Frustrated that you can’t find a home to buy in the Dallas-Fort Worth Metro? You aren’t the only would-be homeowner running up against the inventory shortage. But if you can tough it out a little longer, a new survey from realtor.com hints that a turnaround may be on the horizon.
Listings Hitting the Market
Realtor Magazine reports that 10% of homeowners say they plan to list their home for sale this year, and more than a quarter – 26% – say they plan to list within the next three years. The survey included 657 potential home sellers conducted during the week of March 29, 2021.
Even better news: The homeowners surveyed who are most likely to sell have homes valued below $350,000. Texas’ inventory of homes in that range have fallen to an all-time low over the past year, creating a buying frenzy in that sector.
Upside after COVID
One reason more houses could come on the market is that owners have been reluctant to sell during the pandemic. With a stalled economic climate, many were afraid to sell because they were unsure of their ability to buy elsewhere – in the same price range. But now, with more people becoming vaccinated there’s a renewed sense of optimism to make a fresh start somewhere else. And with interest rates still low, homeowners are seriously looking at their options.
According to the survey, the majority of homeowners who say they plan to sell in the next two to three years said that they would be more likely to list their home sooner if they knew they could buy and sell perfectly. Another motivator to sell sooner: If they knew they could make a lot of money on their home sale.
If you’re tired of bidding wars going beyond your budget, hang in there. In the meantime, it’s wise to get preapproved and prequalified for your mortgage loan. Contact the Decker Group today to start the pre-approval process by calling 972-591-3097.