The weather has cooled down considerably in North Texas, and so too has the frenzy that characterized the Dallas real estate market for much of 2013. Buyer interest has been at an all-time high this year, and many interested home shoppers finally made the decision to take a step back because of the intense competition.
But experts say that now could be a great time for buyers looking for a Dallas home. Mortgage rates have ticked higher, helping to temper the market. But for buyers who are willing to stick it out and find that perfect Metroplex home, the remaining months of 2013 could bring the dream of homeownership.
Local real estate experts have indicated that many homes around the Metroplex are taking longer to sell and are spending more days on the market. Combine that with the decline in home shoppers on the market, and suddenly, it's become an attractive market for buyers once again. This is especially true for this time of year, and with the holidays quickly approaching, many sellers could be more motivated than ever to complete a sale.
For buyers who are poised to make a move, the drop-off in competition is significant. Many buyers backed off during the spring and summer when things were just too frantic and properties were selling out of their price range. But now, it could be a good time to get back in the game.
Inventory issues continue to be a challenge in many Metroplex neighborhoods, and despite prices pushing higher this year, buyer interest far outpaced the supply of North Texas homes. There are currently less than a two-month supply of homes for sale here, and according to the Real Estate Center at Texas A&M University, September pre-owned, single-family home listings were down 14 percent year-over-year.
But local real estate experts are encouraging interested buyers to pound the pavement this fall and winter if they're interested in purchasing a Dallas home. They point out how the "winter" period has shrunk in duration, with many indicating that the "spring" period now begins at the end of January. This means that November and December could be a sweet spot for interested buyers.
D’Ann Petersen, an economist with the Federal Reserve Bank of Dallas, said, “I have heard that the hotness factor may have eased a bit since the summer. I think it could be partly seasonal, but I do think that is more normal for North Texas. A less hot market is not a bad thing. North Texas is benefiting from good job growth, population growth, and both our housing and apartment markets are healthy.”
Prices are still up in most DFW neighborhoods and have increased by double-digit percentages this year. Experts believe that 2014 will be another outstanding year for North Texas real estate, with values climbing even more. So, for buyers who are able to get in the game now, the rewards could be phenomenal.
If you're looking for a Dallas home to purchase, please contact our local team of real estate agents. Our Dallas real estate market update is a great place to begin your search and learn more about this bustling market!