Unveiling 2019: The Bow Tie Realtor’s Tarrant County Real Estate Market Predictions
As we eagerly step into a new year, it’s always insightful to reflect on the past before peering into the future. Here at The Bow Tie Realtor headquarters, we pride ourselves on delivering accurate, actionable real estate market analysis. Before we unveil our fresh set of 2019 Tarrant County real estate predictions, let’s quickly review how our 2018 forecasts played out.
2018 Tarrant County Real Estate Predictions: A Retrospective
Prediction No. 1: Median Sales Price Will Rise
Status: Correct Prediction. This prediction held strong, affirming the robust growth within the Tarrant County housing market. According to data from The Real Estate Center at Texas A&M University, the median sales price for Tarrant County homes was approximately $217,000 in 2017. As of late 2018 (with December figures pending at the time of initial assessment), this figure had comfortably risen to an estimated $229,500. This upward trend underscored strong buyer demand and persistent low inventory levels throughout the year. The consistent appreciation in median home values showcased Tarrant County’s economic resilience and desirability, making it an attractive prospect for homeowners and investors alike.
Prediction No. 2: The Luxury Market Will Be Slower
Status: Sort of Correct Prediction. While official statistics might show average days on market for luxury homes (priced $750,000 and above) remained relatively similar from 2017 to 2018, the sentiment on the ground told a different story. Any real estate agent deeply entrenched in the Tarrant County luxury market would confirm that sales cycles for high-end properties indeed extended. It often felt as though these exquisite homes sat on the market for an eternity, frequently undergoing multiple price reductions before finding the right buyer. This indicated a subtle but significant shift in buyer behavior and market dynamics, where luxury buyers became more discerning, and sellers needed to exercise greater patience and flexibility. The slowing pace, while not dramatically reflected in raw data, was a palpable reality for those navigating this exclusive segment of the market.
Prediction No. 3: Growth Will Continue
Status: Correct Prediction. This prediction was perhaps the easiest to make, yet profoundly important for the regional economy. Despite the high-profile departure of ExxonMobil from Cowtown (Fort Worth) to H-town (Houston) and Amazon’s decision to bypass the Metroplex for its HQ2, Tarrant County continued its impressive growth trajectory. People consistently flocked to the Lone Star State throughout 2018, drawn by its robust job market, lower cost of living compared to coastal areas, and an overall high quality of life. This sustained influx of residents and businesses solidified Tarrant County’s position as a dynamic hub, demonstrating that its economic vitality is built on diverse foundations, not just the presence of a few large corporations. This continuous growth fuels housing demand and underpins the overall strength of the local real estate market.
Prediction No. 4: Cowtown Is Still King
Status: Correct Prediction. Another indisputable truth: Fort Worth remains an unparalleled gem in Texas for living, working, and playing. While Dallas certainly boasts an impressive array of upscale restaurants and a thriving hipster culture (complete with electric scooters!), it simply doesn’t compare to the rich tapestry of experiences Fort Worth offers. Fort Worth is a city steeped in culture and character, home to world-class museums like the Kimbell Art Museum and the Amon Carter Museum of American Art, offering an enriching experience for art enthusiasts. Its vibrant college sports scene and electric atmosphere captivate residents and visitors alike. The city proudly hosts a legendary golf tournament, adding to its prestige. Beyond these attractions, Fort Worth’s historic charm, distinct Western heritage, and welcoming community spirit create an environment that truly stands out. From its bustling Stockyards National Historic District to its serene Botanic Garden, Fort Worth delivers a unique blend of tradition and modernity, proving that genuine character and a strong sense of community far outweigh transient trends like scooters and rent-a-bikes. Fort Worth isn’t just a place to live; it’s a lifestyle.
Charting the Course: The Bow Tie Realtor’s 2019 Tarrant County Real Estate Market Predictions
2019 Prediction No. 1: The Price Must Be Right
As the Tarrant County real estate market gradually shifts from a strong seller’s market towards a more balanced, or even a buyer’s market, the true mettle of top-tier Realtors will be tested. In 2019, the best agents will distinguish themselves by their unwavering commitment to truth and transparency. They will not shy away from the crucial, sometimes difficult, conversation of pricing homes correctly and realistically. Overpricing a home in this evolving landscape is a recipe for stagnation. A competitively priced home, aligned with current market values and conditions, will continue to attract multiple offers and facilitate swift, successful sales. Conversely, an incorrectly priced listing will languish, leading to frustrated sellers and agents resorting to unsubstantiated claims of a “housing recession” or a lack of buyer interest. Sellers must conduct thorough due diligence when selecting a real estate professional. Look for an agent who prioritizes a data-driven market analysis, possesses strong negotiation skills, and demonstrates a proven track record of guiding clients through successful transactions, even in challenging conditions. The era of aspirational pricing is over; 2019 demands precision and realism.
2019 Prediction No. 2: The Interest Rate Won’t Be a Major Factor (Compared to Median Price)
It’s easy for buyers, sellers, and even some real estate professionals to place excessive emphasis on interest rates. While it’s undeniable that interest rates influence the overall cost of a home loan and impact monthly payments, they are unlikely to be the primary deterrent for most potential Tarrant County homebuyers in 2019. The market’s significant hurdle remains the escalating median sales price. As accurately predicted and observed in 2018, the median price for homes in Tarrant County continued its upward trajectory. Even if this median price stabilizes or experiences only modest growth in 2019, it remains a considerable barrier for many aspiring homeowners currently renting. This affordability crisis has profound implications for the long-term health and equity building within our communities. If potential first-time buyers or those looking for “starter homes” are consistently priced out of the market, they are unable to accumulate equity – a cornerstone of generational wealth. This stagnation could lead to a significant portion of a generation missing out on homeownership, creating a societal impact that reverberates through the economic fabric of the city. Therefore, the critical focus for both buyers and policymakers should be on managing and addressing the median home price, rather than fixating solely on interest rate fluctuations. Sweat the price, not just the interest rate.
2019 Prediction No. 3: Flips Have Flopped (for most)
The golden era of easy home flipping in Tarrant County began showing signs of a slowdown as early as late 2016, a trend that is poised to continue and intensify in 2019. The fundamental challenge for investors is the diminishing supply of truly undervalued properties. In the past, specific areas within Tarrant County offered a treasure trove of older homes, ripe for renovation, often available for under $100,000. These properties, once given a strategic refresh, could command sales prices of $250,000 or more, yielding substantial profits for investors. However, the landscape has changed dramatically. The entry price for homes requiring significant renovation has escalated considerably, often starting at a point that makes it financially unfeasible for investors to purchase, undertake costly updates, and still achieve a desirable profit margin for their efforts. Increased competition for remaining affordable properties, rising material and labor costs, and a more discerning buyer pool all contribute to this shift. As a result, 2019 will see fewer and fewer profitable flips. Real estate investors in Tarrant County will need to recalibrate their strategies, exploring alternative avenues such as long-term rentals, multi-family units, or commercial properties, as the traditional “buy low, renovate, sell high” flipping model becomes increasingly untenable.
2019 Prediction No. 4: Bow Ties Continue To Be Cool
Yes, this is my column, and I get to make the predictions I want! But beyond personal preference, there’s a deeper truth here. In a complex and ever-evolving market like Tarrant County real estate, what truly remains cool is expertise, integrity, and a distinctive approach to service. A bow tie-wearing Real Estate Sherpa represents just that: a guide who is knowledgeable, professional, and memorable, helping clients navigate their real estate journeys with confidence and a touch of unique style. As the great Walt Disney once said, “I can create faster than they can copy.” This sentiment perfectly encapsulates the spirit of innovation and distinctive service that defines The Bow Tie Realtor. We believe that standing out, providing unparalleled service, and offering genuine, expert guidance will always be in vogue, regardless of market conditions. So, rest assured, bow ties are here to stay!
That concludes this week’s insights from Tarrant County. Thank you for reading, following, and sharing these predictions. Your engagement is truly valued. As always, if you have any questions about the Fort Worth or Tarrant County real estate market, comments on these predictions, or fantastic ideas for future blog posts, please don’t hesitate to reach out!
Seth Fowler is a licensed Real Estate Sales Professional with Williams Trew Real Estate in Fort Worth, TX. The statements and opinions expressed herein are his alone and do not necessarily reflect those of Williams Trew Real Estate. Seth has been an active participant in the home sales and real estate industry within the Fort Worth area since 2004. He and his family have been proud residents of the area for over 15 years, deeply embedded in the community’s fabric. Beyond his professional prowess, Seth is well-known for his distinctive style and, of course, his love for bow ties! For expert guidance and a truly unique real estate experience, whether you’re looking to buy or sell in Tarrant County, you can reach Seth at: 817.980.6636 or via email at [email protected]. If you’re seeking a Real Estate Sherpa to lead you through your next property adventure, give Seth a call!