ICYMI: As Contracts Get Nixed, Dallas-Fort Worth's 'Overheated' Housing Market Might Be Cooling Off
“In short, rising interest rates make housing less attainable and therefore reduce demand for new homes,” Phil Crone, executive officer of the Dallas Builders Association, said by email. “Nationwide, every quarter point increase can price over a million U.S. households out of the market for a median priced home.”
Although Crone believes we are still economically stable because demand has outpaced supply, that also means many aspiring homebuyers are less likely to reach their goal."Given the fact that home ownership creates so much wealth and opportunity," Crone added,"it worries me that so many are being left behind."
"Homebuyers are dealing with an increase in their monthly mortgage payments and home sellers are not seeing the demand for homes that they have experienced for the last several years," Head said by email. “The other thing we are seeing is buyers with cold feet and uncertainty around the economy as a recession looms,” Winscott continued. “However, at Orchard, we’ve seen our highest number of our Dallas-Fort Worth customers putting new homes under contract ever. For those buyers who felt stifled by an overheated market, it’s been an opportunity to get their dream home.”
“Now, we are shifting back to normal. It’s a good thing for the housing market to rebalance," he continued."While rates may continue to shift around a bit, there are still going to be plenty of buyers in the Dallas area. And when rates inevitably come down at some point, the opportunity to refinance will be there.”
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