ResalesDallas Real Estate Market Slows Down
Dallas, Texas, one of the hottest relocation destinations in the nation, is starting to show signs of easing from the overheated housing market of the last seven years. Dallas area Realtors say certain price ranges are still hot, but that million dollar properties are starting to drop in price as the summer homebuying season winds down. Is it time for buyers to jump in?
"Recently, inventory has been growing and many price reductions are necessary," says Realtor Jo Pressly. "Some homes have been on the market for more than 12 months, but mostly activity in price ranges over $600,000 has slowed down in last 90 days. There is still pent-up demand for large lots and homes that have been tastefully remodelled."
Says Realtor Nora Ling Lane, "It"s August and the market is slowing down. The market is very spotty. Prices right under $1,000,000 are selling at a decent pace but the upper end market is very slow. Out of town buyers are still coming in and have to buy. Sellers are more realistic about pricing and the interest rates are very attractive. The inventory is good, so buyers have a lot of homes to choose from. It"s a great time to buy."
One Realtor provides a possible reason.
"Relocations to Dallas have slowed down," says Realtor Irmgard Arthur, "and while local buyers are still looking, they are taking their time to make a decision to buy. Interest rates are at an 18-year low - now is the time to buy and lock in that terrific rate."
It has become a buyers market with a lot of sellers significantly reducing the prices on their homes," says Realtor Steven Glazer. "Sometimes we are seeing several reductions in price from many sellers. High dollar properties are being avoided by buyers or sellers have taken them off the market knowing that they are probably not going to get the price they listed their home originally. Sellers are refinancing their mortgages."
But the trend is still moving upward for homes in the first-time buyer price ranges.
Market trend has an upward momentum starting from the beginning of the year," says Realtor Tammy Watson, "as of July 1st the trend is still moving upward for the reasonably priced homes $160,000 and below."
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