They say that everything is bigger in Texas and these days that can apply to the state’s housing market as it continues to show significant growth and foster intense bidding wars among prospective new home buyers.
In Dallas specifically, there are many potential new home buyers for a limited number of homes for sale, which is only adding to the seller’s market that has emerged in recent years. In fact, one bidder offered his competition $10,000 to move along but the buyer turned it down.
“I thought I made an attractive offer,” Johnny Tseng, a 31-year-old financial analyst for a Dallas-based commercial bank, told Bloomberg. “But if I were under contract right now and somebody came along and offered me money, I would be hesitant. There just aren’t that many options out there.”
Citing data from the Texas A&M University Real Estate Center, the news source stated that residential sales across Texas reached record heights in the second quarter and if it maintains pace, it would only take another three months to sell off all the remaining existing homes on the market in Dallas and Houston.
However, home builders in the Lone Star state are conscious of this buyer frenzy and are working to keep up by pushing through building permits and setting aside land for residential building in an attempt to replenish the diminishing inventory and offset the rising seller’s market to a more balanced housing market where buyers and sellers end up on a more even playing field.
Until then, buyers can expect rising prices and competition and sellers will find themselves with the ability to sell off their homes faster than expected.
Still, new home buyers shouldn’t be dissuaded from rising home prices as financing opportunities are available with long-term mortgage rate averages subsiding some after rising for much of the summer.
If you’d like to learn more about North Texas housing opportunities, and, more specifically: Stephenville real estate for sale, contact us today.