Articles Tagged "purchase offer"

Paige Shipp, regional director with housing analyst MetroStudy Inc. fears home sales might slow next year in the ramp up to presidential and congressional elections.  "We typically have much slower selling seasons right before an election," she said. "After that happens, the flood gates open and people come out. It's not a matter of who wins."   Worries about a recession may also impact the home market.  "We spent the better part of the last decade still looking over our shoulder," said George Ratiu, senior economist with Realtor.com.  "The last recession was so bad that we are still carrying some of the scars from that."   However, Dr. James Gaines, chief economist with the Real Estate Center at Texas A&M University states that Texas economy is still expanding.  "And we are extremely unlikely to be in a recession by the end of this calendar year," he said. "We are probably pretty safe through the first six months of next year."

• Dallas Morning News, October 14, 2019

The number of homes listed for sale with North Texas real estate agents has risen by about 15% this year. But they aren't in the price range most buyers want.  "The inventory is increasing at the upper end — $750,000 and above," Dr. James Gaines, chief economist with the Real Estate Center at Texas A&M University said. "If you have a well-located $300,000 house, you can sell it tomorrow. We are seeing evidence of price fatigue in the market."  D-FW home prices are up only about 3% so far in 2019 — nothing like the double-digit percentage home price gains of a couple of years ago.  "The recent spike in mortgage rates did expose how price sensitive the market is," said Paige Shipp, regional director with housing analyst MetroStudy Inc. "Things are not quite as rosy as they seem in terms of what people can afford."  Many home sellers haven't gotten the message, she said. "They want to list their house for more than their neighbors sold for and sell it overnight."  D-FW has an undersupply of homes priced below $250.000.

• Dallas Morning News, October 14, 2019

Spring is prime home buying season just about everywhere. Our real estate agents always see an increase in buyers this time of year. People are less busy than they are other times of the year, the weather is pleasant, and sellers know they'll have plenty of interest in their homes. Even with more competition, it's still the best time to get the home you've been dreaming of. Here's how you can set yourself up for home buying success.

• Secure financing ahead of time
  This includes several steps like viewing your credit report and credit score, planning your budget, and meeting with a lender to get pre-approved. A little prep work here can go a long way to make your offer on a home more attractive. Pre-approval shows sellers you're serious, and there's less chance your financing will fall through. This also means you'll be able to move quickly and make an offer right away when you find the right home for you.
  
  
• Pick the right agent
  Finding an agent that's a good fit for you and knows the area you're hoping to relocate to is important. Their insight can help you make the kind of offer that will get the seller's attention.
  
  
• Make your first offer great
  If there's a lot of competition, you don't want to assume the buyer plans on negotiating. In that situation, they probably won't. Your agent may be able to get a feel for what the seller is looking for. If you can use that information to make a better offer than your competition, then do it. Offer shorter closing time, fewer contingencies, or anything that can make your offer look better than others.
    
• Keep the big picture in mind
  Your goal is to get into a home that fits your needs. That's important to remember during the negotiating process. Keeping your expectations realistic is essential. In the long run, a few thousand dollars one way or the other won't make much difference, but losing out on a home because you wouldn't negotiate or got too hung up on the details, will.
  
  
• Be prepared for a bidding war
  It's not the optimal situation for buyers, but it is more common during prime buying season. Have a plan for what you are prepared to do in this situation and understand you may end up having to make an offer on a different home. If there are multiple offers, the thought of a bidding war may scare off some buyers, which may work to your advantage. Knowing what you're willing or not willing to do ahead of time prevents emotional and impulsive decision making, and helps you formulate a strategy to improve your chances of winning the home you love. You can offer the seller something different than other buyers with shorter or longer closing times, a bigger down payment, or a cash offer. Your real estate agent can offer plenty of advice.  

Spring really is the best time to start looking for a home for sale in Dallas. Despite increased competition, your chances of finding the right home are excellent with the help of one of our agents. Contact us today to get started.