$300,000 over asking price barely enough in surging North Texas housing market
How strong is North Texas’ housing market?
One buyer paid $300,000 over the asking price of a $1 million Southlake home, according to Realtor Joe Atkins.
Atkins told WFAA/Ch. 8 that despite the extraordinary overbid, the buyer still barely secured the home.
“You’ve probably got a 10% chance. I have made plenty of offers for clients this year and gone $50,000 or $100,000 over list … and lost,” said Atkins, who runs Joe Atkins Realty.
Those overbid offers aren’t for $1 million homes, but for homes ranging from $500,000 to $700,000, according to Atkins.
Home appraisals aren’t keeping up with price surges, Atkins said. WFAA reports that sellers are often seeking buyers willing and able to pay cash to get around the possibility of the appraisal difference.
“If there’s 10 offers on a home, just assume three of those are cash,” Atkins said.
The median home price in the DFW housing market has risen to a record $300,000, according to Norada real estate investments.
