Crazy market continues: A Dallas buyer was offered $50K to walk away from home they just secured

Realtor Todd Tramonte said the buyer refused the offer but said his jaw remained on the floor.
A story by the Dallas Business Journal regarding the lack of housing inventory in the Dallas area on WFAA's website has been trending the past day. So it got me texting a few realtors in town to see if the market is as crazy as it sounds.
Spoiler: yes.
The report mirrored new findings from Compass real estate brokerage that found a decrease of 53.3% locally in January of the Dallas housing inventory compared to the same time last year.
There were 1,649 homes on the market in Dallas County at the end of January compared to 3,533 in January 2021.
Sellers in the Dallas area are getting the price they’re requesting. Homes sold in January for 100.1% of their list price, compared with 97.4% of the asking price in January 2021.
According to the report, Cash is also king, with 27% of all home sales in January 2022 all-cash, compared to 23% in December 2021 and 19% in January 2021 - also demonstrating the continued interest from individual investors second-home buyers.
STORY: www.wfaa.com/article/news/loc...

[@chuyito1010]

It’s a shame when hardworking people from Texas who lived here all or most of their life get outbid by Californians and others outside of the state. We grew up in these cities and are only getting outbid by people who don’t care for the state like we do.

[@JadedGLORY2689]

True Brother. I'm a 3rd generation Texan and it really sucks to see my city overrun with transplants from across the U.S. I hope it slows down although I keep praying and hoping that they don't bring their "progressive" politics along with them, I realize that it's already happened. Looks like my family and myself will be leaving Dallas and buying up some land somewhere that isn't congested and overrun.

[@wendymcclendon3374]

@@JadedGLORY2689 I'm 10th generation and ready to move to another state. Never in my life did I ever think that I would want to leave Fort Worth.

[@JadedGLORY2689]

@@wendymcclendon3374 Geez I totally understand how you feel but yet I want to be defiant until my last ounce of willpower but I also don't want to spend my life being bitter about Whats become of our state. I guess we can only take it day by day.

[@arnoldceja2971]

It’s happening here in CA too

[@wendymcclendon3374]

@@arnoldceja2971 I always felt California got bombarded with people ever since it was an established state. But it seems that the Southwest is where people are swarming to right now.

[@carynlee]

They're blaming this on transplants, but the real is that you've got developers and companies like zillow that are buying a bunch of this inventory and driving the price up..I remember a big developer in Dallas said a couple of years ago that him and a few other developers were trying to turn Dallas into a rental market

[@DGreat-nk7eu]

Ok it's time for TX to close all it's borders!! We have no more room for y'all ❗

[@Speakupok]

Oh please!!

[@bronxstar3991]

Will never happen TX is making alot of money because of out of state companies and their employees moving here..

[@shawncrabtree7000]

Hahahahahaha more illegal immigrants for Texas! We Texans can handle it!

[@deanwarnock7304]

This is totally ridiculous.

[@MarkMclaughlin-qm8kq]

I am from Dallas born and raised in Carrollton i no longer live in the metroplex i got out in 1994 too many people there. The housing prices are crazy u know Texas got plenty of land to build endless houses to new folks moving there i gonna warn about something that happens in Texas droughts. What Dallas gonna do when they get seven year drought lakes get as low as 18 percent when that happens they be selling houses for 20 thousand last big lake built joe poole lake i think 1988. Water its precious gold u can't make water when the drought happen remember i warned u as for Frisco its a fake paradise and one day alot of thirsty folks lol.

[@amznprime5145]

Frisco is the most OVERRATED place in T.

[@guidosarducci166]

So, what happens now? Something has got to give, here. Renters who are hoping to buy a home have been priced out of the market, and landlords know this, so rent is also getting out of control. Wages are in no way rising to meet this, so unless something happens to take control of this, this market is unsustainable.

[@rachelm.3173]

So true. It's so infuriating.

[@shawncrabtree7000]

Have 2, 3, 4 roommates in 1 bedroom apartment (600sqft). Problem solved.

[@jonna3474]

This bubble will soon bust! When it does buyers will be upside down more than 75% this go around.

[@SlumberSource]

Absolutely. Anyone that's buying in this market are the same people that are dumb enough to go buy a new car at a dealership and pay 40% over sticker. What should people be doing right now ? NOTHING!

[@DGreat-nk7eu]

I tried explaining this to my wife , we are not buying a home right now at these ridiculous prices

[@tbui817]

When will it bust!?

[@empire867]

@@tbui817 maybe around 2025-2027 it may go down....

[@shawncrabtree7000]

@@empire867 that's more than enough time to drain savings account with inflation and higher rental cost for many people.

[@classicredwine]

I probably would’ve taken the $50,000 and just found another home lol

[@elbertmoreno2159]

Hey maybe I should show up at these meetings just to scare the buyers...

[@africarib]

But that's half the issue, more demand than supply.

[@fishplug10]

Survival for the fittest.

[@arnoldceja2971]

Ridiculous

[@alksjda]

Stop being poor

[@amznprime5145]

Why peeps don't build brand new houses? I see plenty of builders are strugglin righten now

[@Gardenwithme1]

That's is not true at all!!

[@1217mariel]

The wait time for these houses being built is long. There are people having homes built just to have the prices changed for various reasons concerning materials needed or used. There were several supposed investigations of contractors building homes and then selling for a higher price when another buyer swooped in. I refuse to buy an overpriced home just to be in serious debt when that crash comes. My mom considered selling her house to cash in on this market because it is paid off. I told her not to because there are no guarantees you can buy another affordable one, and rent will eat your money up.

[@magaareinbredhillbillies]

keep it up and run the hillbillies out.

[@lukegraham9603]

hahaha