Buyers Taking Big Risks To Win In DFW Housing Market

The real estate market in DFW is so competitive, some buyers are taking big risks to make sure their offer is accepted.

[@caronshogan2436]

This is horrible! I own home but I know yeah I sell but I would be in the same position as the person who recently bought mine. I feel so bad for young families it is so hard to do anything now!!

[@mcanibsa3036]

My wife and I decided to build in Frisco ISD August last year and we thought we could wait but by September the base price had gone up by $5,000 We pulled the trigger immediately. Right now the base price has gone up by $150,000 compared to September of 2020. We are absolutely glad we made the right call

[@bravehats]

A wise man once said.....Never follow the crowd (Sheeps). This will end in tears.

[@pubmeatman]

It’s the same here in Florida. I’ve been looking for 5 months. Very low inventory of resale homes. Long waiting lists for new builds. I could sell my current house in 2 days max but I can’t find a new house. I’ve been outbid 5 times. Ridiculous.

[@pubmeatman]

Make that outbid 6 times. Offered full ask cash with an escalation clause up to 20k over asking on a 275k home. They came back and asked if I wanted to increase my offer! They should just auction off every listed property. This stinks!!

[@glee1804]

This look like 2008 house market coming soon... good luck everyone

[@LovelyVelvete]

100%agree

[@lv9855]

Do you see many ninja loans?

[@LoveNLight1111]

Not going to happen

[@Clubrat]

Crazy how so many people are desperate for buying homes in times like this^^ And builders are putting up new ones like crazy to satisfy the demand. I think we have seen this movie before.

[@McRambleOn]

Disagree

[@TwoMuchTaught]

Same thing is happening in NJ (we live) and TN( in-law lives) at every price level. Saw a house with in ground oil tank and in a flood prone(Durning Sandy) flood zone sold for 10k over asking. As for how do people have money during COVID in my case, Mrs&I work in the hazardous waste management industry. Our workload increased because of covid, + cheaper gas, + less traffic and extra pay = extra money.

[@erikunixarias]

Where is the people getting so much money in the middle of pandemic?

[@alksjda]

healthcare worker. getting paid OT (1.5x) + 500 a day for hazard pay. some states are paying california nurses to come over to help for up to 10K a month and paying living expenses like hotel and food.

[@erikunixarias]

@@alksjda I am an engineer and got laid off last month. Yes, but not everybody works in the healthcare business.

[@rosep8481]

Cheap loans is the reason

[@lv9855]

Insurance, IT, financial sectors, nail, hair, warehouses, etc. Not every sector got hit hard as travel and restaurants.

[@chrismullin8304]

Construction. Building and repairs never seems to stop. Even with materials skyrocketing.

[@frankcoffey]

Wow, I had no idea. Back in 2018 when I built my house there was some effort to "sell" me the house. Seems like now you have to beg to buy one. The main reason I went with new was because I only had to have 3% down to get the loan. That did mean I didn't get the lowest interest rate but it sounds like I still made a good decision to buy when I did. I do love living in an area where there is growth and construction everywhere. I watch videos of cities that are in decline and decay and think how depressing it would be to live there. If I had known the Covid-19 thing and work from home was going to become the norm I would have built a bigger house. I think a lot of working age folks are starting to feel the squeeze in their house tying to find a space to work, really hard if more than one person is working in the same house.

[@eddyeroyal6024]

This happened to me, I’m a VET, and i looked at over 10 homes, lost out CASH, and people that didnt want VA loan. I did finally find one in Mansfield.

[@Andy-vt7sl]

3:25 he’s right about no leverage for buyers. If you don’t need to buy now just wait. There’s a correction coming.

[@SunButterfly80]

I hope so, I was hoping to buy a home this year. The competition is too fierce.

[@mmcmann9539]

That's not what an appraisal waiver is. It means that there is no appraisal.

[@Chosen1Drums]

It depends. In some cases the bank will REQUIRE an appraisal, especially if the offer is far above list price. In that case, an appraisal waiver just means the buyer is willing to pay the cash difference between appraisal value and offer.

[@darnellwalker6064]

All cash you dont need and appraisal.

[@kking1367]

Oh man, These buyers are going to regret it when real estate market crashes in a year or so. This bubble WILL pop. 2008 all over again!

[@wreckingopossum]

One can only hope! Fingers crossed this comes true

[@alksjda]

false. banks are very strict on who they give loans out now.

[@yepyep6916]

The market was tight even in 2014...it’s not a bubble in DFW since supply is low. Population will double in 15 years

[@yepyep6916]

Thomas ..true, and ppl have equity and transplants from California and from other places are impacting the market

[@johnnycroat]

lets hope

[@urbanturbin4375]

New builders are ripping up contracts on people who already booked homes

[@MSanz-jc2bg]

Time to leave DFW.

[@SIGNALFREQ]

Unfortunately 😭

[@urbanturbin4375]

Buy new at this point

[@dreamshakegaming]

They are increasing the prices on new homes so rapidly. I called a builder to finally give up and overpay for a new house on Tuesday. Made an appointment for Saturday to go finalize everything, but the time I got there, it was up 4000 since what I was told just 4 days ago. It’s ridiculous, I gave up and now I’m renting an apartment for a year. Hopefully it crashes soon

[@SunButterfly80]

@@dreamshakegaming I'm hoping it crashes soon too. I finally get out of debt ready to buy a home and so is everyone else. I can't compete when I get outbid with every offer given. One outbid me by offering $60,000 over asking price.

[@JollyMan69]

No sensible one would buy house now in Dallas area , unless they have enormous amount of illegal money so they pay in cash 😜 Bet it crashes before Q3 2021 💪

[@SunButterfly80]

It's sad, but I'm hoping it crashes soon. The competition to buy a home in your home state from people who live outside of it is too much.

[@hephaestus6365]

Ummm... this is very worrying. Why aren't people more panicked in this video? Lol

[@solutionsforabrightfuture3579]

To all the people causing this thankyou for making it easier to sell my house.

[@nightowl1654]

You won't afford your next house. Good luck

[@microbios8586]

@@nightowl1654 This is always my thought. I'm a property owner but increase in value scares me. Property taxes have gone up, and I know when I sell it, despite the profit, I couldn't afford to live anywhere nearby. The housing market in the US is a dumb game.

[@pearlperlitavenegas2023]

@@microbios8586 yep!!! My taxes going thru the roof in Dallas due to ecer increasing values. I hope prices crash soon or I'll have to sell because I won't afford the taxes alone!!!!!!

[@pearlperlitavenegas2023]

The only winner here is the tax man pay up

[@phantomf41]

@@pearlperlitavenegas2023 you got that right

[@c.l.1820]

Ew. Go away.

[@phantomf41]

I am not following the sheeple herd now. Going to wait till this hype ends for buying a home

[@theforestisdark9676]

I know about 100 families moving to Texas for the cheaper homes bigger lots!

[@SunButterfly80]

Good for them, but bad for me who has grown up here in Dallas and is finally ready to buy, but I can't because I get outbid from folks from out of the state.