Fort Worth Business asked several local real estate professionals about what the current state of the residential real estate market. Here are some of the replies we received.
Ashley Mooring
Bloom Fort Worth
What do you see going on in the market right now?
The residential real estate market is hot right now throughout Fort Worth and surrounding areas. The inventory is low so we are seeing buyers compete for properties through multiple offers. Multiple offer situations often lead to properties selling at asking price or even a premium over asking price.
A Realtor is important in markets like this on both the selling and buying side.
As a seller in a strong market, it is advantageous to employ an agent to promote and expose a property to as MANY buyers and to negotiate the best terms of the contract including price, earnest money, option period and close date. As a buyer, a Realtor is necessary to assist in finding the inventory and also navigating the negotiation and contract to help secure your purchase.
What are most buyers looking for?
The market is hot throughout the area. The classic central city neighborhoods remain competitive and sought after but so are many neighboring areas like Aledo, Benbrook, Burleson, Weatherford. The demand is indicative of the growth we are experiencing.
Any areas hotter than others?
Traditional bungalow and Tudor style homes continue to be popular, but there is also a recent demand for mid-century modern and more contemporary styles.
Any designs or features that people are looking for?
An updated kitchen opening to a family space and gracious master suite with large bath and closet often top the list of buyer wants.
Joan Trew
Williams Trew
What do you see going on in the market right now?
Well I hate to be a little bit negative, but I’m going to have to say that Fort Worth has stalled a little bit. Maybe it’s because young people do not want mid-century homes-I thought they did, but we are seeing a shift. We are finding a lot of people are moving to the Southlake-Colleyville area because there are better schools.
We also put so much on photos and virtual tours that people feel like they know what’s happening and that they don’t need to walk through homes.
I love Fort Worth and I hate to be so negative. I think we have things that cannot be replicated-you can get to ranches, lakes, museums, parks and trails. All of these things together are not found anywhere else.
What are most buyers looking for?
A while back we had a flooded market with luxury homes and townhouses, but now they want downtown townhomes and people do not want to commit to yards and large gardens.
Are any area hotter than others?
Fairmount is coming on real strong.
Are there any new designs or features that buyers are looking for?
They still want first-class, gourmet kitchens, even if they cook five meals a year. The restaurants around Fort Worth are very busy, but people still want quality kitchens and furnishings in their homes. We might be a little spoiled.
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Will Northern
Northern Realty Group
What do you see going on the in the market?
As always, it depends on prices points and where the property is located and the layout of the house, but the three-bedroom, two-bath style home has been going really, really well.
Any area around Fort Worth hotter than others?
There has been a lot of redevelopment activity around Crestwood and Linwood with all the construction. I see a lot about to happen in Oakhurst that hasn’t resceived a lot of attention.
I think with all the zoning changes on the multi-family front there, that is going to act as a catalyst to those single-family neighborhoods between Race Street and north and south of Oakhurst. It’s really happening.
My prediction for 2016 is that Oakhurst is going to blow. The views are amazing, it’s one of the original neighborhoods of Fort Worth with some beautiful 1920s homes and some great bungalows.
Any designs or features that people are looking for?
Northern also said he’s seeing more condominums going up on the Southside. He said one advantage to the condo units outside of the downtown area is that they don’t have big homeowner association fees like most of the downtown condos.
“It’s a nice product alternative for someone who wants a more simplified life, or for young professionals who have been renting and want to begin building equity. A lot of empty nesters have also expressed interest.” – Joseph Dougherty and Robert Francis
Of the 620,000 single-family homes completed in 2014:
565,000 had air-conditioning.
64,000 had two bedrooms or less and 282,000 had four bedrooms or more.
25,000 had one and one-half bathrooms or less, whereas 221,000 homes had three or more bathrooms.
184,000 had vinyl siding as the principal exterior wall material.
263,000 were one-story homes.
522,000 had a public sewer system and 95,000 had an individual septic system.
The median size of a completed single-family house was 2,453 square feet.
Source: U.S. Census
