Is it still a buyer’s market today in Dallas? As experts in the Dallas real estate market, we get asked this question a lot.
The answer isn’t as simple as yes or no.
The State of the Market for Buyers in Dallas, TX
First off, it really depends on the property type and location.
Single-family homes in great locations of the Dallas area that are priced well have been flying off the shelves. There’s a lot of demand in the market for certain areas, while others can seem like total ghost towns without much activity at all.
Buyers are often looking for the same thing – good neighborhoods, access to transportation, shopping, good schools, close to work in Dallas, etc. Properties that deliver all these are definitely a hot commodity. Sellers with a highly desirable property in Dallas are in control of the market.
But for condos and townhouses – especially those a little off the beaten path, or with some funky and unusual features – it can be quite a different story. Prices were down in certain areas of Dallas, but seem to be rebounding as the rental market increases.
Investment properties are in demand. The massive amounts of foreign cash flooding in to invest in US real estate have impacted the Sachse market in unique ways.
Overall, those people in a position to pay cash for properties, instead of having to get a loan, have been picking up the good deals in the Dallas, TX marketplace.
Lots of sellers are trying out speculative prices just to see if anyone bites, but most real estate investors are walking away from deals that just don’t make sense to them when running the numbers on paper.
Financing is still a major obstacle for buyers. Banks are being incredibly strict, requiring lots of money down and even changing their terms sometimes at the last minute. It’s not uncommon for approved buyers to get their loans pulled right before closing escrow, although it’s getting better than it was just a couple of years ago. Sometimes the buyers have money held up in a retirement account or maybe they’ve made a big purchase like buying a car just days before they close on the home they’re buying, and in those cases, it’s not surprising at all to see the bank decide not to move forward with lending the money for the purchase of a home!
Overall the markets remain incredibly polarized – there is a lot of action at the very top and the very bottom, with the biggest challenges in the middle.
Sound confusing? It is. But We Can Help.
There’s a lot of shakeup in the US economy still taking place, and the markets are moving fast in lots of directions at the same time. Regardless of what’s happening in the market, we’re still buying properties with cash, so if you’re considering getting your house sold quickly, you’ll definitely want to talk with one of our experienced home buyers.
At Jamie Buys Houses, we’re investing in Dallas because we believe in the community and the people here.
If you need to sell a property near Dallas, Jamie Buys Houses can help you.
We buy properties like yours from people who need to sell fast, and we buy them with cash and can close quickly.