“Despite the low level of inventory, North Texas home sales were up 16% year over year,” Moore said about the month of July.
A number of factors have contributed to the increase in home sales, Moore said.
Buyers can currently take advantage of low interest rates; many buyers are looking for more space or outdoor features, such as a pool; and builders have ramped up production from spring numbers, she said.
“When you have this type of market, it’s about supply and demand,” Moore said. “As inventory goes down, prices go up. This is a fantastic time to put your home on the market at a good price.”
Interested buyers continue to move to the area from all over the North Texas region, she said.
Interest rates also hit a historic 50-year low in July and are expected to remain low for at least a year, Moore said.
“Taking advantage of low rates makes this a great time to purchase a home, too,” she said. “It’s better to take advantage during an upswing [in the market] versus a downswing.”
Buyers can position themselves by adjusting home criteria and getting pre-qualified. Home buyers who purchase now, during an upswing, will own equity that should be worth even more next year, Moore said.
LILY MOORE REALTY
1301 Solana Blvd., Bldg. 1, Ste. 1505, Westlake
Hours: 8 a.m.-7 p.m. daily