Lewisville - Coppell | July 2023

2023 HOME EDITION

Months of inventory The amount of homes available on the market—also known as “inventory” in real estate terms—has uctuated in Lewisville and Coppell since 2021.

Lewisville

Coppell

2.0 2.5

1.3

0.8

1.5

0.3

0.8

1.0

0.5

1.1

0 0.5

Jan.'23

Jan.'21

Jan.'22

SOURCE: COLLIN COUNTY ASSOCIATION OF REALTORSCOMMUNITY IMPACT

before wanting to move, and just gen- erally things are more expensive now.” The rise in interest rates is the cat- alyst, according to multiple agents. Residents and would-be buyers can realistically expect to pay nearly double the amount of money on interest alone as they would have in 2021 and 2022. “The only times lately we’ve seen a house go on the market is if the seller had a death in the family, is moving due to a divorce or separation, or they are moving out of state,” Buehler said. “It’s a bad time for the market, and it’s a tough time to be a real estate agent.” A look ahead Joe Boggs, branch manager with mortgage-lending company Supreme Lending, said relief is on the horizon— in 2024. National legislatures are proposing bills that would “signicantly lower” property taxes, Boggs said, which, if passed, would decrease monthly house payments for buyers around the rst quarter of 2024. This would be espe- cially important for the rst-time buy- ers, Boggs said. “This could spur a resurgence in rst- time homebuyers,” Boggs said. “Also, most mortgage lenders oer down-pay- ment assistance programs, so if the buyer [is able to] qualify for monthly house payments but [cannot pay the] down payment, these programs can help oset those initial costs.” The Federal National Mortgage Asso- ciation, or Fannie Mae, also reported in May that interest rates could begin to decline toward the end of 2023 and into the rst quarter of 2024. But buyers should not expect a return to the days of 3% and 4% rates

Raising rates Interest rates on homes have risen every year in the United States since 2021. JUNE 2021 Average national rate around 3% JUNE 2022 Average national rate around 6% JUNE 2023 Average national rate is nearly 7%

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SOURCE: SUPREME LENDING COMMUNITY IMPACT

right away, Boggs said. “Without wages increasing or house aordability returning, it may take a while for [the housing mar- ket] to stabilize,” he said. “One of the largest disappointments is that with ination signicantly raising home prices—coupled with high mortgage rates—current house aordability issues have almost cut out entry-level or rst-time homebuyers. When these factors cut out that demographic of buyers, it worsens our economy.” When rates do lower, Rybowicz said he expects the Dallas-Fort Worth market—and Lewisville and Coppell— should return to being busy even if a small rate decrease occurs. “I think as soon as [rates] go down it’ll be back to crazy town again [with buyers and sellers],” he said. “Albeit, never quite like peak pandemic times.”

Active munity:

1450 Valley Ridge Rd. Lewisville, TX 75077 (469) 949-2948 I Solealewisville.com

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LEWISVILLE COPPELL EDITION • JULY 2023