Listings under $300,000 in North Texas – cashforhousesrh.com, they will usually be off market and sold in a matter of days, or weeks, not months. You got your starter homes, your first-time-home buyers and select investors are still picking up these properties in that price range fast. These house nuder $300,000 sell very fast.
Millennials and Empty Nesters
We still prefer to buy these type of houses for that one reason alone. Very low days on the market! And it’s not just the millennials craving the urban lifestyle. Many empty nesters are looking to more near downtown Dallas.
All of North Texas is seeing these same houses under $.300,000, being sold very fast. We as local real estate investment company must keep 14 to 16 rehab house projects lined up waiting to be rehabbed, in order to stay ahead of the game.
We have been in the real estate investment business since 2001 in North Texas. For the last five years, prices have shot up. Most of the properties we buy are through the Foreclosure process or Probate properties or inheritance. With houses staying on the market a few days longer now, we see the slowing market coming.
Oak Cliff, Texas
Take Oak Cliff, Texas for instance. Houses in that area were probably undervalued in the past, so when home prices increased 25 percent in that area, it was more of a market correction in itself. Listings under $300,000 in North Texas – cashforhousesrh.com
Houses we could have bought a year ago, are now $60,000 more today on average. There is a struggle to find a great house under $300,000. Where maybe two or three years ago you could maybe get a house around or under the $300,000 price point. When a house does come available at that price point, it always becomes a bidding war.
Approximately 96 percent of first time home buyers use a mortgage to finance their home purchase. That makes the share of first time home buyers in the market closely connected with increases and decreases in the mortgage rates. Listings under $300,000 in North Texas – cashforhousesrh.com
That’s part of the reason why when mortgage rates rose in late 2016, the share of first-time home buyers dropped and is expected to stay below average.
Dallas has been racking a little bit lower than the rest of the country. The County of Dallas is relatively expensive compared to many markets where we’re seeing them have more success. About 44 percent of people buying a home in the U.S.A. are first time home buyers. While that’s above average, it’s down from 55 percent for the industry.
Another factor contributing to the drop in first time home buyers and the national rise in housing prices and low inventory. that holds true for North Texas. People are pouring into the North Texas area from other cities and other countries. Causing home prices to rise by 43 percent in the last five years.
Listings under $300,000 in North Texas – cashforhousesrh.com
The National Association of Realtors said that while 2016 was a great year for existing home sales, December saw a 2.8 percent drop because of high cost caused by record low inventory.
Home affordability, for both buying and renting remains a pressing concern because of another year of insufficient home construction. After beating expectations in September, October and December last year. Reality finally caught up with existing homes sales in December last year. At this point, lackluster inventory remains the number one driver of sales and prices. Listings under $300,000 in North Texas – cashforhousesrh.com
The industry is trying its best to keep up with demand in DFW. In 2017, residential strategies projected 32,000 new homes will be built. That would be the first time since before the housing crash DFW will eclipse the 30,000 mark.
Industry experts say mortgage rates are expected to grow even more this year. So will the trend of decreased number of first time home buyers. After all, mortgage rates started rising in October 2016 and there was still a healthy number of first timers in the market.
Since the recession, when an all time high of 50 percent of home buyers were first timers. The number has steadily gone down until it bottomed out at 32 percent in 2015. Despite ending in a frenzy, it recovered only slightly in 2016 to 35 percent, which is still below average.
Article Topic: Listings under $300,000 in North Texas – cashforhousesrh.com