Think Dallas real estate is a hot seller’s market? You’re not alone. According to a new survey by Opendoor, a digital platform for residential real estate, 78 percent of people in Dallas believe now is a good time to sell a home. Only 46 percent believe it’s a good time to buy one.
The wrinkle: Most weren’t sure what the future will bring. Of those surveyed, 38 percent predict the housing market will remain strong for a few more months. Only 40 percent think it will remain strong for a year.
Another report bears out that caution: The latest RE/MAX National Housing Report says Dallas-Fort Worth June home sales were down 5.8 percent compared to last year—the third-largest drop in the U.S.
Low rates, low inventory, high demand
Still, 76 percent of Dallasites surveyed think buying a house today is a good investment. Opendoor says the market is hot due to a trifecta of reasons: low rates, low inventory, and high demand.
“Whether you’re walking the streets of downtown, uptown, or Lower Greenville, the real estate buzz in Dallas-Fort Worth is incredible,” said Sharon Brown, Opendoor’s Dallas-Fort Worth GM, in a statement. “Homeowners are curious if they can capitalize on the recent but hefty appreciation of the market and our data validates that.”
Phoenix sizzles the most
Five other markets appeared in the survey, with Phoenix sizzling the most (89 percent believe now is a good time to sell a home there). But Atlanta, Charlotte, Raleigh-Durham, Nashville, all agree: It’s a great time to be a seller, whether you’re putting out a “for sale” sign or leaving your home fast, easy, and as-is with an investor like Opendoor.
Opendoor getting multiple offers
Like many homebuyers these days, people are lining up for Opendoor listings. The company told Dallas Innovates that they’re seeing competition to buy their homes like any other seller in this market.
That’s helped heat up Opendoor’s business. The San Francisco-based company is seeing record engagement and conversion on its platform, along with a Net Promoter Score “north of 80.”
Opendoor targets customers who want a seamless, certain, and fast way to move, by making competitive cash offers for as-is homes without any need to list, stage, or market them.
Opendoor collected data from 856 consumers across the U.S. who are planning to buy or sell a home in the next 12 months. The data includes augmented samples from residents in Atlanta, Charlotte, Dallas, Nashville, Phoenix, and Raleigh-Durham, allowing Opendoor to provide a breakdown of responses from these markets. The data was collected via Qualtrics from May 14-24, 2021.
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