It’s a tough time to be a prospective homebuyer in Dallas-Fort Worth, as well as most of Texas and much of the U.S.
Soaring demand for new and existing homes and historically low-interest rates have houses flying off the market. A COVID-related hesitancy to put existing homes on the market isn't helping matters, either, and homebuilders are facing shortages of materials and vacant lots on which to build.
Put simply, the market is out of whack, said Mark Johnson, CEO of Frisco-based JP & Associates Realtors, which has over 3,500 agents across 22 states.
“The housing shortage is significantly impacting Dallas consumers,” Johnson said. “It's nearly 46 percent less inventory than a year ago.”
That’s resulting in multiple offers at virtually every price point, from entry-level to luxury homes, he said, and median sales prices have increased nearly 10 percent, not only in Dallas but all major markets in Texas.
When Johnson says “multiple offers,” he’s not talking about two or three. “We've had somewhere there's 25 or 30 offers,” he said.
“It's an unhealthy market because it's too unbalanced,” he said. “It's very much in the seller's favor. There are multiple offers, limited inventory. For those who have solid jobs and solid incomes, with the lowest mortgage rates in history, they're able to afford more. That's creating demand, but it's not a healthy market.”
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