Do you remember when the Great Recession was in full swing and all reports were grim and dire about the housing market?
Do you remember how national reports told us that prices were dropping double-digit percentages all over the country?
Do you remember that, while Tarrant County felt the effects of the Recession, it wasn’t nearly as bad as in other areas of the country?
April 2019 to April 2020 Across the U.S.
Of course, Tarrant County real estate slowed down during the past few months. According to the Greater Real Estate Association of Fort Worth, closings of homes from April 2019 to April 2020 fell nearly 24 percent.
Before you gasp at that number, consider a Forbes.com article estimating that real estate in New York City declined 48 percent in that same span of time. In the Los Angeles area, sales declined over 30 percent as well.
Certainly, a 10-plus week shutdown of typical life as we know it caused hesitancy in large purchases all across America.
But What About Now?
Will these declines continue as the coronavirus fear seems to be subsiding? As businesses re-open and typical life tries to resume will the housing market remain in a downward spiral?
If the past weeks are any indication, Tarrant County will soon be roaring back to strong sales numbers and activity. Prices of homes, even during the height of shelter-in-place in Tarrant County increased … is that a good thing?
Buyers are out there looking. Life continues to move forward. Prices most likely have increased recently because inventory is low and sellers, who were comfortable putting their home on the market, found their homes in a multiple offer situations where prices escalated.
Tarrant County Needs More Inventory
Tarrant County (and Texas) continues to have interested local and out-of-state home buyers. We’ve mentioned this over-and-over but it continues to ring true, Texas will continue to expand in population with very little slowdown for decades to come.
If you are considering listing your home for sale – NOW is the time to do it. If you are comfortable with visitors in masks and gloves looking at your home, this is time to take advantage of a lack of quality inventory to not only get your home under contract quickly, but to have every opportunity to maximize your investment.
Balance is Needed
Hopefully a balance in the real estate market where sellers and buyers alike all are satisfied with the quality, inventory, and prices will soon take place. Having the pendulum swing too far to a buyer’s market or seller’s market can cause stagnation in the market — and that’s not good for anyone.
In the coming weeks, Tarrant County Tuesday will be speaking to a number of realtors regarding their COVID-19 real estate experiences. We will hear their perspectives on the good, the bad, and the ugly from the past number of months.
In the meantime, stay safe, stay smart and stay Dirty!
