While housing inventory has increased, so have prices and interest rates
FRISCO, Texas (CBSDFW.COM) – After living in their current Frisco home for 12 years, Susan and Eric Cancemi are looking to move.
"I would like to find a property that has some space, some acreage maybe and maybe a water feature or a lake on it," Eric said.
In the last year of looking, there's been a lot of changes.
"I think people last year were really taking advantage of the market and buyers didn't have a choice if a house is turnkey ready and now with interest rates going up, buyers are being more selective," Susan said.
The Collin County Association of Realtors reports year-to-year median sales prices in Collin County are up nearly 20%, but homes are staying on the market longer.
"So a year ago it was a matter of hours and now you can expect 30 days on the market I'll say average," CCAR President Shana Acquisto said.
Buyers have about 80% more inventory to choose from, but this also comes as interest rates have topped 7%.
"I think maybe where it causes an issue or a pause is they don't have the down payment and they're really on the cusp of pushing their limits, so they may have to reevaluate their purchase," Acquisto said.
She said real estate is a great investment, so a change of mindset might be needed.
"You might have to reevaluate your purchase as far as location, size and price point," she said.
"You don't want to overspend and you need to be comfortable with where you're at," Susan said. "You really need to be able to sleep at night with your decision."
