The housing market in Fort Worth, Texas
The Fort Worth housing market has slowed significantly since last summer.
Fort Worth, Texas is more than just rodeos and cowboys at the Fort Worth Stockyards National Historic District, although those are a ton of fun. Fort Worth also has a beautiful botanic garden with a 7.5-acre serene Japanese Garden, one of the best zoos in the nation, and the Kimball Art Museum, which owns paintings by Michelangelo, Monet, Picasso, and Matisse.
Fort Worth also boasts a vibrant nightlife scene and many fine restaurants. Family fun is abundant, and the neighborhoods vary from urban and suburban to historic. One of the largest historic neighborhoods is the Fairmount National Historic District. With all that Fort Worth has got going for it, it’s no wonder so many people have flocked to Fort Worth to buy a home in the last few years.
But the housing market for sellers in Fort Worth isn’t looking as rosy as it has been the last few years. For example, according to the Greater Fort Worth Associate of Realtors, listed houses stayed on the market an average of 51 days in December 2022. During the summer of 2022, houses sold in about 2 1/2 weeks on average, according to the Fort Worth Star-Telegram. In just a year, home loan rates went from 3% to 7%, putting a damper on sales.
Real estate market predictions for 2023 in Fort Worth
According to the Texas Real Estate Research Center at Texas A&M University, existing home sales in November 2022 saw a 30% year-over-year decline. Furthermore, according to Redfin, 730 fewer houses were sold last year in Fort Worth than in 2021.
Texas A&M research economist Jim Gaines predicts that house sales will continue to drop in 2023. “There’s no doubt about it, the market is slowing down from a very high peak,” Gaines said.
Why real estate sales are down in Fort Worth
Changes in the economy lower the value and prices of real estate, which is why the current home loan rates are driving down house values. Additionally, inflation is up 6.4%, which makes everyday expenses go up. People hesitate to buy when finances are spread thin.
The potential prospect of a recession this year also lowers consumer confidence. For all these reasons, people are less eager to buy a house, which drives the value of everyone’s property down.
Is now a good time to sell your house in Fort Worth?
Currently, Fort Worth is still a seller’s market, meaning there is more demand for houses than there is for supply. Importantly, Fort Worth house prices were up 3.7% from last year. So now is a great time to sell, but the window may not last.
Keep in mind that with the downward trend and worrying predictions we are seeing, it may be to your advantage to sell your house quickly, before the seller’s market turns into a buyer’s market, and the value of your house decreases.
The price of construction is rising.
With inflation so high, and prices of everything from paint to building materials skyrocketing, you may not want to invest the money into updating and repairing your house before you sell it.
According to well-known home remodeling guru Bob Vila, the price of interior and exterior paint went up over 20% from 2021 to 2022. He also commented that “Building material costs rose 31.3 percent from early 2020 to early 2022, with the index climbing 10.6 percent in the past 5 months.”
He warns his readers that most of their home improvement projects would cost significantly more this year than last.
How to sell your house without making costly updates and repairs
Companies that buy houses for cash are probably your best option if you want to sell your house “as is.” Of all the companies that buy houses for cash, We Buy Ugly Houses® is considered by many to be the best.
We Buy Ugly Houses has bought over 150,000 houses in the nearly two decades we have served communities across the United States. Our happy sellers give us a 95%*% approval rating and terrific reviews.
How to sell to We Buy Ugly Houses®
It’s easy to sell to We Buy Ugly Houses. Simply give us a call to set up a free, no-obligation meeting at your house with one of our local property specialists. At the meeting, we’ll take a tour of your house and answer all your questions. We can often give you a fair cash offer that same day.
If you accept our offer, you won’t have to make any improvements to the house at all. We often close in as little as 3 weeks. Call us at 866-200-6475 to sell your house “as is” quickly in this unpredictable housing market.
