The Texas economy is strong and home prices are holding steady – but a low inventory of homes on the market has buyers facing unique bidding situations. Here’s what our expert agents at Briggs Freeman Sotheby’s International Realty are seeing out there for buyers.
A: We still have inventory issues with certain neighborhoods and price points, so buyers are concerned about not losing a house in a multiple offer situation. So buyers have to be competitive on a variety of points in the contract in addition to the price. Part of our job becomes helping to better educate the buyer to win the bid. A good agent also will know which homes are about to come on the market to give the buyer an edge.
8507 Swananoah Road | Bluffview | Listed for $1,150,000
A: The top concern for sellers is where they’re going to live once their home sells. With tight inventory, the fear is being “homeless.” But, for sellers with a flexible timeline, we’re finding the right home. For buyers, the concern is overpaying because the lack of inventory is bringing multiple offers on well-priced homes in good condition. They want to be sure the value in their investment will hold. All indications are that the North Texas market is solid.
4609 Marbella Circle | Montserrat, Fort Worth | Listed for $699,000
A: Right now, buyers are most concerned about finding a home to actually buy. The competition is still for homes in good condition under $1 million in popular neighborhoods, with multiple offers on many of these homes after they have been on the market for just days. The upper-tier buyers have a tad more breathing room, yet it is still a mostly competitive market out there. That means conditions are still great if you want the best price on your home.
611 Dove Creek Road | Bartonville | Listed for $1,950,000
A: Of particular concern right now to our clients in the Ranch and Land Division are oil prices and the impact on the economy. That’s a very important factor in making a decision to invest in land. Though investments in ranch and land are up – and our transactions are up year over year at Briggs Freeman Sotheby’s International Realty – buyers are still concerned about the 2008-2012 economy and are cautious about diving right in.
President and CEO Robbie Briggs independently owns and operates Briggs Freeman Sotheby’s International Realty with seven offices in Dallas, Fort Worth, Uptown, Lakewood, Ranch and Land, The Ballpark and Southlake.