The latest housing report shows more homes on the market in Fort Worth, creating better conditions for buyers. NBC 5 looks at what this means for the spring real estate season.
The February housing report from the Greater Fort Worth Association of Realtors is out and realtors are pointing to changes that may help more buyers enter the market.
While nationwide inventory remains historically low, the Fort Worth area is experiencing a different trend. The number of homes on the market has increased by more than 20% compared to last year. This increase in inventory provides more options for buyers struggling with limited choices in previous years.
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WATCH HEREAdditionally, homes are staying on the market longer, with the region now seeing approximately three months of inventory. According to Paul Epperley, President of the Greater Fort Worth Association of Realtors, this shift leads to a more buyer-friendly market.
Epperley says mortgage interest rates remain between 6.5% to 7.5 %, depending on your credit score, and many prospective buyers are adjusting their expectations and moving forward with purchasing homes. With homes taking longer to sell, more sellers are willing to negotiate, offering potential opportunities for buyers to secure better deals.
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SIGN UP "We had a period where the ink wasn't dry on the offer before the seller accepted it, and buyers were writing out big checks," said Epperley. "Now, this shift gives buyers a chance to pause and negotiate, whether requesting seller credits or additional repairs."
Local real estate experts, including Epperley, remain optimistic about the market as spring approaches, the busiest time of the year in real estate.
The rising inventory and a cooling market may create new opportunities for buyers and sellers as Fort Worth continues to see strong demand.
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For those considering entering the market, experts encourage buyers to stay engaged, watch for new inventory, and speak to a trusted advisor for advice regarding your specific situation.
