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DFW Market Conditions.
Hotter than ever!
We've gone through about 3-4 years of lousy economic times where not much was selling and not much was getting financed. If my overheated telephone and email servers are any indication, those doldrums are officially over. I'm having to charge my iPhone twice a day now.
During the recent slow market, the only properties that were selling were foreclosures and other distress sales. Bottom-feeders ruled the market. The well-run, well-positioned properties just sort of hunkered down waiting for it to all be over. We're now seeing the re-emergence of market-rate sales as owners who have been in a holding pattern for several years are deciding to take advantage of an up market.
Recently the DOW hit a record high and exhibited the longest consecutive winning streak since 1996. National unemployment is down to 7.7%. The DFW area is significantly better than the rest of the country. Single-family residential properties are booming and properties are selling at good prices with minimal days on the market. The days of multiple offers have returned.
In the past, I've advised my salesmen that they could take vacations in the first quarter of the year because nothing ever happened between New Years and Tax Day in April. Wow, has that theory been blown out of the water! We closed four multifamily deals in the first three months of the year, one of which was a 1031 exchange that went from offer to closing table in five days! And, if previous experience still holds true, it'll get even better in the next few months. Typically the investment real estate market wakes up on April 15 as investors deal with their taxes and CPAs. Writing a big check to Uncle Sam always reminds investors that they need tax-advantaged real estate in their portfolios.
DFW, Houston, Austin, and San Antonio consistently rank among the most-desired apartment markets in the country. Vacancy rates are low, waiting lists are making a comeback, and rents are rising. Consumer confidence is up and we're seeing statistics that the DFW area is growing at one of the fastest rates in the country.
Buyers need to be much more aggressive as the market heats up. When you find a property that makes sense, you'll probably lose out if you don't act quickly and decisively. Get it under contract or watch someone else do it. | 
