After nearly five months and 10 offers, first-time buyers Lucas Moore and his fiancé Rachel are no closer to finding a home anywhere in DFW.
“Everyone turned into a bidding situation. About 50% of them have been cash offers, which we just don’t have that much liquid money as first-time homebuyers to pay cash for a house. And then the other ones have been people paying upwards of $80,000 to $100,000 over asking,” said Moore.
And that’s on top of climbing prices. According to a new report from realtor.com, the median home price in DFW is now $400,000, up 14% from this time last year.
Meanwhile, the number of available homes on the market has dropped nearly 40% in that same 12 month period.
“A balanced market is about six months’ worth of inventory. And we’re down to .5. We just don’t have enough inventory to go around,” said Realtor Jamuna Thill.
Thill has been selling homes in Collin County for about two decades.
She said the current situation is an unprecedented one that’s been fueled by supply and labor shortages, increasing raw material costs, and competition fueled by a growing number of people relocating to Texas.
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She encourages persistence and realistic expectations.
“This is not a market where you can go back and forth and negotiate. You need to go talk to your loan officer. Get your numbers together. Know how much that you have to play with because appraisals are not all going to be coming in on the dot. You’re going to have to offer more,” said Thill.
She said no one has a crystal ball to know when this seller’s market will shift back toward a balanced one.
But with just a couple of months left on their lease, Moore remains hopeful.
“I think it’ll give. That or we’ll just get extremely lucky one day and someone will say, ‘Yeah. We like these kids,’ and give us the opportunity,” said Moore.