Bidding Wars in Dallas-Fort Worth

By
Real Estate Agent with JP and Associates TX620575 CA01492418

DFW Bidding Wars on YouTube

The Dallas-Fort Worth Metroplex is seeing a severe supply issue with housing. Builders cannot keep up with demand and there are just not enough homes to go around. Pricing is going through the roof. May be an image of text that says '-Need a house? -yes -Cool, what's your budget? -$400,000 -Cool, here is the one house available for $365,000 -But I can afford $400,000 and I don't like that house. -That's cute. Sign here, here, and here. -But you're offering $400,000 and it's only listed at $365,000??? -I know, fingers crossed.'

When listing a home, we typically get multiple offers in the tens and higher. It's difficult to get into a home that one might consider a "good deal." Folks are giving up option periods(basically, free look period where if you terminate, you can get earnest money back.) Not only are offer prices going well above list price, buyers are offering to pay cash above and beyond an appraisal value.

If this is something that you can do and it makes financial sense for you, I have some tips for getting your offer accepted. Using a local lender is a big on; having all cash also helps greatly.

Even though we are in a seller's market, there is a lot going on with so many moving parts. It would be in a seller's best interest to hire a Realtor that knows a market like this.

Some builders are selling lots based on a lottery system, and usually releasing a handful at a time. Build times can be upwards of a year(depending on the builder) due to a slow permitting process playing covid catch-up. Skilled labor is coming back finally, but now raw material pricing and availability is still a factor also. Be prepared: some builders are raising the prices of the home after a contract is signed. Buyers are held hostage with paying the higher pricing or losing out on the property they are invested in, having spent time and money picking upgrades they love!

All of this to show the reality of what is happening currently and not doom and gloom. There are ways to still get a property and if you're selling needing to buy, without having a contingency. 

Let's chat about your possibilities. 817-470-8043. You can message me on Facebook also at DFWAmySteele, or email. I would love to help get a plan in place that will work for your needs!

Amy Steele

Principal, Amy Steele Estates Group LLC

Posted by

Amy Steele REALTOR ®   CNE  SRS CNE MRP
Cell: (817) 470-8043
Website: DFWAmySteele.com
Email: steeleofalifetime@gmail.com
TX License 0620575
Certified Negotiation Expert
Sellers Representative Specialist
New Home Specialist
Military Relocation Professional

Keep North Richland Hills Beautiful Commission member, place 2
NRH Strategic Planning Committee

JP and Associates Realtors

2615 E Southlake Blvd Ste 160
Southlake, TX 76092

 


 

  LIKE me on facebook!    Follow me on Pinterest     Watch my DFW Videos
  
   North Richland Hills Texas Pinterest       
 

 Information regarding statistics on housing data provided from NTREIS MLS.

Comments (1)

Richard Weeks
Dallas, TX
REALTOR®, Broker

Great information, thanks for sharing.  I hope you have a great day.

Mar 26, 2021 01:23 AM