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Award-winning Dallas real estate agent Damon Williamson is ready to help you find your dream home.

In 23 years of working in the Dallas real estate industry, Texas native Damon Williamson has seen it all. But he’s never seen demand like it is now. Thanks to low mortgage rates, an influx of residents, a flourishing economy, and other factors, the Park Cities real estate market is booming, with no sign of slowing down. Though the market can be volatile, award-winning real estate agent Williamson has always formed his client relationships on the foundation of trust, professionalism, honesty, and even humor in order to help his clients find the best homes for them. As local experts, he and his team at the Damon Williamson Group know what makes a strong offer stick. With his clients’ best interests in mind, he works tirelessly to settle them in the home of their dreams. We talked with Williamson about the local real estate market, best house hunting practices, and why living in the Park Cities is a great investment.

Is the current Dallas real estate market different than you’ve ever experienced it in more than two decades?

I was in my early 20s when I started my career selling new construction properties for one of the biggest home builders in DFW. I’ve never seen such a rapid increase in sales and prices during my tenure like we are experiencing now. I think we’ve all been watching mortgage rates and house prices closely during the pandemic, and with this year’s record-low mortgage rates and the sudden wave of relocations, buyer demands continue to surge.

How would you describe the Dallas — and more specifically Park Cities — real estate market now?

Eye-popping. Dallas’ real estate market forecast, I believe, is set to be one of the top cities to outperform the nation. I think we are just a migration magnet right now because our homes here are relatively affordable, we have some amazing family-sized homes in the Park Cities that are appealing to a lot of people relocating from out-of-state, we have a booming economy, and lots of sunshine.

Can you give us a better understanding of what’s going on in the Park Cities real estate market?

Many single-family homes in the Park Cities that are hitting the market are selling in bidding wars, and the buyer with the most cash who closes fastest wins. Our inventory here has hit record lows and days on market are now measured in hours. The home prices around here are way up. More and more, I see offers like waiving all contingencies become standard conditions as we all see more and more panicked buyers over-reach to get in on the action to get a house here.

Why is it such a seller’s market? What factors contributed to this?

You have all these contributing factors that have been accumulating over the past 12 months, such as low rental inventory supply pushing rental rates upward, a migration from other states into Texas for jobs and lower taxation, and a shift in the mentality of “home” and the importance of investing in a home for multiple purposes, including work. So now we have historic low supply vs. demand, which has fueled the seller’s market with fast-moving prices still on the rise. The low vacancy and high rental rate market has made investing in rental properties ever more popular — creating a larger segment of investors trying to flip or hold for rentals. The vacation home market is heated with buyers who prefer to avoid air travel and spend more time with family. We also have a large segment of buyers who were renting during COVID and delayed purchasing a home. There is truly demand from every aspect of the buying pool that’s fueling record-high prices and cutthroat competition.

It’s tough to be a prospective buyer right now. What advice do you have for someone wanting to purchase a home in the Park Cities?

Inventory is low everywhere, and especially in the Park Cities. My best advice is to submit your best offer. Even if your offer is rejected, you will not have regrets if you gave it your best shot. In previous markets, buyers had the ability to start low and do some negotiating. But today, most buyers only have one chance. You really have to put in the cleanest and strongest offer you can without going over your budget. Try to get the house under contract prior to being on the market for days and accumulating offers. For example, one of my buyers last week made an offer on a home that was listed at $1.8 million. We gave a strong over-ask price, with free lease-back for the seller to find another house, a short option period, and a very short financing period. I also had my buyers write a letter to give the seller with a snapshot into who was buying. Most importantly, I requested the offer to be accepted prior to the open house the next day — so we got an agreement that night.

What would you tell a prospective buyer who’s made multiple offers and lost, in order for them not to get discouraged?

It is taking longer to find homes in part because there’s an intensifying housing shortage that’s causing many house hunters to get outbid repeatedly. I just make sure my clients are educated and prepared before heading out on the house hunt in this market. If you stay fixated on the home you lost, you may miss out on another great property. Nine times out of 10, the house you finally do get will be a much better fit. To avoid getting discouraged, put your trust in a local expert who is looking out for your best interests. Working with an experienced agent can give you the best chance of submitting a winning offer. My team knows the ins and outs of the local market, we know what it takes to be ‘offer-ready’ in this competitive environment, and because of our large network, we often hear of listings right before they hit the MLS, which can give you an edge over the competition.

How does a buyer recognize a competitive offer versus over-paying?

Be aware that it’s easy to get swept up in our current competitive market, so try not to fall in love too quickly with a property because that can lead you to do something irrational. Stick to what your budget is so you don’t pay more than what you can afford. A buyer competing for a home in the Park Cities has to consider the home’s location and its long-term market value. No one has a crystal ball to know for sure what will happen in the future for property values, but the neighborhoods in our town will always be desirable. What a buyer can really appreciate when buying here is the long-term value of the land the house sits on in Highland Park or University Park, and that appreciation is being driven by neighborhood amenities and scarcity of land.

What should a buyer look for in a real estate agent? How can real estate agents best help their clients on both sides?

They need to trust the realtor they are working with. Realtors are very easy to come by, but like most industries, there is a small percentage of great realtors. A realtor that doesn’t look at clients as a paycheck is important. I’ve prided myself over the years as looking out for my clients’ best interests. I think it’s important for me to know that when you get a call from previous clients to work together again, that I’ve put my clients in homes that will be financially beneficial. Tenure is important, but not the most important factor. Trust, professionalism, honesty, and maybe a little humor is a good combo.

What is your main goal as a real estate agent in the Park Cities?

Living and working in Highland Park has been a great experience. It’s a very welcoming place to live and raise our children. So, my main goal has been to give the prospective buyers and sellers great information about our city so they can make the best educated decisions. I don’t like to push clients in one direction or another; it’s not my style. I’ll give them advice and tools to make a good decision, and they can make the right decision for themselves. I’ll typically give them the good and bad that I see on homes. And from time to time, I’ll also tell them to not let a fantastic property get away. But all in all, it’s more about giving them my knowledge and experience to help them make the right decisions for themselves.

How long do you think the housing market will stay this competitive?

I don’t see an end in the upward trends anytime soon. Record-low mortgage rates and the increased demand for living space, coupled with a surge of millennials buying their first homes, I think will keep the pressure on home prices here in the Park Cities up for the foreseeable future.

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