The Local Market Monitor Report for the Dallas, Plano, and Irving areas calls the real estate market “Low Risk.” This is echoing what we’ve heard since November — prices are up, homes are on the market for a 30 to 60 days, inventory is low.
The report forecasts a 3 percent increase in home values over the next twelve months, and says the recession is pretty much over for our area, as jobs are growing, too, thanks to our large finance sector. So there are fewer homes on the market, more demand for homes, and a job growth rate that is almost twice the national rate …
That got me wondering. In some areas, I’m seeing the same signs in the same front yards that have been there for months. If the market has such awesome momentum, why aren’t some of these perfectly fine homes in an otherwise great area not selling?
Take this cute, well-preserved midcentury modern in the Ash Creek area of East Dallas. We’ve said (pretty much ad nauseum) that this area has amazing momentum and is growing like gangbusters. Still, this steal of a deal isn’t selling. I wonder why?
What do you think? Are buyers being more picky than normal despite the low inventory? What are you seeing buyers turn their noses up at?