Dallas

Low Interest Rates, Soaring Demand in North Texas Real Estate

A combination of low interest rates and increasing demand has led to some unusually large crowds at showings of North Texas homes.

Over the weekend in Dallas, dozens lined up in hopes of making an offer in a new development, with only 25 ultimately being chosen in a builder’s lottery.

“The fact that they were pre-approved was pretty intense,” said realtor Connie Segovia, whose video of the line spread on social media. “It was very shocking because we know that inventory is limited, but the fact everyone was waiting to be picked to buy was pretty intense.”

Segovia did ultimately have one of her clients selected, but said in the last two months competition for homes in North Texas has increased dramatically.

“The listings that I saw, that I liked, I would check a couple a days later and they were pending or contingent,” first-time home buyer Anna Lea Perez said.

Perez closed on her first home last week after an intense search and said her biggest piece of advice to others hoping to buy was to be flexible.

“I started out thinking I wanted something very specific and as I saw how the market was going I had to adjust and be flexible,” Perez said.

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