Is It A Buyer’s Market Yet in Dallas Texas?

Is it a buyer's market yet??

It seems like it’s been a crazy seller’s market for almost a decade. Is it finally a buyer’s market in Dallas yet? As experts in the Dallas real estate market, we get asked this question a lot!

The State of the Market for Buyers in Dallas Texas

First off, it really depends on the property type and location.

Single-family homes in great locations have still been flying off the shelves. Sometimes even for more than it was listed for. Interest rates are low and there’s a lot of demand in the market. Certain areas across the country are experiencing this, while others can seem like ghost towns.

If you live in one of the areas where homes are flying off the market the day they’re listed then you’re probably not in a buyer’s market yet. And if you are, then it might be hard to believe that there are still places throughout the United States that have homes sitting on the market for several months! Believe me, it’s true!

Ultimately, most buyers are really looking for the same thing – good neighborhoods, access to transportation or close proximity to highways, shopping, great school districts, close to work, etc. Properties that deliver all these items are definitely a hot commodity. Any seller that can check most of those boxes has a hot commodity on their hands….and they know it! Buyers are really looking for convenience whether it be for work, shopping, or for their kids.

But for condos and townhouses – especially those that need a little help or have some not-so-desirable features – it can be quite a different story. Prices for condos and townhouses in Dallas can fluctuate more than you think. Again, it’s hard to imagine in this market, but condos and townhomes are not as desired as regular single-family homes and could be considered more of a buyer’s market within those types of homes.

Single-family homes don’t have to share walls with others. Plus, they have nice yards for the pets or kids to run around. But the entire country is dealing with an affordability crisis right now, so buyers are settling for a roof over their heads with an affordable payment. If the market shifts though, the condos and townhomes are actually the first to take a price hit.

Investment properties are in demand. The massive amounts of foreign cash flooding in to invest in US real estate have impacted the Dallas market in unique ways. Although, we can’t just blame foreign cash. It seems like everyone in California is fleeing the market and headed this way with their cash. But at least they plan on living in the homes, rather than buying everything up and holding onto them for rental use.

But, back to the investment properties! Since we have such an affordability crisis across the country, some of our first-time home buyers are having to settle for a fixer-upper investment property since it’s all they can afford. They’re buying these homes that are sometimes barely even livable, but they’re willing to put the work in. Sometimes this is just what it takes to be a homeowner in certain areas.

Financing is still a major obstacle for buyers. Banks are still incredibly strict, with their 5-page list of items needed to qualify each buyer. To make it worse, that list is constantly changing. It’s not uncommon for approved buyers to get their loans pulled right before closing. We’ve seen lenders send a long list of items to a buyer in order to qualify for their loan and this was just 3 days before closing. How scary to leave your closing in their hands?

Sounds like a lot? It is. But We Can Help.

There are a lot of shakeups in the US economy still taking place. When Covid hit, everyone thought that was the end of the booming economy. But what we didn’t see coming was the government bottoming out the interest rates. Definitely not an economist here, but it’s hard not to blame the low-interest rates on the booming economy when everyone thought we were done for. And it’s only gotten worse!

The government is now getting worried about inflation happening too quickly and now there are talks about raising interest rates. If this happens, it will, without a doubt, slow down the economy. That means you can say bye-bye to the crazy seller’s market!!

If you’re planning or thinking about selling, now is the time! Actually, several months ago was the time, but we’ll forgive you for being a little late to the party. Better late than never.

If we convinced you to sell, great! Call a Realtor!

If that sounds like the worst suggestion ever, then give us a call instead! You don’t need an agent when you work with us, because we are the buyer! You won’t need to hire a Realtor to find one for you since we are the buyer.

If you need to sell your home, we can definitely help you. Or if you legitimately are interested in hiring a Realtor, feel free to still reach out to us. We can refer you to the good ones!

If you’re wondering if it’s still a buyer’s market or if it’s a good time to sell, read another one of our blogs going over just that!

We buy properties like yours from people who need to sell fast.

Give us a call anytime 214-761-3150 or fill out the form 
over here today if you’re looking to sell a Dallas house fast!

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