The DeSoto housing market is hot. High demand and tight supply is keeping prices up and forcing homeowners that weren’t thinking about selling their home, to reconsider.
Dallas prices were up 25% from a year ago in the just-released S&P CoreLogic Case-Shiller Home Price Index. Dallas’ annual price growth has been at the highest rate ever, for the last three months based on data in the Case-Shiller index.
Additionally, local price hikes outpaced the nationwide increase of almost 19% from November 2020 levels, according to Case-Shiller’s survey of 20 major U.S. markets. Economist don’t see an immediate change to these numbers.
As of today, there are 35 active listings in DeSoto.
In this market- listings are not lasting long. I’ve recently had listings that went active, and then two days later my clients and I were in a multiple offer situation.
Clients are submitting appraisal waivers with their offers, hoping to set themselves apart and get accepted. Homeowners are also waiving their option period to make their offer look more appealing. An option period is an agreed-upon period of time, after the buyer and seller have signed the real estate contracts, during which the buyer can terminate the contract for any reason without risking their earnest money.
Something else I’m seeing, is out of state investors putting in bids on homes, after only seeing the home virtually.
There just isn’t enough inventory right now, and economist don’t think we will have a balanced market until 2023. A balanced market is about 4-6 months worth of inventory.
Although this has had a huge effect on all areas of real estate- including leases and new construction homes, I can navigate this environment seamlessly on your behalf, and get you into the perfect home, or out of your current one.
If you or anyone you know is looking to move to the DFW area or sell their home, contact Aaron Everett at 214.403.0805.
