The Dallas market is a microcosm of the U.S., with attitudes about the housing market mirroring those seen for the country overall according to Opendoor.
The real estate disruptor’s recent study — The Hearts & Minds Behind Today’s Housing Market — says that more than three-quarters of Dallas-Fort Worth residents believe that buying a home is a good investment. Even more respondents think that now is a great time to sell.
“As one of Opendoor’s largest markets and the fourth largest metro in the U.S., Dallas-Fort Worth truly has something for everyone,” says Opendoor’s Dallas-Fort Worth general manager, Sharon Brown. “It comes as no surprise that the population has consistently been on the rise — the economy is strong with a healthy job market, the cost of living is relatively low, and a nice warm climate attracts both Millenials and retirees.”
Of Opendoor’s recent survey respondents, 38 percent say that the market will remain strong for the next few months. However, less than half of survey respondents think that now is a good time to buy a home. I think that buyers all over the Dallas-Fort Worth area are raising their eyebrows at those people because have you tried to submit an offer in this market? It’s brutal.
“Market inventory is continuing to sell fast and our survey data shows nearly 80 percent of residents in Dallas-Fort Worth believe it’s a good time to sell,” Brown added. “According to market data, median days on market have nearly halved from this time last year at 32 days. This hot market is causing a bit of a frenzy and agents across the market are busy.”
A Day-to-Day Conversation
“The current housing market is part of day-to-day conversation. Whether you’re walking the streets of downtown, Uptown, or Lower Greenville, the real estate buzz in Dallas-Fort Worth is incredible,” Brown continued. “Homeowners are curious if they can capitalize on the recent but hefty appreciation of the market and our data validates that.”
Of Opendoor’s survey respondents, 40 percent think the market will continue to stay strong for another year. However, for those who say that buying a house is a good investment right now, 28 percent believe that a move-in ready home is the best investment, 16 percent believe buying and renovating a fixer-upper is the best deal, and 18 percent are shrugging off the idea of buying altogether and are pouring their money into fixing or updating their own home.
