Real estate is all about timing. Sometimes the market favors buyers, and other times it favors sellers. Dallas’ steady residential real estate market differentiates it from cities like Los Angeles, Chicago, or Miami, but both Dallas buyers and sellers ought to be aware of market trends. Currently, in many Dallas neighborhoods, such as the M Streets, Lakewood Heights, Lake Highlands, and Lakewood, the hottest historic homes are selling as fast as they are listed.
A seller’s market provides specific opportunities and pitfalls to both the home buyer and the current resident. Before contacting a real estate professional, buyers and sellers alike must consider several things.
What This Means for Sellers
Be ready for anything. It is not uncommon for homeowners whose properties have been listed on MLS at noon to be accepting a generous offer by that evening. Sales transactions have happened so quickly that it is good advice to have temporary housing lined up ahead of time.
What This Means for Buyers
Take stock of exactly what your requirements and desires are for a potential house. Once you find the perfect home (the one that puts those butterflies in your stomach), be ready to make an immediate offer. There is no greater disappointment than deciding on the house of your dreams and learning someone else just slipped in and took it from you.
Additionally, once you’ve made the commitment to step into the home buying market, make sure to arrange your schedule for maximum flexibility. Many buyers lose out on what could be the perfect property for them because they are unable to even view the house before an offer has been made and accepted.
WFAA Channel 8’s Maria Saavedra did an interesting story about this trend at the beginning of the summer. Take a few moments to read or watch the story here.
Whether you are looking at buying or selling, it is never a bad idea to work with a realtor who has an inside track on the area of town you are considering. At Modtown Realty, you have a trusted partner whose experience and expertise cover each of these East Dallas neighborhoods.
