Texas buyers spend two months looking for a home

DNT - Website (1)“It is no surprise that the Dallas Morning News reports that buyers are taking an average of 2 months to buy a house. There is so little inventory to even show buyers right now in certain price ranges. MLS stats for July reported active listings down 40% over this time last year and there is only 1 month supply of homes priced $400,000 and below. It is not that buyers do not try to buy sooner than 2 months it’s that they face multiple offers on good houses and lose out when the price soars higher than they can or want to afford. Homeowners even remotely thinking about selling their home and want to wait, may want to rethink their strategy. Why miss out on a supply and demand market where sellers have more leverage. That is not to say you should price your home out of the market pricing but it does say you can expect faster results if you your home is in good condition and priced right.”

-Mary Beth Harrison, Dave Perry-Miller Real Estate | Dallas Native Team

Texas home sellers had lived in their property a median of 12 years.(Amy Sancetta / AP)

About three in 10 of the state’s homebuyers in the last year were first-timers.

Finding the right home at the right price is the biggest challenge for Texas homebuyers.

More than half of homebuyers said finding a house to buy was their biggest hurdle during the past year, according to a new study by the Texas Realtors association.

Texas buyers spent a median of two months shopping and looked at an average of nine properties before making a move.

The inventory of homes on the market in Texas has plunged this year because of the pandemic. At the same time, low mortgage rates have fueled a surge in new buyers.

About three out of 10 recent homebuyers statewide were first-time owners, according to the Texas Realtors group. And almost 40% of buyers had previously rented an apartment or house.

The median age of Texas homebuyers is 52, older than the median of 47 across the U.S.

Texas buyers had a median household income of $95,500 vs. $93,200 nationwide.

About 40% of buyers were previously renting.
About 40% of buyers were previously renting.(Texas Realtors )

Almost a quarter of Texas home sales in the last year were to ethnic minorities.

“While Texas was slightly better than the national average of homebuyer diversity, we still have work to do,” Texas Realtors chairman Cindi Bulla said in the report. “Across the state, we are still seeing white buyers make up the largest share of homebuyers, while those identifying as Hispanic or Black make up 14% and 5%, respectively.

“We as Texas Realtors must be laser-focused on strategies to ensure that homeownership is attainable and affordable for our entire population.”

Sellers who put their house up for purchase in the last year had owned the property for a median of 12 years — higher than the national tenure, the Texas Realtors found.

The median time it took to sell statewide was four weeks, compared with three weeks for all the U.S., the survey found.

The top reasons sellers said they made a move was to be closer to family and friends or for job relocations.

And the median Texas sales price was $64,050 more than what sellers paid for their homes.

Job relocations are a big motivation for sellers.
Job relocations are a big motivation for sellers.(Texas Realtors ) 

See the full Dallas News article

Steve Brown, Real Estate Editor. Steve covers commercial and residential real estate in Dallas-Fort Worth.

stevebrown@dallasnews.com @SteveBrownDMN

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