Read national newspapers or listen to national evening news on any channel, and you’ll hear that real estate markets are in turmoil across the country. But in Dallas, we have fared better than most. In some areas the real estate markets are depressed, especially in the southern suburbs. But north Dallas real estate continues to see a good market. In fact, the Park Cities and northeast Dallas neighborhoods like Lake Highlands are actually seeing price appreciation.
Across the Dallas Fort Worth area, the number of sales transactions is significantly decreased from a year ago. It seems that only people who really need to sell their house (corporate relocation, divorce, etc) are placing it on the real estate market. The number of active buyers is also quite low. So if you possess the ability to obtain a loan, and are interested in purchasing a home, it’s a great time to buy a home in Dallas. With few other buyers in the Dallas real estate market, those who need to sell their homes are quite happy to see you. This is beginning to translate into improved negotiating posture for the buyer.
In the right part of town, the picture is not absolutely bleak for home sellers. Real estate in outstanding condition is few and far between, and is still commanding an increasing price in north Dallas and the Park Cities. The time to sell a home is rising, and on average has crested 3 months in Dallas. If you need to sell your home, make sure you bring it to the real estate market in the best possible condition. Clean the closets, paint the room that you’ve been neglecting, and get the yard cleaned up (yes, that means bagging up all of the leaves that have been around since autumn). Present your home well, and it may just sell quicker than you think, and for very close to the asking price.
For answers to specific buying or selling questions in the current Dallas real estate market conditions, feel free to call me.