Lewisville - Flower Mound - Highland Village | July 2022

2022 REAL ESTATE EDITION

HOMES SOLD

ROCKETING RATES

“[Companies buying up homes are] squeezing out rst-time home- buyers,” Jett said. “And then with the interest rates going up, these compa- nies can pay cash, so aordable hous- ing is less and less [available]. Now it’s becoming a renter’s market, and rental rates are going up.” It is not just homebuyers feeling the eects of the increase in home prices. People who rent homes or apartments have seen and will likely continue to see rent increases, Thompson said. For sellers, the increase in interest rates has slowed the increase in home prices, Jett said. In 2021, home prices increased with homeowners asking more and more, but the increase in interest has created a stabilization in home prices, she said. “Rates keep going up, and so if the house is priced correctly to begin with it is going to sell,” she said. “People who are overpricing [homes] sit on the market, and so they have to decrease the price to get it sold.”

The number of homes sold saw a decrease from June 2021-May 2022 as interest rates rise nationally.

The federal interest rate has increased by about 2% since January.

75022

75028

75056

75057

75067

75077

3.22% 5.27%

January 2022

July 2022

1,000

SOURCE: FREDDIE MACCOMMUNITY IMPACT NEWSPAPER

800

IT’S A BIG DEAL FOR ANYBODY. I’VE BEEN IN THE BUSINESS FOR 32 YEARS. I’VE NEVER SEEN A FULL 1% CHANGE IN A YEAR. SO 2% IN SIX MONTHS IS A LITTLE OVERWHELMING. LISAMARIE THOMPSON, A FLOWER MOUNDBASED LOAN OFFICER

600

400

200

June 2018- May 2019

June 2019- May 2020

June 2020- May 2021

June 2021- May 2022

SOURCE: COLLIN COUNTY ASSOCIATION OF REALTORSCOMMUNITY IMPACT NEWSPAPER

younger homebuyers. The interest rate increase of 2%-3% is rarely seen, he said. With the interest rate increase happening in a short period of time, people are left scrambling to adjust their loan preapprovals. For exam- ple, Thompson saw people who were

26% in the last year, Thompson said. For buyers, this means it is not just rising home prices that cause chal- lenges for rst-time homebuyers, said Brandy Jett, president-elect of the Greater Lewisville Association of REALTORS. Companies are using cash to buy homes in the area.

preapproved in January and were no longer preapproved for the same amount six months later, she said. Rising prices The market changed for both buy- ers and sellers in the past year. Den- ton County home prices have gone up

For more information, visit communityimpact.com .

FLOWER MOUND (214) 504–1680

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LEWISVILLE FLOWER MOUND HIGHLAND VILLAGE EDITION • JULY 2022