By KeyCrew Media
Lower Greenville homeowners in Dallas, Texas, are selling in a neighborhood that looks different than it did several years ago, and in a market that has shifted toward buyers. Both changes affect how a home should be priced and prepared.
Rhoni Golden, co-founder of the Golden Hays Group at Dave Perry-Miller Real Estate, works with buyers and sellers in Lower Greenville and nearby East Dallas neighborhoods. Here is what she says sellers should know before they list.
Older Homes Are Being Replaced by Luxury Duplexes
Over the last several years, Golden says, many of the smaller, older homes in Lower Greenville have been torn down. What continues to go up in their place is large, new-construction luxury duplexes with three and four bedrooms, selling for about $1.2 million to $1.4 million.
From the street, Golden says, these duplexes look like large single-family homes. “It’s not like your old-style duplex that you think of that’s kind of run down from the ’70s,” she says.
Builders are buying lots and maximizing them because so many people want to live in the area, particularly young professionals and SMU students. Golden expects the trend to continue. For owners of older, smaller homes, that means builders are an active part of the local buyer pool.
Updated Tudors in the Conservation District Remain in Demand
Not every part of Lower Greenville is following the duplex trend. Part of the area sits in a conservation district, where rules help preserve the architectural character of the homes.
“There’s definitely a strong market still for updated Tudor-style homes in the conservation district,” Golden says.
The key word for sellers there is “updated.” Tudors that have been refreshed are the ones holding buyer interest, so owners of homes that have not been updated should expect condition to play a larger role in how their home is received.
Higher Rates Have Shifted Leverage Toward Buyers
Golden is direct about current conditions. “Right now, times are a little bit tough for sellers,” she says.
Interest rates are higher than many buyers have dealt with before, especially younger buyers who got used to rates in the 3% range. That has reduced the buyer pool, and Golden says prices have been softening. She has seen buyers make offers she expected to be turned down, only to have them accepted.
Builders are often the sellers saying yes. “It’s not like a family who can say, we’ll just stay put until the market changes,” Golden says. “Builders, they built, and they’ve got to move that product.” For individual sellers, that means competing with builders who may be more willing to negotiate.
Golden says her own team’s closings have slowed since the spring, as fewer buyers are willing to take on risk. How long these conditions last will depend on the broader economy, oil prices, and world events.
Homes That Feel Special Still Draw Multiple Offers
Even in a buyer-leaning market, Golden says the picture is not uniform. Homes that are updated, well decorated, and have an emotional pull are still drawing multiple offers with some frequency.
“A wonderful house will pop up, and it’s beautifully decorated, and it has an emotional pull, and suddenly we have multiple offers,” she says.
Her advice to sellers who need to move is straightforward: “Get this house in as good a shape as you possibly can, because it will be rewarded.” Lower Greenville homeowners who want help deciding which updates are worth making before they list can connect with the Golden Hays Group team.
Rhoni Golden and the Golden Hays Group are based in Dallas, Texas, operating out of Dave Perry-Miller Real Estate. Their focus is the inner-loop market inside the 635 loop, specifically Lakewood, East Dallas, Lower Greenville, Preston Hollow, and the Park Cities.
This article is based on information provided by the expert source cited above. It is intended for general informational purposes only and does not constitute legal, financial, or real estate advice. Readers should conduct their own research and consult qualified professionals before making any real estate or financial decisions.
