North Texas homebuyers face high prices, low inventory
NORTH TEXAS (CBSDFW.COM) - If you're in the market for a new home, you've likely seen the demand.
Tonight, local realtors telling us with so many people and investors moving into North Texas, it can be hard to get what you want. If you want to purchase a new home, you must be willing to make compromises and offer incentives.
"We're renting an apartment right now," buyer Marco Berdecia said. "We wanted to rent just to make sure Allen is where we wanted to be. We kind of knew, but now we're pretty sure."
They've been actively searching for a couple weeks and are realizing homes don't stay on the market long.
"It's incredible inventory continues to be under a month," RE/MAX Town & Country Real Estate Agent Joanne Kozlowski said.
"So what we're seeing is that houses usually go on the market on a Tuesday, Wednesday or Thursday and they are under contract by Monday or Tuesday."
"It's really difficult," broker and owner of Acquisto Real Estate Shana Acquisto said.
"We have so many relocations that are coming to our area, and it makes it really challenging for anyone."
"Now, in the years 2021-2022 prices are going up, usually over 20%," Kozlowski said.
If you want to be competitive, local realtors recommend you:
- Have extra money to put down
- Be prepared to act quick
"Don't fall in love with any one house," Berdecia said. "There's a lot of houses, they're all beautiful. So if you miss something and you get out bid go to the next one because there's going to be one just as nice coming up."
He said one incentive to purchase a home now, is the cost of rising rent.
According to Rent.com, in the last year the cost of renting one, two and three bedroom apartments in Allen has increased by about 40%. Neighboring cities experiencing the similar situations.
"We've been actually working and talking with renters, letting them know if they have a renewal coming up in the next month, this is the time to test the waters and think about purchasing at this time," Acquisto said.
"Even if the mortgages are higher because of the increased cost, at least we're building equity," Berdecia said.
They're hopeful they'll soon be able to purchase the perfect home.
