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's the First Move Before Buying a Home?

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Welcome back. Today we are asking one of the most common questions we get asked, "What is the first step in the real estate process in Mansfield?"

My answer is almost always the same. Unless you are paying cash, call a lender. It's a really important step for us to know how we can help you and what you can afford. There are a lot of steps involved in the process and the more you can anticipate, the easier and more stress-free it will be.

Even if you're not a first-time buyer, finding a good lender is still essential to your transaction. They will let you know exactly what you can afford and what type of home you can purchase. 

Lending guidelines are constantly changing, so it's important you are working with someone who is always up to date on the latest changes. If you are looking for a good lender, we always recommend asking a good agent. If they are a good agent, they will have a preferred lending partner.
 

We have a lender that we refer all our clients to, and that is Trevor Kerr at Gateway Mortgage, who you can contact at (972)-822-7408. There is no one else I would refer my clients to. 

If you have any questions for us, or are looking to buy or sell a home in Mansfield, give us a call or send us an email! We would love to hear from you!

Testimonial: Alex Martinez

“What I liked most about working with John is that I felt really comfortable with him. My wife and I were first time buyers, and he didn't make us feel like we were just more clients. He made the process so easy for us. He walked us through the entire process. We were anxious about the whole process, but he was very patient and answered all of our questions. We felt like he actually cared about our wants, our needs, and our desires. He really went out of his way to find that perfect house for us. We didn't feel like we were just another pay day. He took care of us and made sure we got what we wanted. It was great!”

Testimonial: James Renfroe

“We put our house on the market, and it sold within a week! That was all because of John and the effort he put forth. He took care of us quite well. Not only did he sell my house, he also helped us find a new one. John listens to what you want, and that's probably the biggest thing. He only brought back houses that matched my criteria. He knew exactly what we wanted, and he got it for us! ”

The Pros and Cons of Building a New Home

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There are a lot of benefits to building a new home in Mansfield, especially right now when we have low inventory. 

Instead of waiting around to find the perfect home, you could build your own custom dream home! However, it does take 4-8 months to build a home, so if you're in a hurry, it may not be your ideal option. 

When you buy a pre-owned home, it is a lot more cost-effective because you get a lot more home in terms of cost per sq. ft. New homes are often more expensive, but you have total control over the price when you're picking materials and amenities.

However, sometimes with resale properties, the previous owners have already customized the home and barred the expense, so you have to pay nothing for those upgrades!

If you're thinking of building a new home, I would advise you to use a Realtor when you're working with a builder, and I would be glad to represent you.

As always, if you have any questions or concerns, please don't hesitate to contact me in regards to Mansfield real estate.

Have You Been Thinking of Buying a Better Home?

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There comes a point in time when people need to move into bigger, better homes. Whether it's because of a growing family or simply a wish to invest in a better property, people do this all of the time. 

Usually move up buyers have to find a home to move into before they can sell, and vice versa, so sometimes the transactions can get dicey. However, I have a lot of experience helping move up buyers, and there are a few things that can be done to have a seamless transaction.

My advice to you right now is to focus on the purchase because inventory is low right now, so selling your home will be the easy part.

In a normal market, you could use contingencies to sell your home, but right now, because of the low inventory, this may not work.

Another option is to build a new home, so then you can have a slow move in and have plenty of time to sell your home.

If you're interested in moving up, please contact me and ask about my move up discount. I'd love to help you out!

How we helped Lindsay sell her home by working with her schedule

"Our house sold within minutes. He listed it at a fair price, and we made a nice hunk of money off of it. My husband and I don’t have very flexible schedules, so he would meet us way after hours. Also, instead of making us go to his office, he would come to our house."