MCLENNAN COUNTY, Texas (KXXV) — Texas currently has more than 140,000 houses on the market — the highest inventory since 2011. This shift is creating new challenges for sellers while opening opportunities for buyers in what real estate experts are calling a buyer's market.
- Record inventory levels: Texas currently has more than 140,000 houses on the market — the highest inventory since 2011, creating a buyer's market with increased competition among sellers.
- Strategic improvements work: Seller Chris Goss sold his house in just three days by making targeted upgrades including new flooring, fresh electrical outlets, and smoke detectors to attract buyers
- Interest rate reality: Many homeowners who bought at lower interest rates have accepted that 3% rates won't return and are now listing their properties despite current higher rates
- Job market connection: Recent U.S. labor reports show employment slowdowns are affecting the housing market, as people's income directly impacts their ability to purchase homes
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BROADCAST TRANSCRIPT:
Texas currently has more than 140,000 houses on the market — the highest inventory since 2011. This shift is creating new challenges for sellers while opening opportunities for buyers in what real estate experts are calling a buyer's market.
The surge in available homes mirrors inventory levels last seen after the 2008 financial crash and Great Recession. Real estate expert Cory Duncan explains that the current market conditions are giving buyers more leverage.
"There are more options for buyers, and so you're seeing buyer behavior kind of react to how you would expect if there are more options, they're going to take a little longer to decide," Duncan said.
For sellers like Chris Goss, the increased competition means getting creative to attract buyers.
"It's been pretty hard for sellers," Goss said.
"Most buyers come in and they look at a house that they really like, but then they're like man we gotta repaint this, and we gotta change this in the bathroom, and we need to knock out this wall," Goss said.
Despite the challenging conditions, Goss managed to sell his house in just three days by making strategic improvements.
"We put new smoke detectors in, we replace all the plugs within the house that were old tan and new fresh white plugs and switches new flooring. So just those main aspects that would make a buyer more attracted to it," Goss said.
Duncan emphasizes that real estate transactions continue to happen consistently, regardless of market conditions. The key for sellers is understanding that pricing has become a crucial marketing strategy.
"Transactions are happening, right? Houses are being bought and sold every day, consistently, truly, in any market. So in order to sell your house in these market conditions, it's about being aware. It's about communicating with your realtor, understanding that pricing is a marketing strategy," Duncan said.
The market shift stems from changing interest rate expectations. Many homeowners initially purchased their properties when interest rates were significantly lower than current levels. After waiting for rates to decrease, sellers have accepted that the previous 3% interest rates are unlikely to return and are now listing their homes.
Recent labor reports indicate a slowdown in the U.S. job market, which Duncan identifies as another factor affecting the housing market. People's income directly impacts their ability to purchase homes, creating a correlation between employment trends and housing market activity.
For sellers looking to compete in the current market, Duncan recommends making homes the best available option through repairs, renovations, and strategic pricing.
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