Redfin revealed its list of the nation’s fastest real estate markets and, not surprisingly, Dallas was fourth on the list.
To establish what is considered a ‘fast real estate market,’ Redfin defined it as having the most homes going under contract in 24 hours or less.
All I can think when I read this is, ‘thank goodness I don’t live in Phoenix.’
Being in the ‘Dallas market,’ I can attest to the rapid-fire approach buyers are being forced to take when showing serious interest in a home.
Last night at 8 p.m., my husband and I got an alert from our Redfin mobile app letting us know a home went on the market in our price range. Within 30 minutes, my husband and I had driven by the house, approved of the neighborhood and texted our Realtor to see if we could take a look today.
Since the home had everything on our checklist, we all decided it would be smart to move quickly and see the home during our lunch break.
By the time we got there at noon, three other interested potential buyers had toured the home (which didn’t even have a for sale sign up yet, by the way).
As I suspected, we loved the home. Being first-time homebuyers, my husband and I want to be sure we are giving enough attention to detail and would love to have our parents come take a look and give us some honest advice.
However, as we left the property at 1 p.m., our Realtor strongly advised we get an offer in before 5 p.m. or risk having another offer accepted before we even have a chance to put one in.
So that’s where I am right now. I am putting in an offer shortly on this property and hoping for the best. That is the market we are in. There is no time to stop and breathe, let alone get to take a second look at a property before putting an offer in.
As our Realtor said today, the shift has happened. This is a sellers’ market. The buyer no longer has the upper hand in this fast paced, high demand market.