Real Estate Insider – Frisco Texas Real Estate Market update. With the market changing like the wind, I’m often asked “What’s the real estate market like in Frisco?”. In explaining the market I want you to understand that I’m a boots on the ground kind of Realtor. Meaning I’m not going to just read stats to you, I’m going to tell you exactly what it’s like buying and selling real estate in Frisco from stats and experience.
As most of you are aware, we are experiencing inflation nationwide. This inflation is hurting a lot of Americans in different ways. Gas prices are higher, food prices are higher, and yes Real Estate prices are still high.
Check out the video below for a detailed breakdown and real estate insider look at the Frisco TX real estate market.
Are we headed to a Buyers Market?
So, is the real estate market shifting to a buyers market? That is one of the most asked questions of the month. As a matter of fact, I’m asked this question almost daily. All indications are showing that the market is stabilizing. Meaning the homes on the market are being sold at value and buyers Overpaying for a home is rare.
Now, overpaying is different than Inflation. Overpaying is when a homebuyer pays above appraised value for a home, and inflation is when home prices are higher due to the factors of the market. In the Frisco TX area, homes are selling for full value but we’re not seeing as much overpaying for homes as we did earlier this year.
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What’s keeping Home Prices so High?
There are several factors keeping home prices high in the Frisco TX area. Supply and demand are still very unbalanced. The greater Dallas area is seeing an explosion of people relocating to the area. This is causing massive demand, and honestly the builders can’t keep up with the new construction demand.
Builders are also feeling the pinch of inflation. The cost of building a home has increased along with the price to develop land. This increase in supplies and development has pushed the new construction prices even higher than expected. Oh yea, then there’s the sub-contractors schedule. Most sub-contractors are booked through the end of 2022 and some are booked with jobs through mid 2023.
With supplies being more expensive and sub-contractors being so busy, we are experiencing higher than expected New Construction pricing. Check out my Youtube videos with updates on New Construction.
What to expect in the 4th quarter for Housing?
We are expecting pricing to stabilize throughout the 4th quarter. Now this all depends on what the Feds do with the mortgage rates. There has been talk of continued rate increases, and if that happens some markets may see home values decrease.
All indications, with the supply and demand issues indicate a more stable market. Homes will continue to appreciate at normal rates of 4%-7% a year. The overpaying for a home market will go away, which is good for both buyers and sellers.
The wonderful thing about Real Estate Investments, as owner occupied or investment rental property, is things change. What goes up must come down, but that doesn’t mean it has to tank.
If you’re relocating to the Frisco Texas area, I can help you make the move as easily as possible.
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If you want to speak to me about Frisco or the surrounding area, please feel free to book a call or zoom. Or email Troy@S2RealEstateteam.com
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The views in this blog do not necessarily reflect those of eXp Realty. This blog is for informational, educational, and entertainment purposes ONLY and are NOT any type of advice. Troy Sage is not a practicing attorney, CPA, or financial adviser. If you need advice, contact an attorney, CPA, insurance agent, contractor/electrician/engineer/etc., financial advisor, or any other appropriate professional for the subject you would like help with. Reasonable steps to check that the information in this blog is accurate has been taken, but information may have errors and can quickly change. Any opinions or statements are subject to change and without notice.