Properties in Dallas Now Selling Like Hot Cakes as Its Real Estate Market Has Gone Wild
Selling home has never been the same in Dallas. And surprisingly, more and more homes are being sold despite their increased price.
In just one week, 2,305 properties were sold out of 2,506 listings. And for those who are familiar with real estate in this part of the country, such pattern is normal. In fact, as per statistic, more homes are sold than listed. Meaning, there are more Dallas Real Estate Investors than the available supplies.
These days, even a 2 million dollar home can be sold immediately in Dallas. And if the home is sold in a very reasonable price, this is sold immediately even before an open house can be held.
“I have once sold 3 homes and it was snatched by the buyers in less than a week and a contract was closed even more than the asking price”, real estate agent Thomas Randall said.
In Central Dallas, the land was scarce. However, there are newly built communities. Hence, any property for sale that goes beyond 30 days on market is considered as stale.
“Real estate has shifted in 2016 in Dallas”, says realtors. A lot of these agents claim that mortgage rules have become more relaxed in this part of the country and prices of homes are unsubstantiated. One example is the 2 bedroom house sold by Mr. Randall in a 1,400 square foot home. This is located in M-Streets which is a very populated area because it is centrally located. This is also adjacent to excellent schools with a listed price of $525,000. The same property can be bought below $525,000 a year ago. If bought during the time of recession, this can only have selling price of only $200,000 dollars.
The same goes true with the market of luxury homes. For instance, let’s take the Lakeside Dive in Highland Park as an example. Here, there are a total of 30 houses with 3 active houses listed for sale with one pending. These houses can be sold at $7.5 million dollar cost. The reason why their owners struggle in selling the properties is because they are presented with many options. And because these houses are somewhat historic, they have higher values. They range from $700 to $1,300 per square foot and they can be more expensive, depending on their grandiosity. Sellers of these homes however are amazed with the sudden increase in the properties’ price. A 3 -5 million dollar house before can now be listed as 7.5 million dollars. But the most interesting part is that the investors do not have any intention to sell back the property in the future. For them, Dallas has become a mecca for business and perhaps the reason why they are confident to invest on this place.