In today’s Dallas market, homes are selling quickly and for record-high prices. Why? It really comes down to simple economics: record low inventory plus record demand = crazy prices.
Yet home values aren’t the only thing on the rise. Rent prices are rising in Dallas as well. With interest rates still very low, many people are realizing it may make more sense to just buy a home of their own instead of continuing to rent. After all, you’re still paying someone’s mortgage - the difference is, are you building your own wealth or helping someone build theirs?
If you are like one of the thousands of Dallas residents who have decided to buy a home this year or are thinking of selling your current home to buy something else, you might be wondering about how you can get into a home without overpaying. With some homes going for $25,000, $50,000, or even $100,000 over asking price, it’s a valid concern.
We at Dallas Contemporary Homes have a few quick tips for you that will help you not overpay for a home in today’s market.
Tip #1: Do Your Research
Remember: list prices does not equal sales price. It’s important to know in a given market or neighborhood what homes are actually closing at. Are homes selling for 3% over asking? 5%? 10%? Knowing this number allows you to make a competitive, but realistic offer. Yes, Dallas sellers do have a lot of leverage. But there will also be people out there who are going to ask for an unrealistic price, no matter what. Do not take the list price at face value.
This is where working with an experienced Dallas Realtor really benefits you. Texas is a non-disclosure state. That means you will need to rely on your agent to advise you about what homes are really selling for. Do not go into a home purchase blind. Make sure you have the knowledge you need to make informed decisions.
Tip #2: Structure a Competitive Offer
This one is absolutely critical. In a market where demand is at record highs, many homes are receiving multiple offers. What that means is, your offer must not only be strong, it also has to stand up to other competitive offers.
Again, do not go at this alone. If you are trying to write your own offers and you are facing buyers represented by experienced agents, you will likely lose. It’s the same scenario you’d be in if you faced LeBron James in basketball. Real estate agents are professionals and unless you are also playing at that professional level, you’re going to have a hard time competing.
It’s also important to know that an offer is about more than just the sales price. Terms and conditions matter, too. At Dallas Contemporary Homes, most of our clients are going in with financing. Yet, we’ve still been able to beat all-cash offers. Why? It’s simple: we know how to create a competitive offer that stands out.
Tip #3: Explore Your Options
Being flexible in today’s market is key. What we mean by that is to be open to the possibilities. Don’t get your heart set on one particular house. Even in today’s low inventory market, there is always more than one property available that fits your budget, criteria, and needs. Be open to the possibilities, be flexible, and above all, manage your mindset, emotions, and expectations.
If you’re ready to start your search for a Dallas home, click here to browse the latest contemporary modern home listings on our site. Or reach out to us to schedule your free, no-obligation and no-pressure buyer consultation. We make buying your next Dallas Contemporary Home fast and simple. Period!