November 2020 – National Market Update

November McKinney and Frisco TX Market Update

Check this an the rest of my videos on my YouTube channel.

Can the market keep up this pace in the seller’s favor and will this cause a crash like in 2008? I continue to get these questions over and over from people. And the bottom line is no one has the answers, but what I can do is let you know what is happening right now in our local real estate market. Almost every home selling here in Frisco and McKinney, Texas is going above list price with multiple offers. And why does this keep happening? Well, let’s dive into that. Billy Cowell here from North Texas Homes Real Estate and EXP Realty. What we do know is that just as predicted from real estate experts and advisors earlier in the year, we would have a V-shaped recovery, which means that the market drastically dropped and slowed down when the pandemic hit. But they predicted that once things got back to normal or once our new normal set in, that the housing market would recover. Now, as seen here in this graph from the Housing Market Recovery Index, we see that it essentially has. This index, all right, this index looks at four components of the market, four essential components that you can read the entire real estate market start with demand, supply, price, and time on market. Now, this index shows that we are now exceeding levels prior to the pandemic and when you couple that with data from the Mortgage Brokers Association, Zillow and the National Association of Realtors, shows that leading indicators will determine a strong market. And these leading indicators are things such as showing time, purchase applications, pending sales, existing home sales and new sales are all up, indicating we are in a very strong market. Factors like inventory levels for both traditional inventory and new construction are down, which means we have limited inventory. Again, is an indication of a strong market in the favor of sellers. So although I can not predict what will happen in the future, just as anyone else can, what I do know is that right now you’re seeing a very strong real estate market here in North Texas. So I want to encourage you to reach out to me at any time for no cost, no risk, hassle free strategy session whether you’re looking to buy a house or looking to sell your home, we look froward to hearing from you. As always, Billy Cowell here, be bold and make a move.

Billy Cowell

Billy Cowell is part of the North Texas Homes Real Estate Team in DFW and the creator of most of the content on this site. Billy's real estate articles and opinions have been featured on websites like Realtor.com, DFW Post, and more. Billy moved to Texas in 2019 from New York City to take advantage of the wealth of real estate opportunities for his family and to help other families do the same. Billy and his team of REALTORS® work all across the entire DFW Metroplex helping both buyers and sellers with condos, townhomes and single-detached properties. Billy may be reached directly at billy@northtexashomesrealestate.com.

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