The housing market may be cooling, but in Dallas-Fort Worth, the signs are more mixed
While experts throughout the country are hailing a long-anticipated housing market slowdown, here in Dallas-Fort Worth, the signs are more mixed.
Increasing mortgage interest rates have dissuaded some buyers, and, as a result, home inventory — the number of homes on the market — is finally climbing, albeit slowly.
But, in a region with high growth, like DFW, it’s undoubtedly still a seller’s market.
A June survey by Power Buyer Orchard found 16% of Dallas-Fort Worth homebuyers planning to buy a home in the next 12 months were willing to increase their budget by $100,000 or more to get their offer accepted. Nearly 50% of homebuyers were willing to increase their budget by $50,000.
Furthermore, 41% of buyers were not willing to sacrifice amenities like a walk-in closet, double vanity or outdoor patio.
Jonathan Jenkins, a Realtor and regional sales manager at Orchard, said buyers are still submitting offers over the asking price, but that gap is narrowing.
“We used to see insane offers,” said Jenkins. “Those offers are now $20,000 or $25,000 over. Or the buyer will pay closing fees and $15,000 over asking. It’s still very good for the seller, but you don’t have to give away your life savings to get into a house.”
What we’re seeing is not so much a cool down as a normalization of the market, Jenkins said.
“It’s a good thing,” he said. “Sellers are still able to sell homes for a really, really good price ... and, customers are less stressed.”
This story was originally published July 18, 2022 at 5:00 AM.
