Here’s why I don’t think we’ll see a wave of foreclosures hit our market.
Being a top agent means surrounding yourself with successful organizations and agents who handle a ton of sales volume. In order to provide top-level service to your clients, you have to be improving all the time.
I’m telling you this because I keep my finger on the pulse of what other successful agents and real estate organizations are saying to gauge what’s happening in different markets and what the future’s expected to bring; I don’t always agree with what others agents predict for the future.
For example, right now, many are saying that we’ll see an influx of foreclosures over the next 12 to 18 months—specifically, a rise of 7% to 8%. Mind you, these agents are scattered around the globe in different marketplaces, but I don’t subscribe to this theory for our Texas market because of our lack of inventory.
The week before I recorded this video, I saw that Waxahachie, a city with a population of about 40,000, only had 140 homes for sale. Midlothian, with a population of roughly 30,000, had just 112 available listings. We don’t have an oversupply of building either, so if a foreclosure wave hits Texas, we’ll fare pretty decently.
Now, these same agents that predict a wave of foreclosures are cashing out of some of their properties because now is the time to get a deal. If you’ve been out in the marketplace, you know that we’ve been in a strong seller’s market for the past couple of years. If anything, our strong seller’s market has gotten even stronger as it’s emerged from the shelter-in-place ordinances.
So if you’re a seller who’s been sitting on the fence, now’s the time to jump off and get top dollar for your property. There are way more cash buyers in the marketplace than we’ve ever had, so your home may get multiple offers and sell over asking price.
Will our real estate market ever get back to normal? Only time will tell, but if you’d like to start your home selling journey right now, give me a call and I’d be happy to help. If you have any other questions about the market, feel free to reach out to me as well. I look forward to hearing from you.