Minus the humidity, we had a pretty easy summer in 2021, but as of Saturday, July 24th, the humidity burned off and the dry heat arrived. If you need an air conditioning tech and you live in East Dallas, call Jesse Simmons at 214.769.2483. He, like most technicians, is booked several days in advance, but even if your unit is working just fine it’s a good idea to get it checked. He found my air conditioner was dangerously low on coolant; the thought of my wife sitting in a non-air conditioned house was a bit terrifying.
Thanks to kids getting out of school and subsequent family vacations, there is usually a bit of a real estate lull in late June and early July, but this year it was more pronounced than most. It makes sense to attribute this to this being is the first vacation a lot of families have taken since 2019, and they’re making the best of it. It was nice to have a bit of a break from the craziness, I must admit. Don’t get me wrong, we’re still getting multiple offers all over the place, but it would seem sellers are waiting a little longer before accepting an offer than during the spring.
Interest rates remain at or near historic lows. As of 7/24, 30-year fixed-rate mortgages hover around 2.99%, 2.375% for a 15-year and 3.25% for a 30-year jumbo. VA-30’s are at a ridiculous 2.875% (thanks to our veterans for their service). I’ve said it before, the best way to slow down the real estate market will be for the Federal Reserve to raise interest rates. A $320,000 mortgage (figuring 20% down for a $400,000 home) at 3% interest will cost $1,746 per month (before taxes). Bump that up to 5% and it’s $2,114 per month. Crank that all the way up to the historical average of 8% and it’s $2,745 per month. Then add property taxes (Texas has among the worst in the nation), and you have a lot of people unable to afford the average home in D/FW.