As a Realtor in the North Dallas area, I can tell you that we have not seen a market like this since 2006. It is crazy out there! Homes sell fast, prices are climbing, new construction is booming, interest rates are low and it is a great time to buy…. if you can find a house. The last part is the hardest part. Trying to find a home for buyers in this crazy market is tough. Trying to prepare a buyer that they may need to act at lightening speed and pay over the asking price is a tough road to climb, since the past five years sellers had a hard time even finding a buyer.
What happened? A shortage of supply. As in every industry if supply is short, it become a HOT commodity. The new home builders can not build fast enough for the amount of people flowing in to the area. On top of that, the cost to build a house has risen dramatically. The land is more expensive as well as the labor and lumber. With this, there is pressure put on the pre-owned market.
The most important thing you can do when you are getting ready to buy or sell in this market is find an experienced Realtor. They are a wealth of knowledge and will know all of the ins and outs of the current market.
If you need help, give our team a call. Mark and Mandy Detrick, Keller Williams, North Dallas Real Estate Team, 214.387.4959.