Record-low housing inventory and the rise of real estate TikTok are driving Dallas-Fort Worth agents crazy.
“I just had a house go under contract that was on the market for 36 hours,” real estate agent Joey Stanbery told WFAA local news.
Two of his North Texas clients, Caroline and Tom Griffiths, had offered $100,000 over asking price on a house, only to get rejected. Overall, they ended up 0-for-15 on offers.
It’s no secret the DFW market is exploding, but now it’s completely changed the buying process. Rather than taking 30 to 60 days to find and close on a home, a process realtors are accustomed to, it’s become a mad race for the buyer to get their name on that dotted line.
“The buyer knows there’s no inventory,” Stanbery said, “that they need to get in and get the house and grab it quickly.”
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It’s also changed how realtors approach their job as they have to squeeze what used to be more than a month of work into a fraction of that time.
“Man, it turned. It turned big time,” Stanbery said. “Now, I walk in and talk to a potential seller and say ‘Look here’s what you need to do. A, B, C, and they’re like are you sure that’s all we need to do to the house?'”
Agents and sellers are increasingly using social media platforms like TikTok and Instagram for marketing their properties.
“You wouldn’t think that a video that lasts 15 seconds with a spin-up shot of a house would gain traction, but it does,” says Stanbery, who notes that he’s even seen other agents go back to full-time jobs to get a source of steady income as the home search becomes a nightmare for their clients.
The DFW housing market may be hard to read, especially with a potential bubble on the horizon, but one thing is for sure: it’s a seller’s market.
[WFAA] — Maddy Sperling