The Dallas-Fort Worth area joins the ranks of cities that have seen a substantial spike in housing prices, but the dynamic between buyers and sellers isn’t quite the same as some other cities. Home sales themselves are actually down nearly 16% compared to this time last year.
What many eager home-buyers are finding is that selection is slim and prices are higher than anticipated. Even though the prices are still affordable for such a bustling and prosperous metro, the initial shock in response to the price has slowed parties down during the process.
Despite sales having dropped by nearly 18%, median prices for single-family homes are still up 15-20% year-over-year at $348k. Given how hard the pandemic hit the real estate market, it’s important to compare figures against both the past year and 2019 before lockdown began. Sales are down now, but still beat the numbers from the pre-COVID era which shows that interest in the area never waned.
Take Advantage of the Buildup
The rule of thumb when investing is buy low, sell high right? Well now could be a chance to grab a piece of Dallas real estate before sales pick back up and buyers leave the sidelines to place new bids. Mortgage costs are at a record low and interest is starting to build again which means that bidding wars for every listing are about to begin.
With the country slowly opening back up to full capacity, the amenities of Dallas that turned it into the sprawling metropolis it is now are finally available to the public once again. Young professionals seeking their new careers will have options in nearly every industry along with a downtown that never sleeps.
Families are already leveraging these lifted restrictions and moving into the suburbs for the perfect combination of quiet, safe neighborhoods and easy access to everything downtown has to offer. While many of these families will look to purchase their home to take advantage of low mortgage costs, some will still choose to rent while they decide on a neighborhood.
The Dallas-Fort Worth area is also a hot spot for retirees that enjoy the warmer weather and aren’t in the market to purchase. This creates a great opportunity for investment properties as rental prices are starting to pick back up which makes ROI timelines more and more favorable with each passing day.
The Potempa Team Knows Dallas
Following the same allure that made Dallas the famous city it is today, our team has spent time learning the different neighborhoods and what residents are truly getting out of choosing to live here out of all of Texas.
There is no shortage of places to enjoy a high quality of life in the state, but Dallas simply has something for everyone. Whether it’s art, culture, cuisine, business, education or just a city of friendly residents that make the day-to-day more enjoyable, Dallas has what you need.
It’s a lucrative option for families and real estate investors alike. If you’re ready to explore your lending options for purchasing a home, reach out to our team of mortgage specialists today to get started.