{"id":4042,"date":"2024-05-10T07:56:02","date_gmt":"2024-05-10T11:56:02","guid":{"rendered":"https:\/\/www.deeds.com\/articles\/?p=4042"},"modified":"2024-06-16T10:14:51","modified_gmt":"2024-06-16T14:14:51","slug":"buyers-market-in-dallas-its-all-relative","status":"publish","type":"post","link":"https:\/\/www.deeds.com\/articles\/buyers-market-in-dallas-its-all-relative\/","title":{"rendered":"Buyer\u2019s Market in Dallas? It\u2019s All Relative."},"content":{"rendered":"\n
\"\"<\/figure>\n\n\n\n

Lately, the homes for sale in Dallas stay on the market a little longer. Little by little, sellers are lowering their price expectations, and Dallas home buyers are getting deals.<\/p>\n\n\n\n

Homes in Dallas stayed on the market, on average, for 37 days in April 2024. That\u2019s up 8% compared to last year. Some (about 12%) have lingered on the market longer than three months.   <\/p>\n\n\n\n

Not only in Dallas but also in Austin and Houston, today\u2019s sellers have to negotiate and really work with buyers. That said, homes that aren\u2019t moving in these cities tend to be the pricey ones. Those priced under $300K continue to attract buyers.  <\/p>\n\n\n\n\n\n\n\n

Be Careful What You Ask For? So Much Inventory\u2026<\/h2>\n\n\n\n

Texas builders are busy producing homes for a boom that\u2019s already winding down. In some places, it\u2019s nearly ground to a halt. One RedfinTM<\/sup> agent called last year\u2019s Dallas home market<\/a> \u201cby far the slowest market I\u2019ve seen in my 20 years as a real estate agent.\u201d And still, construction abounds.<\/p>\n\n\n\n

Nearly 5,000 listings hit the Dallas market in April 2024 \u2014 a remarkable 15% rise over the previous month. No wonder prices have softened. And the more builders keep building, the lower the listing prices go.<\/p>\n\n\n\n

Texas as a whole, Reventure CEO Nick Gerli recently told Newsweek<\/em>, \u201cis starting to become a buyer’s market.\u201d<\/p>\n\n\n\n

What\u2019s a buyer\u2019s market? One test is whether a market has four or five months of housing supply available. Less inventory than that, and we\u2019re in a seller\u2019s market.<\/p>\n\n\n\n

Across the country, there\u2019s only about three months\u2019 worth of inventory. The Texas market is a welcome contrast for  buyers. And this should be the case for a while. Nick Gerli says Texas buyers can expect even better deals as 2024 unfolds. That\u2019s because so many building permits have been issued.<\/p>\n\n\n\n

Download <\/strong><\/em>Texas real estate deed forms<\/em><\/strong><\/a> from Deeds.com.<\/strong><\/em><\/pre>\n\n\n\n
Hopeful Sellers Are Still Waiting in the Wings.<\/h2>\n\n\n\n
Buying from the already-existing housing stock is more challenging. Many homeowners would rather keep accumulating home equity than sell. Some would like to sell, but the Federal Reserve is keeping interest rates higher for longer than expected. And these owners would like to see the Federal Reserve lower interest rates before they sell, so they can buy again without paying today\u2019s high (~7%) mortgage rate.<\/p>\n\n\n\n
In other words, we can expect to see a flow of older homes as well as new builds on the market if <\/em>rate cuts come later in 2024.<\/p>\n\n\n\n
This brings up practically everybody\u2019s frustration with mortgage rates. It\u2019s understandable that the federal government doesn\u2019t want to make borrowing easier; that could stimulate inflation. But the lack<\/em> of rate cuts certainly isn\u2019t helping the housing inflation issue!<\/p>\n\n\n\n
 Inflation has many aspects, including rising home prices, and <\/em>rising costs of producing homes<\/em><\/a>.<\/em><\/strong><\/pre>\n\n\n\n
Real Estate Inflation Is Still Real\u2014And for Most, It\u2019s a Monthly Issue.<\/h2>\n\n\n\n
Meanwhile, in most places not named Dallas, home prices have risen. And the average interest rate on the popular 30-year fixed mortgage? That\u2019s up there, too. It\u2019s above 7% as of early May.<\/p>\n\n\n\n
The old-timers say 7% isn\u2019t so much. They remember mortgage rates at their all-time high of 14.7% \u2014 double what they are now.<\/p>\n\n\n\n
But homes cost a lot more than they did back then. Try dealing with 7% on the price of a home today. Today\u2019s near-all-time-high home prices, coupled with the cost of borrowing for a home, are pushing monthly housing bills to extremes. The median house payment is up 15% since last year and it\u2019s approaching $3,000.<\/p>\n\n\n\n
It\u2019s obvious why buyers might ask where home prices are rising the least. According to Redfinas of May 2024, the three metro areas where prices went up the least are all in Texas. Dallas came in with the lowest of all rises: zero%. The Fort Worth, Austin, and San Antonio markets have also cooled off.<\/p>\n\n\n\n
Texas Deed Law Has Changed Lately. Buyers, Take Note:<\/h2>\n\n\n\n
\"\"<\/figure>\n\n\n\n
We want to remind readers of several new provisions in the law related to Texas deed transfers:<\/p>\n\n\n\n