The Downside Of DFW's Seller's Market
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WYLIE (CBS11) - Diana Gonzales' Wylie home was picture perfect when she put it on the market. Still, she was surprised when it sold in a flash.
"We had about 12 offers," says Gonzales, "and the offers were way over the list price!"
One offer was all in cash. And mind you: all of this unfolded in just a matter of days. Experts have warned for months that the housing market reflects the simple economics of supply and demand.
Corporate relocations like Toyota and State Farm have delivered a steady supply of buyers. But, experts have warned: "The inventory is so slow, it's driving the prices up," says Realtor Valerie Kirkpatrick, "it's driving the buyers up, they're having to pay more and more and more and the houses are not worth what they're paying."
Gonzales admits, her home sold for more than its appraised value. But, the buyer was desperate.
"This guy that's buying my house, he'd been looking for 18 months," says Gonzalez, who admits that the prospect of a entering the market as a buyer makes her nervous. "But, I'm being optimistic… [still] when I see something that I like, I reach out to my realtor and it's like 'it's already under contract'."
A seller's market becomes suddenly less appealing when the sellers become buyers.
"The goal was to sell and then close within the same week," says Gonzales, "it's just not happening, it's not happening."
So rather than settle—or get into a bidding war—Gonzales is putting most of her belongings into storage and moving into an apartment. While renting, she's hoping the red hot real estate market cools.
And she also has a warning for other sellers.
"Have a plan B. Don't get caught like I did, because ideally you want to find something and flip quickly, but it's not happening."
Other experts also warn that the prospect of rising interest rates could also push more buyers into an already competitive market.
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