PLANO, Texas (CBSDFW.COM) – New figures reveal just how much the DFW housing market is slowing.
Last year there was less than a week of homes available for sale, now there are over two months of inventory.
What transpired at an open house in Plano over the weekend is something North Texas real estate agents said they haven’t seen in years.
“Under $500,000 in Plano with a pool is a great buy,” said Kimberly Woodard, veteran Collin County real estate agent. “A year ago, he would have disappeared the same day.”
Selling a house like this was child’s play for Woodard.
Woodard said this well-maintained West Plano home for sale at a bargain price went through a busy open house weekend still unsold.
“We had over 30 bands, I mean it was non-stop activity,” Woodard said. “I would have thought there would be an offer on that. And we don’t.”
With interest rates on home loans approaching 6%, buyers need to slash prices while sellers grow disgusted.
But Woodard and others in the industry said there are ways around high interest rates.
GP Theriot is a mortgage adviser who says a seller facing a significant drop in the price of their home can instead reduce it a bit and use a small portion of the proceeds from the sale to help the buyer get an interest rate. lower interest through what is called buying points.
“They can still get a good chunk of what they want, and at the same time the buyer can now get a lower payment because the seller is willing to refund and lower their rate,” Theriot said. “I think even with the higher interest rate, remember you’re marrying the house, not your financing.”
North Texas remains one of the fastest growing regions in the country that real estate agents say should support the housing market during this downturn.