WICHITA FALLS (KFDX/KJTL) — On July 9-11 and 16-18, dream houses throughout Wichita Falls will be on display in the North Texas Home Builders Association Parade of Homes.
While home builders are ready to show off their new homes, a few are starting to feel the pressure of trying to build homes to fill the market.
“It’s really a volatile market for a buyer. It has been brutal for buyers,” Bishop Realtor Group owner Denny Bishop said.
Throughout the pandemic, prices of homes have dramatically increased with interest rates taking a dive as well.
“The homes that they were looking at in a $50,000 and $60,000 range are now in the $100,000 range, $120,000 range and there’s a heavy competition for those homes,” Bishop said.
Because homes are selling much faster, realtors have expressed concern about inventory running low.
And while it is slowly increasing, the concern remains.
“It has been a very difficult year,” North Texas Home Builders Association president Jose Garcia said. “Not enough houses being built. There’s not enough inventory not only on the new builds but on the existing houses.”
As home builders attempt to increase their inventory, the NTHBA is using its annual Parade of Homes to show off what they have.
“We don’t have enough houses to supply the demand. The market is there we just need to figure out how to these things built fast enough so everybody can have a new home,” Garcia said.
For sellers and buyers, both men recommend finding a realtor to help navigate the market.
And buyers should definitely get pre-qualified before looking at any homes.
“If you don’t get pre-qualified, you are not really a buyer in this market,” Bishop said.
“You need to be prepared to pay more and also put up more earnest money and more option fee money. We’re seeing that as a trend in today’s market also.”
“They just need to.. understand that the process has changed because we don’t have the materials, we don’t have the labor force,” Garcia said. “So just be patient and I think you’ll get a good home built.”
While the process may be much more strenuous than in past years, realtors and homebuilders say being patient in this process is the key to inquiring homeowners.