The Dallas Real Estate Market isn’t slowing down anytime soon! Prices continue to soar as the pandemic begins to slow across Texas with record numbers of vaccinations being injected every day, and businesses opening 100%.
2021 started off with a bang by having the median price of a single-family home increase by 12%. This included both January and February. Analysts and economists predict this to continue for the rest of the year. Thanks to low inventory, and increased demand for homes. This increase in value has pushed the median price of homes to $383,000 across the Dallas Fort Worth Metroplex. While the median price across the U.S. is sitting at $370,000. Texas is once again proving to be one of the strongest real estate markets in the nation.
As one of the Top Selling Real Estate Agents in Dallas, this makes me happy to see such a strong real estate market. I am a full time Real Estate Agent after all. This year has been my best so far, and it is only April. I am on track to double my business by the end of the year!
This past month I put a beautiful luxury home on the market for $1.1M, and accepted a full price offer within 24 hours. Not to mention that the new home owners want to put in a pool. So, the closing price will be $1,145,000 total. In my 7 years working in Real Estate, I have never accepted an offer that fast. Within a few days of being on the market, but not like this. The offer was wrapped up tight though so we couldn’t say no.
This is all very exciting if you have a lot of listings in the pipeline that are going to be hitting the market during this wild and crazy home buying season. If not, then buyers will have a tough time trying to find a home, be in multiple offer situations, have to come out of pocket to make up the difference, and your job as a Real Estate Agent just got that much harder. Buyers are in a tough situation right now. Right now, is the time to put on your A-Game. Attaching pictures of your beautiful family, and writing a heartfelt letter to the home owners when submitting an offer is needed to stand out from the other home buyers.
Even if you aren’t in the market looking to buy a home, you will still feel these huge price increases. Texas doesn’t have state income taxes. We have property taxes that make up for some of that lost revenue. Home owners will feel some of that pain as homes sell around them with these huge price gains. Be on the lookout for tax appraisals when they come out later this year.
Buying a home is always a fun, and stressful time. Now, it is almost all stress. Even as we begin to see more home owners deciding to put their home on the market to take advantage of this “Gold Rush”, the amount will not be enough to drop prices significantly. 2022 may be a more balanced market, but it is still too early to tell. Call me for all your buying, and selling needs!
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