Charitable Realty Owner and Broker, Lori Fowler Ph.D., gives some insight on what the housing market could potentially look like in the new year.
What role do millennials play in the housing market right now?
Millennials have a great impact on the market. They have created a need for eco- friendly, urban gentrification and are responsible for much of the condo draw downtown. They are much of the force behind the respect of our old historical buildings being repurposed, and the Fort Worth market should thank them!
Which neighborhoods are the hottest markets right now?
The River District, 7th Street and Downtown areas are drawing great attention -especially with the new Stadium and Cultural District draw. The TCU and Tanglewood areas remain desirable. We are now being drawn more and more into Burleson and areas along South Chisholm with the new Tarleton Campus. Granbury was named the No. 1 weekend destination, so we show there now more than ever. All in all, DFW is a fantastic place to live!
How does the North Texas housing market look for 2019? What major changes do you expect from 2018?
The market seems to be correcting itself a bit. We are still seeing lots of activity with buyers making more aggressive bids and getting them accepted now that homes are filling the inventory and sitting on market a bit longer. In 2018 it was difficult to win a bid for VA and FHA buyers in the $250,000 price range because of multiple offers. In 2019 we hope the market will allow for acceptance of more offers with reasonable concessions.
From virtual reality home showings and listing apps, what are ways in which you see innovation continuing to change the housing market in 2019?
With the great DFW economy, we draw buyers from across the country and overseas. Buyers are asking realtors to use Skype and drone footage now for remote purchases. Apps and virtual reality will become an everyday aspect of showing homes soon - but nothing can replace the value of a licensed realtor. Most all we work with still want to touch and feel the most important purchase they will make. These tools make us more efficient - as an added tool - but not as an only method.
What do you foresee the effects to be from factors such as rising interest rates and a larger inventory of houses for sale?
Rates have started to come down a bit now. Even though they have climbed into the high 4s and low 5s over time - comparatively - they are still affordable. Many buyers who couldn’t win bids in 2018 renewed their leases - so with those expiring shortly and inventory up - I believe we will see one of the strongest successful real estate markets.