Are you considering buying a property in Weatherford, TX? Do you want to sell your current home but are unsure if now is the right time? The real estate market can be extremely volatile, and it can be hard to determine the right timing to buy or sell. This guide will attempt to dismantle all of that. Read on to find out what the real estate market is like in Weatherford, TX, and what it means for you as a seller or buyer!
1. Weatherford, TX, real estate market
The real estate market in Weatherford, TX, is currently experiencing a buyer’s market characterized by lower home prices and decreased inventory. In addition, homes are taking, on average, sixty-eight days to sell, which means that many homes are staying on the market longer. Home prices are also dropping in Weatherford, TX. Currently, the median price for Weatherford, TX, homes for sale is $359,900, a 3.4% decrease month-to-date. With prices decreasing, homes remaining on the market longer, and increased inventory, buyers have the considerable purchasing power to invest in a property in Weatherford, TX.
2. There is increased demand
Even though the demand for homes for sale is less than the inventory available, many people are choosing to relocate to this small and quaint town outside Fort Worth. Weatherford, TX, currently has a total population of 31,974 inhabitants, which is increasing by nearly 2% annually. There are many reasons why people are choosing to relocate to this small town. Weatherford, TX, is located thirty miles west of the major metropolitan city of Fort Worth, the twelfth largest city in the nation. Many who wish to escape the hustle and bustle of city life are relishing the tranquil lifestyle only Weatherford can provide. Residents can enjoy the fresh air provided by the surrounding oak and maple trees. They can lounge in their spacious yard while watching and listening to the breathtaking nature views and sounds. In addition, residents can stroll along the picturesque Clark Gardens Botanical Park or the equally captivating Chandor Gardens to enjoy the local flowers blooming.
The beautiful and all-encompassing nature scenery is one of many reasons many flock to Weatherford, TX. The job market in Weatherford is thriving. The city has seen job increases of 2.6% annually, and the unemployment rate is below the US average. The industries that have added significant job growth are retail trade, education, manufacturing, and healthcare. This indicates that jobs are being added to support the increased population growth. Over the next ten years, it is projected for the city to experience a nearly 45% job increase, which is higher than what is projected for the country.
Another reason why many are choosing to relocate to Weatherford, TX, is that residents can have a lower cost of living than they would be able to in the bigger metropolitan cities of Fort Worth, Dallas, and Austin. Specifically, the cost of living is 13% lower than in many parts of the country. Residents also can expect to pay a lower sales tax rate than the average, and the income tax rate is at 0%. Furthermore, as median home prices are lower than the national average, residents can buy spacious homes with more acres of land than they would be able to in the bigger cities.
3. Potential for homes to grow in value
Even though median home prices have shown to be decreasing month-to-date, the overall value of the homes in Weatherford, TX, remains optimistic. Over the past twenty years, Weatherford, TX, has seen a nearly 180% growth in home appreciation rates, with an average increase of 4.66% annually. As long as the economy and job market continues to thrive, home values will likely increase again in 2023 and beyond. Furthermore, new constructions for residential and commercial properties are other factors that help to support the increased appreciation rates.
To keep the rising population, new housing developments in Weatherford, TX, are being built in many parts of the city. For example, new neighborhoods such as Silverstone Pearson Ranch and Saddle Crest Estates have been constructed to accommodate those seeking a tranquil lifestyle outside the big city. Many of these new master-planned communities in Weatherford have various sought-after amenities, such as at least two acres of land, beautiful views of the surrounding landscape, magnificent oak trees, and proximity to many conveniences. Residents can often find a tight-knit community in these immaculately designed homes and peaceful neighborhoods.
4. What is next for buyers?
Since it is a strong buyer’s market, those who wish to invest in Weatherford property will have more bargaining power. With lower home prices and more extensive inventory, buyers will not have to compete against many other interested people or engage in fierce bidding wars. Instead, buyers can search for the right home in Weatherford. Buyers can also ask for certain contingencies in their offers, which are more likely to be accepted by sellers.
5. What is next for sellers?
However, sellers might have difficulty navigating the current real estate market. Whether they wish to sell residential or commercial real estate in Weatherford, TX, sellers must have a strategy. By understanding the local competition, pricing the home fairly and competitively, and emphasizing its best features, sellers will likely sell their property relatively quickly and above the listed price.
6. Consult your experienced realtor
Whether you wish to buy a property in Weatherford, TX, or to sell your current one, you need the expertise of an experienced real estate team by your side. For those wishing to purchase a home, a real estate team can help you locate the right community that aligns with your must-haves. As for those wishing to sell a property, a real estate team can help to create an innovative and effective marketing and negotiation strategy so that many people will want to make an offer on your home.
Interested in selling or buying an investment property? Then, you might like to schedule a consultation with experienced luxury realtor Rees Atkins of the Rees & Piper Team! Rees and his team can provide expert guidance on everything from the current real estate market to marketing and negotiation strategies. Rees and his team can help you navigate a challenging market so that you can achieve your real estate dreams!
*Header photo courtesy of Shutterstock
