Back we are getting a look into
the housing forecast for next year.
It shows first time home buyers while
the demand there will outmatch the
inventory recovery of the national
real estate market and Americans will
have a better chance to find a home
but will still have to face a very
competitive sellers market joining
us this morning is Stacey Leslie
from the agency real estate group.
Good morning to you Stacy.
Good morning Leo.
How has COVID affected the market
and is it still doing some damage?
It is still doing some damage
and affecting the market.
Their real estate market responded
differently than anticipated.
The pandemic, right?
No one would have thought that the
real estate market would go crazy,
but we do have kind of two
paradigms you also have.
1/3 of US homeowners had to take
forbearance during the pandemic,
which they had to forgo their, you know,
mortgage payments up to most of them.
I think on average did that for ten months,
so we have all of those folks coming
out of that as well that are struggling
and and needing help to figure out what
to do because now their house payment.
Say it was 2000 a month and they
took it for 10 months, $20,000.
They have six months to pay that back,
so that's an extra $3300 being
added on to their house payment.
So a lot of those folks are needing to
sell and kind of just get back up on
their feet and get that equity out.
The good news with that other side of
the paradigm is we have loads of people
moving to the DFW area from all over the US,
especially California in New York,
and they're bringing cash
and it is competitive,
so it's actually.
Helping those forbearance people
because as long as they own their
home for at least a year or more,
they're really getting equity
out of their homes.
Right now.
Stacy, everyone saying it is a sellers
market, is that going to be the trend
heading into the New Year as well?
I think it will be, you know we we don't
have a crystal ball to know for sure.
Interest rates are on the
rise just a little bit.
Inflation is going up,
but we just still have so many people
moving into the DFW area and we have
so much still coming corporations.
The PGA coming up that is really
helping our market still and we
just kind of watched the statistics
every single week and right now
it's still a sellers market,
right? You got to stay so do
you have any quick tips on?
I guess what to do if you're currently
looking to buy or sell a home?
And what are mortgage rates right now?
Yeah, some quick tips if you're
looking to buy yourself,
I would definitely make sure you have
not just a realtor but a realtor advisor.
This is a different market
than we've ever been used to.
Everyone wants to be a realtor right now.
There's about 50,000 in DFW alone,
but most 86% have only
sold two homes in a year.
This is your largest financial asset.
I really suggest getting with a professional.
We have appraisal waivers and
all kinds of tricky things.
In the market right now that we
didn't have a year and a half ago,
so you really want a professional is
helping you just like you wouldn't want
to go in and have heart surgery from a
heart surgeon that doesn't twice a year.
Yeah, this is your financial assets.
You need help with that market.
You need extra cash if you can above
your down payment and a good blender
who will help you get through that
one thing we saw in the market this
last week is I believe there were
3200 homes sold last week but only
1900 came on the market in DFW.
However,
it interesting stat is that 1300
homes did a price decrease or fell out
of their contract and that is just
not being versed and understanding
the market right now.
So it is a sellers market as long as
those soldiers are above the news.
Stacy
before we go really, really quick here,
you've got something going on
pretty soon here. Angel army.
Yes, we have the agency Angel Army.
It's a nonprofit.
We'd like to give back to the community.
We are fortunate to be in
a position with our skills.
To help others less fortunate,
especially like with COVID.
So we give back to the community.
Doing things like cocoa and
caroling in different neighborhoods.
It's so important right now to get
people out amongst each other,
come out, enjoy some caroling with us.
We provide cocoa to everyone.
Our partners all give back to housing
situations of less fortunate,
like maybe where kids lost their
parents during the pandemic and
are about to lose their home.
We help them get the equity out
before the bank takes it and those.
Partners like to give back to the
community into events as well.
Stacy, thank you for everything
that you do and I'll make sure I
get that information on our website
as well at wfaa.com. Great insight.