Expert Advice: Relocations and the DFW Real Estate Market
October 30th, 2014 | by Michelle
The incredible growth of the North Texas economy through the major corporate relocations announced in the past year alone will have a lasting effect on the local real estate market. Already, we’re seeing low inventory of homes for sale in certain areas and at certain price points. And our home prices continue to gain steadily.
With the impact the relocation market could have on local real estate, we asked the expert agents at Briggs Freeman Sotheby’s International Realty: How are relocations changing the region’s real estate market?
Here’s what they said.
A: The number of corporate relocations to the Dallas region has increased demand for move-in ready homes at the high end of the market. For the most part, relocation clients are not interested in taking on a major renovation. So we are seeing even greater competition and multiple-offer scenarios for homes in good condition in some of our most popular neighborhoods in the Park Cities, Preston Hollow, Lakewood and Downtown. Relocations simply have made the real estate market more intense.
A: Companies are bringing people from all over the world to our area. I have worked with clients from South Korea, Japan, China and Canada, plus both our East and West coasts. These clients choose an agent based on neighborhood knowledge – they want someone who can best match their lifestyle to a North Texas neighborhood. It is such a fulfilling experience, because these families enrich the neighborhoods they move to – through schools, places of worship, cuisine – and become ambassadors for Dallas.
A: With the addition of so many top-tier businesses to the region over the past couple of years, we have seen strong demand in housing at a variety of price points. Relocated buyers have put pressure on the already tight inventory. Rising prices reflect demand at all levels. Lot sales in the Park Cities, Bluffview, Preston Hollow and Lakewood have seen dramatic price increases. With the “dirt” so valuable, older homes are often being replaced by new construction.
A: With the number of corporate relocations to the Dallas region growing in the past several years – thanks to our supportive business environment, strong economy and high quality of life – sellers truly are enjoying national and international attention when they list their homes for sale. At Briggs Freeman Sotheby’s International Realty, we have watched U.S. and international traffic to our property search page surge. It’s great example of our global reach and key to our marketing strategy.
Click here to see the latest in real estate news. CEO Robbie Briggs independently owns and operates Briggs Freeman Sotheby’s International Realty with six offices in Dallas, Uptown, Lakewood, Ranch and Land, The Ballpark and Southlake.