DALLAS – With demand up and supply down, home prices across North Texas are continuing to climb.
Home prices are up some 26% compared to last year, according to the Dallas Morning News.
But if you’re waiting for the bubble to burst and prices to drop, it might not happen.
It is a great time to be a seller with prospective buyers offering all sorts of incentives to put themselves over the top.
Realtor Nikki Barringer with Dave Perry-Miller said there are plenty of factors that have created this market but much of it is simple supply and demand.
“We have definitely a home shortage. We’ve got 370,000 people who moved here last year,” she said. “In what world does Dallas become less attractive? You know, we’re affordable. We’ve got a great economy. So nobody thinks it’s gonna slow down, unfortunately.”
Barringer said many buyers are entering all-out bidding wars for the homes that are up for sale. And in some cases, agents will give realtors an amount to beat, which she said was not typically part of the process.
Dallas real estate expert Rogers Healy says to forget your fantasy that the real estate bubble will burst and bargains will be bountiful. He says what we’re seeing is a permanent price adjustment for North Texas, just like other high-priced cities have seen before.
“World War II ends. Everybody moves to LA. And people kept waiting to get a good deal and the prices kept elevating. All of a sudden, this was the new best price,” he explained. “So whether you’re local or an import, you got to kind of get in when you can.”
And getting in or out of a property looks different these days.
“I would come in expecting that you’re not going to get a good deal on paper,” Healy said. “But in 45 days, you’re going to be living in a new home.”
Instead, what you should get as prices continue to climb Is a payoff that comes quicker
“Overpaying now might be a steal 6 to 12 months from now,” Healy said.
The difficulty is getting in the game that’s gone pro, perhaps, permanently.
“People that are realistic right now are winning. People who are emotional are losing,” Healy said. “Buyers have to come ready and willing to make it happen.”