Demand for starter homes in Dallas far exceeds the current available inventory. In a report commissioned by Trulia, four Texas cities – Dallas, Fort Worth, San Antonio, and Houston – are on the list of Top 10 Mismatched Markets.
Leading that list is Dallas, with a surplus of premium homes and a shortage of lower-priced homes that are attractive to first-time home buyers. In Dallas, 76% of listings are premium homes. This leaves those first-time homebuyers in that price range competing for a limited number of options. Many times paying above list price.
There are only around 150 homes in Dallas that are priced at $150,000 or less.
“This spring home-buying season, first-time homebuyers may feel as if their American Dream might be a nightmare,” Trulia senior chief economist Cheryl Young said in the new report. “Starter homes have become scarcer, pricier, smaller, older and more likely in need of some TLC than they were six years ago when Trulia began monitoring housing prices and inventory.”
Increasing this pressure is the rising number of investors also looking for properties in this price range. These are small mom-and-pop investors who want a second source of income.
The shortage of these homes combined with the demand from both first-time homebuyers and investors means these properties sell quickly and above list price.
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