How to Buy a Home in a Red-Hot Dallas Real Estate Market With Little Inventory — An Expert Realtor’s Best Advice
Call On ChristyBY PC Studios // 05.06.21
Find a new home in the current Real Estate market can be tough, but Christy Berry is here to help.
Entrust a knowledgeable realtor to ensure you're getting the right deal.
Christy Berry is one of the most trusted names in Texas real estate.
This article is part of a promoted series and not produced by the editorial staff.
The time has come to buy a new home. And whether you have been saving for years to move to your dream neighborhood or have been forced to relocate due to a job or something else that is seemingly out of your control, it can be discouraging to enter the house hunt in a market that is seemingly void of inventory.
The bad news? You’re going to have to be patient and you’re going to have to move quickly. The good news? You can still find your dream house with the help of a seasoned real estate agent that is familiar with the market in which you are searching.
We recently caught up with luxury real estate agent Christy Berry to get the inside scoop on successfully securing a home in a market with low inventory. Berry is one of most respected, trusted and experienced agents in Texas. Everyone has questions about this red-hot Dallas real estate market — and Berry is ready with some answers.
Q: What has caused such a drought in the Dallas housing market?
Christy Berry: It is a mix between low interest rates, an influx of people moving to Texas, millennials sick of being apartment dwellers and the pandemic has everyone rethinking their homes. Also new home construction
Q: Is there really a lack of inventory or are listings just not hitting the market?
CB: There is a total lack of inventory. For instance, in Dallas County last March of 2020, now mind you we were just starting the throes of COVID, but real estate really only came to a halt for two months, there were 4032 homes for sale and 1638 sold in that month. In March of 2021, there were only 1830 listed on MLS that were for sale, and 1768 sold. Remember there are no off market sales in these numbers as these are only reported by MLS.
Q: How does a buyer decide an acceptable and competitive offer if it never hits the market?
CB: Just because it does not hit MLS does not mean that numerous buyers will not see it. A seasoned agent with a vast network of knowing other agents who have clients looking can call them to see if their clients would be interested in looking and even cause a bidding war. An off market property can go very quickly with less stress for the sellers, as the prospects that do come through are vetted by their agents and are true buyers.
And in the days of some of the clients not actually visiting the property but doing Facetime, this is important. Speed is a priority right now for sellers and buyers and off market can cut this time tremendously.
Q: How can having a talented real estate agent help in low inventory situations?
CB: What a lot of people do not realize is that in March of 2020, the National Association of Realtors, our governing body, made it mandatory that if an agent markets a property, which includes an email blast, putting it on their social media, or puts up a sign of any kind, the listing must go into MLS within one business day.
You are allowed to tell agents in your firm about the listing, again making your agent important. Agents talking amongst themselves has never been more important, and their networks are crucial. Plus working with an agent who writes 50-plus contracts a year helps in knowing what is important and what is not to sellers.
Q: When seeking an astute agent, what should I look for and what questions should I ask them to determine if they are the right agent for me?
CB: There are different questions for buyers, sellers, first-time home buyers, etc… I would make sure they are full-time agents with a career in real estate. Ninety nine percent of my clients are referrals from past clients, so we know we are probably a good match.
Do you have a real estate question for Christy Berry? Submit them to [email protected] for your chance to have your question featured in this monthly series.
For much more on Christy Berry, check out her website.