16 Dec A Look at Dallas, Texas Real Estate Markets for 2018
Over the past year, Dallas, Texas homes have risen in price. Estimates show that the price of a home in Dallas over the course of 2018 can exceed the national average.
Home values in the Dallas area have been steadily increasing over the past few years, even outpacing other metropolitan areas in regards to annual property appreciation. Dallas ranks within the top three cities for annual home price growth according to Case-Shiller Home Price Index, providing a report that values within the city rose by 8.4% between April 2016 and April 2017 falling close behind Seattle and Portland.
Zillow has reported as much as a 14% increase from June 2017 and anticipates another 5.4% increase over the course of the next year. Redfin, a national real estate brokerage, states the average price of a home sold in Dallas was $345,000.00 last month. This increase, while moving more slowly than in previous years, will continue to outpace the national average.
The low inventory of the area is a driving factor contributing to the strong housing markets in Dallas. In a balanced market, there is about a 6 month supply according to economists. In Dallas, however, the supply is as low as two. Five years ago, the Dallas market had around seven months of supply, so it is clearly a seller’s market.
Homebuyers looking to purchase between the end of 2017 and beginning of 2018 should be prepared when going in to look at homes. Having financing lined out is the best way to ensure a prompt closing. This allows you to provide the pre-approval paperwork to the seller with the amount will help in the negotiations. Sticking to your budget is another thing people must do. You cannot offer more on a house than you’re approved to spend. In a seller’s market, you also need to come in strong with your offer. Chances are with the limited amount of inventory they will be receiving several offers and lowballing can cause you to miss out on an opportunity.