Although a normal, or “balanced”, real estate market typically has about a six-month supply of inventory available, the red hot DFW real estate market has resulted in a pretty substantial housing shortage in many Dallas-area neighborhoods, with some parts of the city having less than a two-month supply of homes available to purchase.
It’s no secret that market conditions fluctuate, and it’s not all the uncommon for inventory to drop every now and then. But with major companies expanding or moving to North Texas like GM, State Farm, Toyota, and Liberty Mutual Insurance, job growth is on the rise with fewer places for incoming residents to live.
According to some statistics, Dallas-area neighborhoods and cities with the lowest inventory include The Colony, Richardson, Arlington, Mesquite, Bedford, Plano, and Carrollton—all locations with under a one-month supply of homes for sale.
The unfortunate reality for many of today’s home buyers in DFW is that more often than not, you’ll probably find yourself in a bidding war over a property, regardless of what you’re looking for or where you’re looking. In fact, there’s only about a third of the number of homes on the market compared to the same time in 2007 before the recession that hit North Texas and the rest of the country.
Despite the challenges that many area home buyers are facing right now however, there are measures you can take to put yourself in the best position to secure a DFW home you like. Prior to even looking for a home, get all your finances in order and fully understand what you can and can’t afford. Time lost during an approval process will more than likely result in losing a home, especially in times when inventory is as low as it is throughout the entire Dallas area. In addition, don’t low ball any offers you submit and make the best offer you possibly can from the start. When homes are constantly getting multiple offers, it’s unrealistic to think an offer under asking, or even at full ask in some cases, will be accepted and get you the home.
Are you in the market for a new home in DFW? Give DFW Urban Realty a call today and we'll help secure you the home you want, even during such a crazy time for our local real estate market!