It’s not business as usual right now, but we are hard at work—aside from juggling parenting-slash-teaching duties, spring cleaning, and doing way too many puzzles. And part of our work is to provide you with clear cut facts—not spin or opinion—about real estate.
Have questions? We have answers.
First though, our hearts are with you, the people directly affected, and the brave men and women fighting this pandemic. We hope everyone stays safe and kind. We need each other more than ever.
While we don’t know what the future after COVID-19 will look like, we DO know a lot about real estate. And as far as real estate goes, we’re staying optimistic because of these facts.
Dallas Real Estate Facts
- Interest rates are lower than ever. And this keeps buyers in the market wanting to capitalize on “cheap money.” This helps sustain prices in the market and we expect, once we all can safely leave our homes, that buyers will be back in force to capitalize on this historic opportunity.
- Home inventory is *extremely* low. For example, today there are 147 single family homes on the market in the Park Cities compared to 273 homes this time last year—that’s a 46% decrease in inventory. While we expect inventory to increase after the shelter-in-place ordinance, the current inventory conditions help maintain pricing. Our group continues to show homes on a limited basis and are even putting properties under contract because there are still buyers out there that must move for one reason or another.
Represents comparison of active listings available in major Dallas markets in April 2019 vs. April 2020.
- The pause button has been pressed. It’s important to note that buyer demand is still there—but on pause. And as buyers are unable (or unwilling) to shop for homes, the demand is delayed. Many are expecting a “rubber band effect” when the market reactivates. This built-up energy will most likely cause a flurry of activity in the coming summer months.
- Dallas is still one of the most attractive places in the U.S. with strong job and population growth. This has been one of the largest drivers of economic growth in the state, and we expect it to continue—especially given the recent events where many are potentially looking to move out of colder, highly-populated areas.
- Business is still transacting, because it must. Housing is essential. Homes are being listed (and we’ve got plenty of coming soon listings ourselves). Homes are still going under contract. Closings are still happening.
So in the meantime, if you are a seller, use this time to make your home sale-ready. If you feel comfortable with it, make improvements like resurfacing, painting, landscaping and decluttering your home. Contractors are still considered an essential business and are ready and available to work.
That said, every situation is different. If you have specific questions, please give us a call. We’re here to help. And in the meantime, feel free to pass on your favorite stay-at-home family entertainment ideas.
A little confused by the current market? We’re here to help.
We grew up here. We live here. The Rhodes Group has been helping people buy and sell Dallas real estate in and around the Park Cities for two generations, immersed in the ebbs and flows of the local luxury real estate markets. WE KNOW YOUR NEIGHBORHOOD.