Rising home prices and incredible competition for available properties are already making it difficult for North Texas buyers.
New estimates from the website for removals and renovations Porch suggest that prices will rise further next year.
Porch said the estimates are based on real estate projections of information from Zillow, Redfin and the U.S. Census Bureau.
The DFW zone ranked ninth among major U.S. markets, with a 21.1% rise forecast for the following year, up from 14% this year. Austin leads the Porch projection with a 37% price increase projected for next year.
An example of the effect of the price increase is a 1,336-square-foot home in Arlington on Dawnview Street that was listed for $ 195,000.
Lisette Caraballo with iRealty represented buyers whose offer was rejected.
“They loved that house. This is the house they wanted. This is the area where they rent right now. We offered $ 15,000 above the question and we didn’t get it, ”Caraballo said.
The seller’s agent told Caraballo that there were 40 bids for the property and a cash offer much higher than the list prices was accepted.
Caraballo said the DFW market is very difficult for first-time home buyers.
“It simply came to our notice then. This is the dream that everyone has, to have their own house “, he said. “Before it was a big affordable real estate market. That’s why so many people moved here. However, we have this market that is going crazy. And prices are everywhere. And people buy it. “
Gail Richardson is the original owner of a house on the other side of that house on Dawnview Street. He said buyers were literally queuing up to see it and another one next door also received many offers.
There’s a park and an elementary school at the end of the street and Richardson said it doesn’t surprise people like the neighborhood.
“I want to stay here and I want people to move there, good people who want to raise children. I raised my children here, ”he said.
Caraballo said many of the entrance homes are purchased by out-of-state investors who will benefit from the increase in values and will end up renting the properties to families who are excluded from the purchase.
“It simply came to our notice then. There are no inspections. No ratings. These are cash offers. Therefore, once accepted, it will be immediately pending. That is, they are preparing to close, ”he said.
The price increase is good for Gail Richardson’s equity.
“It simply came to our notice then. If I decide to sell. But I don’t think so, “he said.
Richardson said finding another affordable home could be a challenge in this real estate market.