FORT WORTH (CBSDFW.COM) – While 2021 has reportedly set all kinds of frenzied home-buying records across DFW, there is more proof now that a slowdown is taking effect.
Recent data put out by real estate company RE/MAX shows DFW home sales have fallen 20.8% from this same time last year.
“A lot of that has to do with just the low inventory. There is still just not enough inventory out there,” said Todd Luong, an agent with RE/MAX DFW Associates.
He said a lot of people who tried to buy during the peak of the frenzy were unable to and they lost motivation to keep trying.
“A lot of those buyers have really just you know, they’ve given up their will. They’ve renewed their leases. They’ve kind of put off their search for some time now,” Luong said.
He said the advice for buyers is to try again now that sales are down.
“For buyers I would say now you have a better chance of winning a home. Where as 4 to 5 months ago you didn’t. Now you have a much better chance.”
For sellers his advice is to understand that the days of pricing a home high and expecting bid wars above listing are over.
“For sellers I would say you probably need to price your home a little more realistically. You can’t get away with over pricing your home too much and expect to get multiple offers on your home.”