Collin County Homes : DFW market seeing a shortage of for-sale signs
In what may come as a shock to most; the housing market in the DFW area is seeing a shortage of pre-owned homes for sale on the market. Ask anyone who has been house shopping over the last month or two and they will tell you the competition for a good home is heavy; with many homes even going into multiple offer situations and selling above original list price. According to local MLS (multiple listing service) stats pre-owned listing were down 23% in January from where they were a year ago.
These numbers are helping to contribute to the fact that there are less and less “great deals” to be had in the DFW home market. Many home buyer’s have seen the national headlines of folks getting homes for pennies on the dollar. And while that may be the case in some of the really hard hit areas of the country like Florida, California, and Arizona that is not the case here in the DFW metroplex. You can find foreclosure and REO properties in Dallas but you will not find them at such reduced prices to call them a steal. Banks typically reduce the cost of the home by about the amount of money it will need to get the home to livable conditions again.
The quicker buyers are able to react and adapt to the changing market the easier their home search will be. Buyers whom are expecting deep discounts on home prices will be sorely disappointed as they lose out on home after home as other buyers adjust to the new market conditions and make offers that reflect the changing conditions.