Hot Frisco Real Estate Market Going Cold?
Is the Frisco real estate market showing signs of a cool down?
By: HomePlace Realty
Every market has a cycle, and by all means Frisco has been enjoying a strong sellers market for quite a while. Just under ten years ago the real estate market was a strong buyers market where supply was greater than demand. All that has changed, and now buyers compete with sometimes dozens of others just to get their offers accepted. More competition is good for sellers because it tends to increase sellers net returns and decrease their closing costs. For example, when a buyer has competition they can be less likely to ask for seller closing concessions or other related closing costs.
To better figure out if the hot Frisco real estate market is cooling down we look at fourth quarter market statistics in 2017 vs fourth quarter market statistics in 2016. In 4Q 2017 there were 799 single family homes sold compared to 762 homes in 4Q 2016. The average listing price/selling price in 4Q 2017 was $476,000/460,000 vs $453,000/$441,000. The average sales price in Frisco jumped from $441,000 4Q16 to $460,000 4Q17. Average days it took to sell a home in Frisco in 4th Quarter 2016 was about 72, where it jumped to 80 days on the market to sell in 4th quarter 2017. While the days on the market has increased for the Frisco real estate market, the average sales price has also increased. The average Frisco home value is continuing to increase.
All current real estate market indicators for Frisco indicate a strong real estate market with not much sign of a cool down anytime soon. Currently housing inventory in Frisco remains relatively low, with a higher demand of buyer interest. Should that situation flip Frisco residents could see a possible shift in the cycle. If the inventory of homes increases compared to current levels and buyer demand decreases, we could see a return to a buyers market.
Frisco home owners are savvy enough to realize that this is a good time to sell, and are taking advantage. There are many things to consider before selling your home, and the most important one is hiring the right agent to guide you through the process. One Frisco Realtor company, HomePlace Realty, is a full serviced reduced fee real estate company. They offer a FSBO Flat Fee MLS service and Full Service Realty for 1.5% listing fee paid only when your home sells. This means you can either list your home FSBO on the MLS for a low upfront fee or hire one of their Frisco Realtors for a low 1.5% listing fee paid at closing. This is a discount Realtor Frisco service, or Frisco flat fee mls service depending on your preference. Many of their clients will tell you about their experiences of multiple offers, above asking price offers, and exceptional service! HomePlace Realty offers a Free, No-Obligation Home Evaluation for Frisco home owners curious about their homes value. If you are looking to BUY in Frisco, they offer home buyer assistance as well. Contact HomePlace Realty at 469-371-5670 or visit www.DallasHomeZone.com.