It’s happening. The real estate market in Tarrant County is officially slowing down. This past week, the Fort Worth Housing Report indicated that the number of closed homes in July 2019 was down nearly 4 percent from July 2018.
Inventory of homes in Tarrant County has increased, and total days on market, from listing-to-close, jumped six days from 2018 to 2019. Prices have barely increased in the past 12 months, and this could be why we are starting to see issues with appraisals.
What’s The Home Worth?
Regardless of we want to believe, we don’t live in a free-market society. If a home is listed at $X and a buyer is willing to pay $X (or in recent years more than $X) the true value of the home is only going to be what the bank is willing to lend, and that all starts with the biggest enigma of all: the appraisal.