchasing power of $189,400. My wife likes to shop at Costco for our family and she said that the price of a 10lb bag of chicken breasts has risen from around $18 to $28.99. Used car prices rose 29.7% compared to 2020.

To combat inflation, we need assets, because they’re a hedge against inflation. One of the best assets to invest in is the real estate ladder. For instance, home prices of 2,500 sq ft and above in our neighborhood have gone up 13.2% since last year. So, adjusted for inflation, a home worth $455,000 this time last year, would be worth $490,945. For homeowners interested in selling, enlisting the help of a real estate expert is crucial for developing a proper, profitable strategy.

Despite price increases, it’s still a great time to lock something in and buy. As a trusted real estate professional, “I eat my own cooking.” I am still buying real estate in this market. I just bought my 9th house this past month and plan to buy more.

 

Buyers Are Out in Droves

The Heritage market continues to see buyers eagerly looking for homes. The median days on market for homes 2,500 sq ft and above in August is down 90% from 41 days in August 2020 to only 4 days in August 2021. Months of inventory have dropped from 2.5 months to only 0.5 months. While buyers are eager, the rate at which you sell largely depends on your strategy. Having a real estate professional help you strategize and prepare your home with possible ROI-based upgrades can be the difference between thousands of dollars.

An Amazon Electric Vehicle Plant Is Coming to Fort Worth

Rivian Automotive Inc., the electric vehicle startup backed by Amazon, is preparing to invest 5 billion dollars in Fort Worth. Their proposed site will be adjacent to Walsh Ranch in South Fort Worth and span 2,000 acres.

If this all goes through, it would be one of the largest economic development projects in Texas’ history. I heard that the Texas Governor, Greg Abbott said that it was “priority one” for TxDOT to accommodate the additional traffic on I-20. According to Dallas Morning News, the factory would be able to produce 200,000 electronic vans and trucks and bring over 7,500 jobs by 2027, which is near twice as many jobs, and five times as much investment, as Toyota North America’s headquarters relocation from California to Plano.

So how does this affect you in North Fort Worth? Jobs bring people, people buy houses, which subsequently moves the real estate market. I expect to see home prices continue to climb. Traffic on I-20 bleeds over to 820, which connects to I-35. Some will prefer our schools, amenities, and being closer to the airport, so they won’t mind the commute to the plant.

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.

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.
www.allenrealestategroup.com
joel@allenrealestategroup.com
817-888-0683