Each Friday, the executives of Briggs Freeman Sotheby’s International Realty write about luxury, trends, business and more in the advertising pages of the Mansion section of The Wall Street Journal. Below is president Russ Anderson's letter of July 14, 2023.
FROM THE PRESIDENT'S POINT OF VIEW
There is a phenomenon in North Texas that runs counter to a trend across the country.
Real estate markets are starting to see a reduction in the median sales price of single-family homes, year over year. But, median sales prices in North Texas are higher than at the same time in 2022 — up by three percent in Dallas County, four percent in Tarrant County and six percent in Collin County.
What is happening here? The nonstop migration to North Texas from all over the country — mainly because of our climate, low tax rate and relatively affordable housing — gives us the unique benefit of an unusually high level of buyer demand. And, with far more buyers than there are available homes, multiple parties are competing for the same properties, thus sending sales prices upward.
But homeowners here have been reluctant to list their properties for a couple of reasons. Firstly, some are worried they will be unable to find a new home if they sell their current one. Secondly, mortgage rates have more than doubled in the past two years, hitting their highest peak since 2007 this June, exceeding seven percent. Those who locked in a historically low rate are hesitant to trade that in. These are valid concerns — but not when an expert agent is working on your behalf. They can make things happen that you never dreamed possible.
We analyze the North Texas markets every quarter and put our findings at briggsfreeman.com/market-moves. Come see what your area is doing, and what we think is coming. Our information could save you — or make you — some money. The best news? There is an expert out there who can help make it all work for you: any agent with Briggs Freeman Sotheby’s International Realty.
Whether you’re on the fence about selling or eager about buying, you couldn’t have a better advisor or advocate.
Briggs Freeman Sotheby’s International Realty