Home buyers have been on to this community for a while and with this recent price break, I think this is a great time for buyers to strike the market while its hot.
Dallas, TX (PRWEB) September 11, 2014
Amid record-breaking home price hikes and demand that is giving sellers the upper hand, home buyers in McKinney have been patiently waiting for more favorable conditions this season. Prudential Texas Properties reports that the tides are due to shift in better favor of McKinney home buyers as prices have come down over the last few weeks and demand has edged down slightly, giving eager buyers a shot at what limited properties are available.
According to an August 22 report from California-based real estate analytics company Altos Research, the median single-family home value in McKinney has come down slightly over the course of the last month or so to a current value of $329,935. Prices had been on the upswing for the better part of the last 12 months, so this is a welcome break that buyers were looking for to score a great home at a slightly reduced price.
“McKinney is a tight-knit community that is growing by the day,” says DD Flynn VP of Marketing at Prudential Texas Properties. “Home buyers have been on to this community for a while and with this recent price break, I think this is a great time for buyers to strike the market while its hot.”
Along with a reduction in price, McKinney demand has also downticked in the last few weeks, according to Altos’ unique value known as the Market Action Index. This value shows from a neutral point of 30 whether the value is trending up in favor of home sellers or down in favor of home buyers. With an MAI of 45.02, Altos has indicated a market in McKinney that is flush with home buyers but somewhat lacking in available homes. This is giving sellers more leverage within this market, which typically helps to drive prices upward.
McKinney’s MAI reached a 12-month high north of 46 just a few weeks ago, and has since regulated at its current value. This could be in response to the continually increasing level of inventory here, which is taking some of the pressure off of buyers.
“Buyers are in a frenzy,” Flynn continues. “Their continued presence on this market is a testament to just how great this community is.”
Click here for a 60-second McKinney home market update.
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