Lewisville - Coppell | July 2023

CONTINUED FROM 1

Average home prices Local home prices have stayed high in 2023, forcing buyers to hesitate before purchasing in Lewisville and Coppell, according to agents. Coppell Lewisville

the lowest level of the last 10 years,” he said. Low inventory, high prices The market presents a unique chal- lenge to agents, buyers, sellers, title agents and anyone involved in real estate, said Shelby Buehler, an agent with The Buehler Group in Flower Mound and Lewisville. In Lewisville and Coppell, the median price of homes for sale in May was $432,995 and $695,000, respec- tively, according to data from the Collin County Realtors Association. Last May, median home prices in Coppell and Lewisville were $650,000 and $417,000, respectively, but Buehler noted interest rates were lower in 2022 and the market had more would-be buyers. “In 2022, you were seeing 3.5%, 4%, 5% interest rates,” Buehler said. “It’s a year later and those same rates have almost doubled.” Buehler said their agency is encouraging sellers to lower their asking prices. “We don’t want sellers to put their house on the market, get zero or below-asking bids, and then have to keep lowering and lowering,” she said. As an example, the saga of a partic- ular house recently on the market in Lewisville opened eyes among Buehler and her colleagues. A home that Buehler described as “perfect” went on the market earlier this year and had only three bidders for it—a number that would have seemed unfathomable just one year earlier, she said. “We had one buyer bid only $415,000 on that house, and by the time it closed, the winning bidder only got it by $2,000 [over the other bidders],” Buehler said. “We’re talking about a super-cute home in Lewisville with little to no

maintenance needed, and only three people bid on it. That’s why we’re ask- ing sellers to go ahead and lower their initial asking price.” There also aren’t as many homes on the market to choose from, as sellers are having second thoughts about put- ting their homes up for sale. It’s a tri- ple-threat of issues: high home prices, high interest rates and not many to choose from, Rybowicz said. “Rates keep buyers from buying because they can’t aord homes,” he said. “Sellers don’t want to sell because they have low rates already. Sellers also don’t want to sell because there is less inventory to choose from if they’re buy- ing a dierent home.” ‘A bad time for the market’ The Buehler Group generally dis- suades their clients from putting a home on the market during a holiday weekend, such as Memorial Day. But inevitably, a client or two will make the decision to ocially put their “For Sale” sign out front during that time, Buehler said. “We didn’t get any interest in a home that went up on Memorial Day, but we didn’t think too much about it,” she said. “But then the next weekend came and went, and we still didn’t have any interest. That was when we looked at each other and said, ‘Whoa.’” In 2022, and even as late as the begin- ning of 2023, a home on the market for nearly two weeks anywhere in the Dal- las-Fort Worth area would be inundated with oers, Buehler said. The state of homebuying and selling is drastically dierent now, she said. “People are being more careful with their money in general right now,” Bue- hler said. “Ination is bad, it’s [almost a Presidential] election year, which means there’s a lot of wait-and-see

$200K $100K 0 $300K $400K $500K $600K $700K $800K

Jan. 2021

Jan. 2022

Jan. 2023

SOURCE: COLLIN COUNTY ASSOCIATION OF REALTORSCOMMUNITY IMPACT *DATA ONLY AVAILABLE THROUGH MAY 2023

Days on the market As home prices and interest rates began to rise in the middle of 2022, would-be buyers in Lewisville and Coppell grew more hesitant to spend money—meaning homes for sale stayed on the market longer.

Lewisville

Coppell

5 10 15 20 25 30 35 40

Lewisville: Increase of 216.67% Coppell: Increase of 76.47% % CHANGE FROM 2021 2023

Jan. 2021

Jan. 2022

Jan. 2023

SOURCE: COLLIN COUNTY ASSOCIATION OF REALTORSCOMMUNITY IMPACT

IN MAILBOXES THIS AUGUST EDUCATION EDITION

LOCAL BUSINESSES: CONTACT US FOR ADVERTISING

DIGITAL

DIRECT MAIL

866 9896808 COMMUNITYIMPACT.COM ADVERTISE

COMMUNITYIMPACT.COM