The Dallas Fort Worth Housing Market has never seen such a housing shortage as now, and that is occurring with a record-breaking 40,000 new homes built in 2020 and another 40,000 forecasted to be built in 2021 according to KRLD Radio. Additionally, KRLD 1080 Radio reported, "the median price for a single-family home jumped 16% last month to nearly $313K, the highest price ever in North Texas."
For generations, there has always been an ample supply of area homes for sale, especially new homes, and that has helped to keep home prices competitive and in check, but for now, that past norm is "out the window" as the DFW Metroplex struggles with a housing supply shortage and rising prices.
And so there are new rules that apply to both locals and relocating families if you have any hope of finding a suitable home.
PLAN AND PREPARE YOUR FIRST 2 STEPS
Your home buying journey begins by and the steps you need to have answers for.
- Getting a Mortgage pre-qualification based upon your finances.
- Determining your budget once you know how much you can borrow.
- Does that mortgage amount buy you the "NEW" home you need for the location you want to live in, or will you need to consider an alternative location or how much home you can afford?
- If you're trying to buy a preowned home, do you have the ability to offer up to $50K over asking and, more importantly, have the savings to make up any appraisal shortage that may occur?
- If you have a home to sell, how much equity will be available to you to put down on your next home?
- Answering the above questions starts your home buying process.
- ARG™ can help you when you become a client locate new home opportunities that fit your budget.
If focusing on a preowned home, most are now selling after a bidding war. Many sell for $40K-$50K over MLS asking price where the buyer guarantees in writing their full offer. New homes are different. There are no bidding wars, but you may have to wait your turn to write a construction contract, thereby risking months of price increases. Getting your name on as many waiting lists as possible is recommended to help shorten your wait time and price increases.
WHEN YOU HAVE A HOME TO SELL - WHAT IS YOUR HOME WORTH?
You really need to know upfront WHAT YOUR HOME IS WORTH, and MLS COMPS are of no help as many homes are selling for tens of thousands of dollars over the asking price. That is where real market experience can help you understand what your home is worth in today's housing-shortage-dominated market.
For home sellers who would like to buy a new home, what might look like an impossibility due to a housing shortage and high home prices, becomes manageable with the right plan. Sellers need to account for higher pre-owned sales prices, offsetting higher new home prices when considering what they can afford.
If it is time for you to change addresses, then great! With the help of long-time Realtor®, Mike Askins, the award-winning owner of Askins Realty Group, LLC, I can help you achieve your specific housing needs and offer you a level of experience combined with a low-cost, full-service realtor® commission solution to help ensure you join the 95+% of home sellers whose homes I have sold since 2004.
Let's schedule a time to talk. Please fill out the form below or text Mike Askins @ 214-727-3686, and Include a Time to Talk.
Mike Askins, Realtor, Owner ARG
Got questions for Realtor Mike? Call me at 214-727-3686 (mobile)