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Living Big in The Big D

With Tara Deming
Saturday, April 30, 2016 10:27 AM

Coming to Terms with the Market Three things you probably won’t get in DFW’s Sellers’ Market

By: Tara Deming

Just in case you have been living under a rock and haven’t heard, It’s a seller’s market.  What does that mean, one might ask?  Plain and simple the supply of residential properties in the North Texas region doesn’t meet the demand.  Sellers are often able to list and sale their homes for higher prices in a shorter amount of time after reviewing multiple offers. If you plan on purchasing a home in the next couple of months you should come to terms with three things you probably aren’t going to get under current market conditions.  


A Steal

I have HAD clients who insisted upon submitting offers below asking price and ask for closing costs.  If you are serious about purchasing a home in the DFW Metroplex get it out of your mind right now that you will get a steal. Think about it, if a beautiful home comes up for sale and you like it, 9 times out of 10 other buyers are going to like it too.  I listed a condo in March in the Addison area and received numerous offers within the first 3 days. Several were 10k above list price.  Those are the offers my client and I focused on. A couple were 10k below asking price.  They were presented but discussed very briefly.  Who am I kidding? They went to the bottom of the stack. When you submit an offer you are competing with those buyers to “win” the house.  So why would you attempt to get the home by saying you would pay less than what the seller is asking for the home, especially when there is so much competition?  That’s like running a foot race for a highly coveted prize but giving your opponent a head start. If I’m being completely honest, its annoying to your Realtor.  So you want me to drive around showing you home after home, then once we find the perfect home you want to offer what you believe is a good price, even though there was a line of people waiting at the door when we saw the home?  And I’ve presented you with data that should influence you to make a competitive offer? Did you notice I said had?   Ain’t nobody got time for that!!  If you are serious about purchasing a home respect your agents’ professional opinion and make sure you are submitting your strongest and best from the beginning. A good Realtor knows other cards to pull to increase your chances of getting your offer accepted.    


Your Closing Costs Covered by The Seller

The closing point is when the title of the property is transferred from the seller to the buyer. In most cases both parties to the Real Estate transaction pay fees associated with doing so, known as closing costs. The buyer comes to the table with closing costs and the sellers’ fees are taken from any proceeds of the sale. Asking the seller to cover your closing costs in our market also puts you at a disadvantage when submitting an offer for a home.  Don’t ask the seller to cover your closing costs.  Do keep it real with your agent about your financial situation.  He or she can use that knowledge to help you find the best mortgage lender and loan program for your needs.  Lenders potentially have the ability to cover certain costs and are knowledgeable about down payment assistance programs that could meet your specific needs. Also, if you are looking to purchase a new home, some builders will cover part of your closing costs or offer a fixed amount that can be applied to closing costs if you meet certain terms.