Lower Mortgage Rates Expected to Boost 2024 Homes Sales in Dallas-Fort Worth, TX
Posted by Kenneth G. Cox on
As we embark on the intricate journey through the 2024 Texas real estate market, the landscape presents a blend of challenges and opportunities, particularly in Dallas-Fort Worth. Recent data from the National Association of Realtors (NAR) reveals a slight downturn in existing-home sales in December 2023, with a 1% month-over-month decrease and a substantial 6.2% decline compared to the previous year. Despite this setback, optimistic forecasts from NAR hint at a potential resurgence in sales figures fueled by lower mortgage rates, which currently hover below historical norms.
One of the pivotal factors influencing mortgage rates and, consequently, home sales is the stance of the Federal Reserve on interest rates. Economists closely monitor the Fed's…
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The North Texas, Dallas-Fort Worth (DFW) region has long been a hotbed for real estate activity, with its vibrant economy, job opportunities, and quality of life attracting both local residents and newcomers. The 2023 real estate market in this region continues to flourish despite rising mortgage interest rates that are averaging around 6.75-7.00%, with four of its cities ranking among the top 10 real estate markets in the country according to a recent WalletHub Study, 2023’s Best Real Estate Markets. These cities are McKinney, Frisco, Denton, and Allen, each offering unique characteristics that contribute to their real estate success.
If you are looking to sell a home, condo, or townhome in Dallas or Fort Worth, it is important to consider the impact of making necessary repairs or renovations before listing your property. Though investing more money into your home may seem unappealing, some improvements can significantly increase the value of your property and make it more desirable to potential buyers.
