Founding partner of Compass Dallas Christy Berry gives the scoop on the state of Dallas’ residential market.
1. How is Dallas real estate bouncing back after the onset of COVID-19? Real estate agents realized the typical stellar March and April spring market was going to be delayed, so we pulled listings as to not accumulate days on the market. ... It wasn’t until the middle of May that we all started putting the listings back. We’re expecting this summer to be our delayed spring, but keep in mind that while the market may be hot, inventory is going to remain low.
2. What trends are happening in the luxury market? I was worried when I heard DFW had lost more than 280,000 jobs as of April, but I really do think we are going to be just fine. Here’s why: The Dallas luxury market has seen showings double on homes over $2 million. New builds are still leading the pack with little inventory and high demand. They are getting snapped up before they’re even completed.
3. Is virtual home buying taking off? Yes, it’s really happening! We are representing more and more clients who desperately want to move, however don’t feel safe going to someone else’s home right now. I am getting close to purchasing one for a client who lost their home in the October 2019 tornado, then left and went to their second home when COVID-19 hit. ... I’m confident that, despite this altered way of seeing the market, the final product will still be a happy buyer finding the perfect place for her family to call home.
4. As we spend more time at home, what are buyers now searching for? 1. A perfect study/office or maybe two of them. Everyone now needs a peaceful place to be productive. 2. Save the darkness for sleeping! Natural light makes us all happy, and people are craving the new big picture windows that open to provide fresh air. 3. A physical activity space is the new formal living room. ... This new wellness room is essential for everyone in the home.
5. It’s summer in Dallas, and outdoor spaces are more important than ever. What does the ultimate retreat look like? The major shift I’ve seen in outdoor spaces is the movement from the backyard to the front yard. People are prioritizing socialization with neighbors and want to feel as though they are part of their neighborhood. Front yard fire pits, play areas and seating areas are now the norm.
Photography by: Stella Images/courtesy of subject