Here we are once again. It’s time for the all-important real estate predictions!
It’s been a pleasure bringing you fun-and-exciting housing opportunities and opinions from the west side of the Metroplex in my weekly Tarrant County Tuesday column. Enjoy and remember — no wagering, please!
And now for some 2020 predictions from your Real Estate Sherpa:
Prediction No. 1: New Locations Will Become En Vogue
If you know Tarrant County you know that Downtown Fort Worth is an area of great desire. Not only are there fun places to eat and shop but Sundance Square is a fantastic place to hang out and enjoy people watching.
While there are a few condominium projects in Downtown Fort Worth, there hasn’t been any new development for housing for quite some time…certainly not for single-family housing.
Areas just East of Downtown Fort Worth such as The Bluffs at River East will continue to gain attention from buyers of all ages and stages of life. Minutes from the Trinity River Trails and Downtown Fort Worth, this development is part of a city-wide initiative to revitalize older, forgotten, blighted areas of Cowtown.
With a starting price point of $365,000 for new, single-family homes near the Six-Points Urban Village, The Bluffs at River East is a testament to developers that buyers will expand their location search for a compelling product. Since inception in mid-2019, nearly 25% of The Bluffs has already been sold. For more information: www.bluffsfw.com
Likewise, investors and flippers are spending time and money revitalizing existing homes or building new properties just east of I-35 at a price point that is manageable.
Look for the Eastside of Fort Worth to continue to gain traction and attention from developers, builders, and buyers in 2020.
Prediction No. 2: Politics Won’t Matter
How many times will we be reminded in 2020 that it’s an election year? Does it really matter?
In some areas of the country, it might, but whether or not it’s a year when the American public votes on a supreme leader isn’t going to make much of a difference in the D/FW Metroplex.
Interest rates are already low. People are already moving to Texas in droves. What happens on the national stage isn’t going to affect the local economy or housing market. People will still buy and sell property no matter who is trying to screw up the country.
Don’t get caught in the “it’s an election year” trap. Fake news. Next!
Prediction No. 3: Home Values And Desired Sales Prices Still Won’t Align
Because there hasn’t been a definitive spike in the housing market or anything catastrophic with the economy, sellers still are having a hard time believing their homes aren’t worth what they want them to be when it comes to selling their homes.
I know it’s hard to believe that homes don’t appreciate double-digits every year. I know it’s a struggle for sellers to fathom that their home hasn’t really appreciated that much in the past few years.
Homes purchased in the last three-to-five years were probably purchased at an all-time high valuation. Those homes and neighborhoods are now older and might not have appreciated over a relatively short period of time.
This isn’t to say that sellers can’t make a profit when selling their homes. Certainly, there are exceptions to every situation. Location, age of home, style of finishes all play into what a home is “worth” according to buyers and appraisers.
However, sellers and their real estate agents need to be realistic when it comes to setting expectations and prices. In the long run, everyone will benefit from a little dose of reality.
Well, that’s all from Tarrant County for 2019 Dirty Readers. Thanks for reading and following and sharing! As always, if you have questions, comments or great ideas for a blog … hit me up!
Seth Fowler is a licensed Real Estate Sales Professional for Williams Trew Real Estate in Fort Worth, TX. Statements and opinions are his and his alone. Seth has been involved with the home sales and real estate industry in the Fort Worth area since 2004. He and his family have lived in the area for over 15 years. Seth also loves bowties! You can reach Seth at: 817.980.6636 or firstname.lastname@example.org. If you are looking for a Real Estate Sherpa to help you buy or sell … give Seth a call!