DALLAS (CBSDFW.COM) – Hot and getting hotter. Yes, those words could describe the weather in North Texas — but, they also apply to the housing market heading into summer.
Families that have put those searches on hold because of school are now getting into high gear.
“This is our busiest time of the year,” said Kyle Lyon, founder of Kyle Lyon Reality Group with Keller Williams Realty. “We prepare all year for this. I tell most of my friends and family, ‘sorry, no vacations are going to be happening until September.'”
When a job offer lured Preston White back to Texas, he was hoping for a deal. But, the California-transplant soon learned that those days are done.
“Coming from LA, I thought it was going to be a huge price drop,” said White, “but, the price points here were a little bit higher than I was anticipating.”
The Whites had one weekend to find a house — in a hot, seller’s market. He says his realtor, Kyle Lyon, made sure he was prepared.
“You can’t go in there with the mindset that ‘I’m going to low ball an offer,'” said Lyon, “It just doesn’t happen anymore… we have clients who reject offers if they’re not at list price.”
Real estate experts say a number of factors are driving up home prices in North Texas: relocations from high housing cost states and, of course, investors with plenty of ready cash.
“You’ve got to be prepared that you may not get your first home,” warned Lyon, “Or you may have to go $10,000 to $15,000 over list price in order to get it because there’s going to be multiple offers.”
So he says he often advices clients to make offers on multiple properties so if they’re outbid on their top choice, there’s already a backup plan.
“Just do your homework,” said White, “And once you find a place, make sure you’re not waiting around–you’re actually putting in an offer and making sure you’re moving quickly.”