Mid-Year Update
It’s hard to believe the year is already more than halfway over! We’re gearing up for Back to School, which, believe it or not, puts the holidays on the horizon. Woof!
We wanted to send an update to:
Say thank you!
Let you know more about the current real estate market.
Share what Fine Point Homes has been up to and what you can expect from us throughout the rest of the year.
Thank you!
So far this year, we’ve been able to help over 25 families on both the real estate and construction side.
90% of our business comes from our family and friends. Our referrals also come from you. With that in mind, we always want to thank you for continuing to support our business and trusting our expertise.
The Current Real Estate Market (written by Leah Littenberg)
Considering I’m asked about the real estate market every single day, I thought it’d be a good idea to share a mid-year update.
Headlines are all over the place, but you always have to keep in mind that real estate is hyperlocal. Different cities (and even neighborhoods) can experience vastly different markets at the same time.
Looking at Dallas Fort Worth, we still have low inventory here in North Texas. This means there are more people searching for homes than there are homes available. We’re seeing these buyers coming from out of state moving to the Metroplex, as well as a number of locals preparing to transition life stages.
In addition to the low inventory, we are also seeing high interest rates, at least as compared to the last few years. However, since turning the calendar to 2023, those increased interest rates have yet to deter buyers.
Ironically, it’s the sellers who seem most focused on these interest rates. Almost 70% of homeowners are sitting on 3% interest rates or have paid off their homes. There seems to be caution in this group around purchasing a new home after selling and taking on that jump in rates.
I have a secret for those of you who may be in this position and are waiting for interest rates to drop - waiting may actually be to your disadvantage.
While expert economists believe rates should come down toward the end of the year, don’t get your hopes up to match that 3%. In addition, there’s a significant amount of people with the same mentality. When the rates do drop, the market could be flooded with competition. This means having to compete with an even more inflated number of buyers and paying more for your next house, similar to 2021. Right now, you should be able to sell fairly quickly for top dollar while also getting a better deal on your new home.
I’m seeing this move consistently outweigh the savings. While you may be hoping for a lower interest rate, it’s important to remember that you can always refinance down the line, but that same perfect home you simply can’t live without may not be available in a few years (or if it is, it will come at a higher price and more competition).
It’s advice I’ve been sharing with all of our clients this year and I’m proud to say they’ve seen success on both sides of the market. If you have questions about whether this is the right move for you, feel free to give me a call.
Fine Point Homes Updates
For starters, our team is growing!
In addition to our three full time employees on the Construction side, we’ve recently hired our incredible Office Manager, Hannah Ely. Hannah ensures we all stay sane while taking over as the mastermind behind our events and client appreciation gifts!
Speaking of Hannah, we’re planning on hosting a few more events and giveaways this year. We always recommend opening your emails and staying connected with us on our social platforms so that you don’t miss a thing.
Here are two of our upcoming events to keep in mind:
October 7: We’ll be doing a volunteer morning at Tarrant Area Food Bank. At Fine Point Homes, we believe it’s important to introduce our kids to volunteering and giving back to our community. If you feel the same way, we’d love you to join us. Please note, all ages are welcome, but space is limited.
TBD: Our team is still working on a firm date, but we will be hosting Pictures with Santa and a gingerbread house contest at the beginning of December.
Our goal is to be one of the most trusted names in the Fort Worth “home” space within the next 5 years. We still find it hard to believe that we’re living out our passions simultaneously, but we owe it all to you!
Thank you again and let us know how we can help you, your family and your friends throughout the rest of the year!