Question Details

Michael R, Home Buyer in Lewisville, TX

Market Conditions in DFW Area?

Asked by Michael R, Lewisville, TX Wed Apr 30, 2008

my realtor says the area is not affected by the rest of the nation and housing remains very strong. she states this everytime i ask 'i wonder how much less they will take'. she also seems to think asking $5,000 off the listing price is alot. my mom says for the first offer take $20,000 off. as you can see their is a huge difference in those 2 prices. this is my first house.

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Michael, the DFW area hasn't been affected as much as the rest of the country, but there are many areas in the metroplex where the buyer may not have the price advantage when making an offer. At the very least have your agent run a comparative market analysis for the neighborhood that you are looking to buy in. Homes that have been active listings for 120 days or more will probobly be your best bet if you are wanting to make an offer for a significant amount below list price. My experience with buyers that have been able to buy properties at 10-15% below list price have been on those properties where they have been on the market for 180 days or more. If you try to make a lowball offer on a property that has been on the market for only a couple of weeks, the odds will probobly be against you in getting that property. Also, prior to making an offer, make sure that you have your financing in place and you have a preapproval letter(don't confuse this with a prequalification letter) from your lender to send along with your offer. If a seller sees that your lender has given you their guarantee for financing, that will put you in a stronger bargaining position as well. I hope this helps!
0 votes Thank Flag Link Wed Apr 30, 2008
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