Collin County Texas Home Price Reductions - October 2024
Brent Wells October 15, 2024
Brent Wells October 15, 2024
Every morning I send out a text message to my real estate team. I typically include the current national interest rate for average credit from one of the major lenders. Today it was 6.25% by the way.
Today was a bit different. I glanced at our websites home page and viewed the dynamic market chart it renders. Something really grabbed my attention. The ratio of listings to listings with price reductions. I have included the data for easier reference. We have 53% of active listings with at least one price reduction.
This data shows a dramatic change in our local market. We have either over priced our homes or have encountered a dramatic shift in sales prices. This is requiring sellers to adjust their prices to a downward moving target.
A good listing agent always incorporates historical data into the CMA for their clients. Trend analysis helps to predict market movement for today and the near future.
I believe there are a few major factors at work:
Many local home owners see no need to sell their current home with a low mortgage rate to purchase an over priced home (in their opinion) at a much higher interest rate.
This is keeping many potential buyers out of the market and suppressing demand. If demand somehow picks up, then we might finish the year strong. Something will need to change to cause demand to rise. Perhaps after the elections, the Fed lowers the rate or price drop low enough to attract buyers that are on the fence.
As always leave me a short comment and let me know how your local market is doing.
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