Local markets spotlights 5 different areas across the country, showcasing what is uniquely happening in those housing markets. Local real estate agents, loan officers and appraisers share what characteristics are currently defining their housing markets.
Recently Judith Abbott shepherded around a couple moving to the Dallas area from Oregon – the potential homebuyers wanted to be in a part of the Dallas-Ft. Worth area that went Democratic in elections and offered supermarkets replete with organic food. Their price point: $250,000. “I remember wondering, ‘What are you possibly thinking?’ said Abbott, an agent at Coldwell Banker Realty. “The people were not very realistic.” True, the median home price in Dallas is not much above $250,000. But for urban neighborhoods like the Bishop Arts District that these homebuyers were touring prices have climbed to $400,000 and $500,000. The low-inventory market, Abbott said, has forced her to steer buyers to newly built homes, even if those homes are architectural duds, or in less appealing areas. “I’m a historic house person,” said Abbott, who is 72-years-old and has been involved in real estate since junior high, when she bound her mother’s mimeographed MLS sheets into a loose-leaf notebook. “But desperate times call for desperate measures.”