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February 2023 DFW Market Update


February 2023 DFW Market Update

This market is unpredictable.

My nail salon owner said it best yesterday when I asked her how business was. She said, “It is very turbulent right now. I cannot predict how many nail technicians I will need from one day to the next.

There is no rhyme or reason to the days, whereas before I could predict our numbers exactly.”

This is exactly how I feel about the market today. Some homes will have multiple offers on day one while others will sit for two weeks that are totally move-in ready. And obviously location, location plays a large role with prices for higher-quality land remaining elevated.

We are now seeing interest rates settle back down around 5-5.5 percent (sometimes by buying the rate lower) which seems tolerable for buyers. I do not see a great uptick in inventory as of yet, but I do see an uptick in buyer interest. I am also seeing price reductions for those who are pricing at Spring 2022 prices.

With mortgage rates below 6 percent, I do not foresee a drop in the market, and we are just entering our normal (hopefully) seasonal market. If I had to guess, I would not think prices are going to be coming down anytime soon in DFW.

Happy Valentine’s Day month! As always, I am only a phone call or a text away. From complimentary real estate reviews of your current house to brainstorming/dreaming about your forever home, I always love chatting with my clients.

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Alison JensenFebruary 12, 2023