Learn how to purchase a house in a glowing Dallas actual property market with little stock – one of the best recommendation from a seasoned realtor
T.The time has come to buy a new home. And whether you’ve been saving up for years to move to your dream area or have been forced to move because of a job or something that appears to be out of your control, house hunting in what appears to be a market without inventory can be daunting .
The bad news? You need to be patient and move quickly. The good news? You can still find your dream home with the help of an experienced real estate agent who is familiar with the market in which you are looking.
We recently met with luxury real estate agent Christy Berry for an inside look at how to successfully secure a home in a low inventory market. Berry is one of the most respected, trusted, and experienced agents in Texas. Everyone has questions about this glowing Dallas real estate market – and Berry is ready with some answers.
Q: What caused such a drought in the Dallas real estate market?
Christy Berry: It’s a mix of low interest rates, an influx of people moving to Texas, millennials tired of apartment dwellers, and the pandemic where everyone is rethinking their homes. Also new building
Q: Is there really a shortage of inventory or listings just don’t hit the market?
CB: There is a complete lack of inventory. For example, last March 2020 in Dallas County, mind you, we just started COVID, but real estate didn’t stall for two months. In that month, 4,032 houses were sold and 1,638 were sold. As of March 2021, only 1830 were listed on MLS for sale, and in 1768 they were sold. Remember, there are no off-market sales in these numbers as these are only reported by MLS.
Q: How does a buyer decide on an acceptable and competitive offer if it never hits the market?
CB: Just because it doesn’t hit MLS doesn’t mean numerous buyers won’t see it. An experienced agent with a large network of knowledge of other agents customers are looking at can call them to see if their customers are interested in looking and even start a bidding war. An off-market property can be very quick and less stressful for the sellers as the prospects are verified by their agents and are real buyers.
And in the days of some customers who don’t actually visit the property but do Facetime, this is important. Speed is a priority for sellers and buyers right now, and off-market products can dramatically reduce that time.
Q: How can a talented real estate agent help in low inventory situations?
CB: What many people fail to realize is that the National Association of Realtors, our governing body, mandated in March 2020 that a realtor marketing a property that includes an email explosion post it on their social media or if a sign of any kind is attached, the listing must be received by MLS within one working day.
You are allowed to inform agents in your company about the listing, which makes your agent important again. Agents talking to each other have never been more important and their networks are vital. When you work with an agent who signs more than 50 contracts per year, you know what is important and what is not for salespeople.
Q: What should I look for in finding a smart agent, and what questions should I ask him to determine if he is the right agent for me?
CB: There are different questions for buyers, sellers, first time home buyers, etc. I would make sure they are full time agents with a career in real estate. Ninety-nine percent of my clients are referrals from previous clients, so we know we’re probably a good match.
Do you have a real estate question for Christy Berry? Send them to [email protected] so you can see your question in this monthly series.
You can find more information about Christy Berry on her website.