30 offers on a house? DFW’s domestic market is out of whack, experts say

It’s a tough time to be a potential Dallas-Fort Worth buyer.

It’s a tough time to be a potential buyer in Dallas-Fort Worth, as well as most of Texas and much of the United States.

Growing demand for new and existing homes and historically low interest rates are causing homes to fly off the market. A COVID-related reluctance to put existing homes on the market isn’t helping matters either, and home builders face shortages of materials and vacant land to build on.

Simply put, the market is out of whack, said Mark Johnson, CEO of Frisco-based JP & Associates Realtors, which has more than 3,500 agents in 22 states.

“The housing shortage is having a significant impact on Dallas consumers,” Johnson said. “It’s almost 46% less stock than a year ago. “

This translates to multiple offers at virtually every price point, from entry-level homes to luxury homes, he said, and median selling prices have increased by almost 10%, not just in Dallas. but in all major Texas markets.

When Johnson says “multiple offers,” he’s not talking about two or three. “We had somewhere 25 or 30 offers,” he said.

“It’s an unhealthy market because it’s too out of balance,” he said. “It’s very much in favor of the seller. There are several offers, limited inventory. For those with strong jobs and incomes, with the lowest mortgage rates in history, they can afford more. It creates demand, but it’s not a healthy market.

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