Whether it’s out-of-towners moving to the area, or locals looking to upgrade, Dallas real estate agents say people are ready to buy in the Park Cities and Preston Hollow neighborhoods.
“The Dallas economy just feels good to everyone,” said Susie Swanson, a senior vice president with Briggs Freeman Sotheby’s International Realty. “The confidence is good with both the sellers and buyers.”
The prediction for a strong 2018 comes after what Swanson calls a market correction. Last year, she said there was a period of inflation when a seller could say whatever they wanted when it came to price and there was not much negotiation.
“You’re going to see people sell [now], where some things just stayed on the market last year, because sellers didn’t want to take less and buyers didn’t want to pay more,” she said.
However, part of that whole “it’s a sellers’ market” feeling still rings true when it comes to homes on large lots and in desirable locations, said Shirley Cohn, an executive VP with Allie Beth Allman & Associates.
“There are some areas you can get a good deal, but if it’s the right location it is still a sellers’ market,” she said.
Buyers, she added, also aren’t wavering much when it comes to lot size.
“Land is valuable,” Cohn said. “It’s all about the lot size, so some people will not even look at a smaller lot.”
The problem is that lots are scarce in both Preston Hollow and the Park Cities.
Swanson said the lack of inventory and steep price tags have some buyers looking to older homes they can renovate. In Highland Park, she said the dirt lots can be upwards of $2 million – a price tag that has buyers spending close to $6 million to build a home.
“They can buy something older and update it for a lot less,” she said.
Cohn said owners of older homes on small lots or in less desirable location can also update their homes to be more competitive.
And while in years past, the spring market began mid-March, both agents agree the middle of February is the golden time to list and buy a home.
“Start getting ready now,” Swanson advised.