Need to Know Info About Dallas Real Estate

Every day comes with another breaking news update on the real estate industry across the country. It’d be easy to feel overwhelmed. But you shouldn’t. After all, what’s true nationally or even in other Dallas neighborhoods may not be true where you live.

Looking to sell or have questions about the current market? Call us.

We’re here to break down the four most important things you need to know about the unique market in your neighborhood.

4 Need to Know Facts on Dallas Real Estate

  • Local inventory remains low. Housing inventory nationally might be up from a year ago, but inside the loop, we haven’t seen as drastic an increase. While head-turning headlines might say that inventory inside Dallas is double what it was a year ago — it’s still a fraction of what it has been historically and well below balanced and healthy supply and demand levels.Outside the loop in some suburbs, you’ll find increased inventory, since there’s more land available to be developed. But we’re not seeing listing prices drop dramatically
  • Off-market home sales increase. Sure, inventory might be low in terms of what’s listed on MLS, but that doesn’t mean homes aren’t available. Numerous off-market homes are being sold every day, never making it to the MLS. There’s more inventory available than you think.These hip-pocket sales create a little cycle. The people who buy homes off-market are more likely to sell their own. And no wonder — these homes sell fast and at a premium above their value, often in all-cash transactions.
  • Increased days on market. For people who do list on MLS, the number of days a house sits on the market has increased slightly. But the figures are still low. During the summer, a house had an average of 23 days on the market. That number increased to 33 this September. Of course, this stems from rising interest rates making demand fall slightly.
  • Buyers are waiting on the “right” fit. Despite the rise in interest rates, there are countless buyers ready to buy who are actively searching but waiting on the right property to come along. These buyers do not have a sense of urgency and have the flexibility and convenience of waiting on finding the right house. They are, however, qualified and ready to jump on the right opportunity, with many being cash buyers.

With all the changes in the market and headlines being thrown at you, it can be hard to know what’s best and what you should do next. Whether you’re looking to buy a home or sell your home soon, we are happy to offer our 40+ years of experience and advice. Give us a call today.