Dallas Housing Market Heats Up
The Dallas area is a hotbed of housing market activity even as the summer buying season draws to a close, and the result has left area real estate agent scrambling to keep up with burgeoning demand.
“It’s crazy all over the country,” Jay Thompson with online real estate marketing firm Zillow Inc, told The Dallas Morning News concerning the housing market. “What I hear consistently is a lack of inventory, homes going under contract in days and multiple offers. I don’t know if that that’s a healthy market – it’s brutal.”
Part of the growing activity could be attributed to the growing influence of web-based home buying and selling. Now more than ever, interested buyers and sellers are doing their early research and even getting as close as possible to finalizing a deal by perusing web-based listings. In short, they’re not wasting their time visiting homes for sale based on a description or agent pitch, but instead looking at detailed history, photos and layouts of the homes online before taking the next step.
State of the Dallas housing market
The Dallas housing market has reflected the overall national housing market and its growth over the past year with home sales and prices bolstered by diminishing inventory and frenzied demand.
With fewer foreclosed properties on the market, and a limited amount of homes with equity for sale, potential buyers are flooding the market and competing for homes, driving up prices. Also, the employment and overall economic picture is brightening, leading to even more potential buyers.
Some experts predict that this trend will not and can not last for much longer, so it might be best to take advantage of the market now while conditions are ripe, because there’s no telling where the industry will be six months or a year from now.
Contact us today to learn more about your options in the Dallas real estate market.