Hot housing market driving up home prices in Dallas

DALLAS – Rachel Freeman and Austin Poynter are on the hunt for the home of their dreams in Dallas.

A large kitchen and yard are must-haves, but as the real estate market heats up in Dallas and nationwide, speed is now the name of the game. If a house sounds promising, the couple has to act fast.

Homebuyers have to act fast in today’s hot housing market CBS News

"If you don’t, then it’s going to be off the market before you can even take a look at it," said Poynter.

Traffic at open houses is typically sluggish this time of year, but has recently picked up the pace. According to online realtor Zillow, some of the areas with the fastest appreciating home values are San Jose, Nashville, Charlotte, Seattle and Dallas.

Dallas has one of the hottest housing markets in the country CBS News

Marc Bullock is a real estate agent in Dallas. He said prospective buyers need to come in pre-approved. "Things are moving off the shelf so quickly that if you’re not submitting that along with your contract for purchase, you’re not going to get very far," Bullock said.

For Austin Poynter, the question is whether the market will keep going strong.

"It’s like, ‘Oh, is it better to go in now? Is it better to wait six more months to see if the prices are going to drop at all?’" Poynter said. "We’re at the point where we might as well buy now."

One of the factors driving the current real estate boom is the sale of starter homes. Realtors also say more millenials are contributing, but getting mortgages.

Source Article