Real estate is a constantly evolving industry. While it still remains the most stable investment someone can make, nothing will take away the ups and downs of the real estate market. Always keeping yourself up to date with the constant changes in the real estate market is important when it comes to making life-changing decisions. Read on as we explore five ways the Dallas real estate industry is changing in 2023.
The evolution of tools and technology can affect all markets including the real estate Dallas market. Over the last decade, buyers have taken advantage of new technology and the benefits it provides them when searching for new homes. Buyers can now see homes as soon as they hit the market as well as how long the home has been on the market, if it’s priced above or below the estimated value of the property, if has it been listed before and for what price, and so much more all at their fingertips.
But, the same goes for sellers too. Sellers can now reach buyers from all around the world with these new tools. Buyers can even take virtual tours before ever even walking the home. Knowing these tools exist is what leads sellers to believe they could sell their homes without using a real estate agent. If that’s you, read our blog discussing the pros and cons of selling your home yourself as a FSBO (For Sale By Owner).
Another way the Dallas real estate market is changing in 2023 is the amount renters that were considering purchasing soon but have recently decided against it. They’re switching gears for two reasons. The first reason is that they can no longer afford the same priced home as they could last year because of the rising interest rates. The second reason is that they fear what direction the market will take if rates continue to go up. They don’t want to be stuck in a property they can’t afford.
Unfortunately, this is happening everywhere. There are still some major metro areas that have a strong market, but they are not as strong as they used to be. It’s important to know that if you have a home that is priced above the affordable index, it will be a little harder for you to sell. And if rates continue to go up, the affordable index will continue to go down. And the less a buyer will be able to afford, the less likely they will buy a home.
Some of the ways that the Dallas real estate market is changing in 2023 are tax laws that may affect capital gains and like-kind exchanges. Tax laws change all of the time and the government usually starts considering making those changes during hard times in the economy. They’re trying to find all of the ways the economy is struggling and what can be done to fix it. This could mean higher or lower taxes. If you’re curious to see what the IRS plans to change in 2023, here is an article that could be helpful and that could affect the real estate market.
Increases in interest rates may cause a slowing of the growth of home sales, which is another way that the Dallas real estate market is changing in 2023. In addition, many buyers who can afford a loan under the current rates will push them out of the market in the near future. As a result, sellers may want to take the opportunity to sell their house in Dallas while buyers can still qualify for loans under the current rates.
If your home is ready-to-move-in, working with a real estate agent to sell your home, might be your best bet. However, homes in apparent disrepair don’t fare well on the market right now. They’re actually sitting longer even if you think you have it priced accordingly. The reason is that buyers now have many choices. If they could find a home priced a little bit higher, but they don’t have to do any work to it or sink any money into it, they’re likely to go buy that home instead. Typical home buyers are more likely to settle for a home that needs work in cases where they don’t have many choices to choose from which is not the current market we’re sitting in.
North Texas Cash For Homes
If you consider yourself in a situation where you selling your home through a real estate agent isn’t going to work for you for a variety of reasons, then selling to a local home-buying company like North Texas Cash For Homes might better fit your needs. We can provide you with a guaranteed closing date, quick close (if that’s what you want), all cash, and you don’t even have to make any repairs. Another form of anxiety experienced by many sellers is due to the process of showings; if you would rather skip the hassles, then making a direct sale to North Texas Cash For Homes is the answer you seek. At North Texas Cash For Homes, we take great pride in our work and believe it shows in how we communicate with our sellers and offer solutions to get you over any hurdles standing in the way of the sale. You can even read more about us and our company here.