How Is the Mansfield Market Performing this Spring?

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Today we are going to be discussing the current market here in Mansfield. A lot of people have been asking us about the market’s current stats, and we’re here to share an update with you.

Right now, we have roughly 130 active homes on the market and 160 pending listings. That gives us less than a one-month supply of homes! This low-inventory is likely to continue for the foreseeable future.

Coming out of the holiday and winter months, we have seen a huge rise in activity, going from 77 sold properties over the last 30 days, to the current 160 pending sales. This is typical of a normal yearly cycle. But what does it mean for buyers, sellers, and investors?

For buyers, there are still homes on the market, but you’re going to have to compete for the best homes. For every good home, we have 10 to 20 buyers looking at it. If you’re buying, you need to be pre-approved, have a real estate agent working hard for you, and be ready to act quickly when the right property comes up.

For sellers, you have to get the condition of your home right and price it right. If you do these things, you are in great position to sell your home for more money than you could in the past.

For investors, there is a lot of competition out there, just as there is for regular buyers. If you’re investing in this market, you need to align yourself with a great agent who understands your goals and can work with you to help you achieve them.

If you have any questions, don’t hesitate to give me a call or send me an email. I’d love to hear from you!

What's Happening with Mansfield's Inventory Levels?

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Lately, I've found myself explaining real estate inventory levels to many people. Our market is crazy right now, and it seems like there are 10 buyers for each house on the market. Guess what? That's because there is! Right now, there is a supply and demand problem that primarily affects buyers. Essentially, that problem exists because we have not been fulfilling our industry inventory levels since 2008.  

Before 2008, builders were putting up new homes constantly. Whenever you walked down a street, it seemed like there was a new subdivision. Builders were also putting up spec homes so that people who were unwilling to wait the six to eight months still had inventory to look at. For most of those buyers, the financing has not come around for them to do that anymore. Plus, many builders are still a little gun-shy, as they were stuck with extra inventory back in 2008. 

On top of all of that, we have an entire generation of millennials entering the market and looking for starter homes. Our inventory just started approaching industry levels this year, and I don't think the supply and demand issue will be neutral for another three to five years. 

It's different all across the country. In the Northeast, they still aren't building enough for demand. The West is barely getting there. Here in the South, we're doing better than anybody else. We're supplying about 30% more than demand. However, we still have a lot of catching up to do, and while we're catching up, more and more buyers are coming onto the market.

If you have any further questions, please feel free to reach out to me. If you're thinking of buying or selling a home, call or email me today for a free consultation.

What Are the Hottest Neighborhoods in Mansfield?

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Today I wanted to discuss some of the more popular neighborhoods in Mansfield. Now is a great time to buy, so these are some of the neighborhoods that you might want to investigate:

• The Trails
• Walnut Creek Country Club
• Dover Heights

 

A majority of the new building is occurring in the Lake Ridge High School District, but there are some other wonderful new communities forming in Garden Heights, Bower Ranch, Las Brisas, and the D.R. Horton neighborhood. I think a majority of the growth in Mansfield will be happening in the southeast corner for the near future.

In the future, I expect growth will happen more out to the west of town. The city is really beginning to manage development out in those areas. 

Overall, Mansfield is becoming a hot spot to live, so if you plan on buying in the near future, please don't hesitate to contact me and I can help you to find a great place to settle into.

I look forward to speaking with you!

How Can You Take Advantage of Mansfield Real Estate?

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People always ask me how the local real estate market is performing, and the answer always depends on whether you're buying, selling, or investing.

If you're a seller, you'll find that now is a great time to put your home on the market. Buyer demand is high and inventory is low, so you stand to make a good profit if you get your home on the market now. Just remember, it needs to be priced correctly and in good condition. 

If you're looking to buy a home, now is also a good time to do so. Interest rates are at historic lows (below 4%) and there are a lot of excellent loan products available. It's more affordable to buy a home right now than it has been in a very long time. It's a lot cheaper to pay a mortgage right now than it is to pay monthly rent, so if you've thought about purchasing a home, then now may be the time to pull the trigger. This is also true because interest rates are currently on the rise, so your affordability may drop if you wait to buy.

Investors will have a little tougher time flipping homes, but rental rates are increasing so you may find comfort in that fact. I would recommend investing in rental homes over properties that you're just going to flip. 

Overall, inventory is extremely low in our area. If your home is worth more than $200K, there is only about 1 month supply of inventory. If your home is worth less than $200K then you will find that there is only 1-2 weeks worth of inventory. This means that you have a really great opportunity to capitalize on a move-up home sale. 

If you'd like any assistance buying, selling, or investing in a new home, then please don't hesitate to reach out to me. I would be very happy to assist you!