No one ever thought unemployment rates would get this high. We’re in the middle of a pandemic-fueled recession. And the real estate market in Dallas remains fire.
Why is that? Mortgage rates also hit an all-time low this summer, dipping below 3% for the first time ever. That encouraged a lot of people to buy homes, but since the Dallas market was already seeing a low supply of houses on the market, it has created a market where demand is high and supply is low, resulting in bidding wars and offers well above the asking price.
In other words, it’s a seller’s market.
Oak Cliff real estate agent Randy Bell explained it to WFAA last week. Watch below.