Parker County Today Dec. 2018 | Page 34

Real Estate Recap and What To Expect in 2019 By Maureen Griffin, Tara Stark Real Estate Group - Keller Williams Realty What do you think is the first ques- tion that real estate professionals are asked at a holiday gathering? If you guessed, “How is the market?”, you’d be correct! Of course, that inquiry is always followed up by, “Is now a good time to buy or sell?”, to which our answer is always, “Yes!”. Wait, always yes? Absolutely, and we’d love to explain why in our 2018 Real Estate Recap and 2019 What-to-Expect report. Real Estate Recap – 2018 32 The latest numbers available for Parker County, as we write this, end with October 31, 2018. The North Texas Real Estate Information Systems, Inc. (NTREIS) Lo- cal Market Update, shows a decrease of only 5 less listings versus the same time period last year. Those 3,121 new listings created an increase of closed sales that was 5.8% higher, to date. What do those numbers tell us? So far, 2018 has been a healthy real estate market for Parker County. Tara Stark, owner of Tara Stark Real Estate Group, advises, “This is why it’s imperative to work with a local expert for your real estate needs. If we listen to national reports, they can differ from your local area. Our team are experts in the Parker County market and being in busi- ness with the largest real estate company in the world, Keller Williams, gives us insight into worldwide markets.” There is a 3.1-month supply of inventory available, meaning that if no other homes came onto the market for sale, it would take only 3.1 months to sell off the remaining inventory. As of October 31 st , the average days on market was 59. Interest Rates – No Crystal Ball Does anyone remember what mortgage rates looked like back in the late 1990’s? When we were all worried about the computer crisis of Y2K, consumers didn’t even blink at mortgage rates that averaged 6.79% - 7.91% in 1999. Fast forward almost 20-years, and the fact that our 30-year fixed rate mortgage aver- ages 5.10%, that’s prompting buyers to get serious about finding something now. Kyrstin Zimmerman, Senior Loan Officer with Benchmark Mortgage, anticipates we’ll see some movement soon, “The Feds are expected to raise rates again in December, then there’s talk of three additional rate hikes possible in 2019. Now is a good time to get locked into a lower rate. By the end of 2019, analysts predict we’ll see an increase of a whole basis point, bringing the 30-year fixed rate mortgage up into the 6% range.” Of course, nobody has a crystal ball to predict our eco- nomic future, but economists are certain the days of extremely artificially low mortgage rates between 3-4% are long-gone. Current rates are a sign of a healthy economy and housing mar- ket, both good news for Parker County! To Believe or Not to Believe – Is That the Question? Turning on the nightly news, we might be prone to think that