Dallas homebuyers have really felt the strains of the current housing shortage. A balanced market typically has a six-month supply of homes. But Northern Texas had a less than three-month supply overall. Dallas Morning News reported that the number of available homes dropped from over 12,000 in 2007 to less than 3,000 in 2013. While the numbers have come up a little, they still have yet to reach the 4,000 mark.
Buying a home in Dallas and other areas of North Texas is like trying to buy a trending electronic on Black Friday, the day after Thanksgiving and biggest shopping day of the year in brick and mortar retail locations. It is not enough to be prepared when a house goes on the market. Buyers have to start looking weeks and months in advance so their real estate agent can help them jump in with a contract faster than other potential homeowners.
Some houses get listed first thing in the morning and by mid-afternoon the property is under contract. Buyers cannot even attend open houses because there is no time for the realtor to schedule one. Before the recession, there were new homes abound. Now there are about one-fourth the available houses.
With large companies like State Farm, Toyota, and Liberty Mutual moving to the Dallas area and bringing in lots of new people to the area, the demand is higher than ever. Here are some tips to help you find a house during the current Dallas housing shortage:
- Do not give up. If the house you want gets snapped up, then keep looking. In addition to what your realtor shows you, look at home building sites and places like Zillow.
- Do not settle. If you cannot find an available house, then consider having one built. This way you get everything you want because you choose the options from the ground up.
- Bring your A-Game. If the seller is going to pick you, then your contract has to be the best offer that they get. Otherwise you could find your search getting dragged out for months, or longer.
- Get pre-qualified. When you are qualified in advance, it saves time. You can also include the qualification letter as part of the offer to further entice sellers to choose you over the other potential buyers.
The housing market is more competitive than ever. The number of houses available for sale is far less than the number of people who want to buy a home. If you are planning to sell your home, then now is the perfect time to put it on the market. If you are trying to buy a home, then keep in mind that just because the market is tight does not mean that it is impossible.