The city of Dallas may consider limiting the number of homes real estate investors can buy.Median home prices in North Texas jumped 22 percent year over year in March.RELATED:North Texas homeowners getting 'sticker shock' with new property tax appraisals
Homeowners across North Texas have been getting their property tax appraisals, and they are coming with some sticker shock. Experts say home prices are up 20% over last year while inventory is down 30%."Are we working on a bigger policy regarding the scourge of investment buyers? It is across the country, where individuals are no longer buy homes but REITs are," asked Dallas Councilwoman Jaynie Schultz.
"Canada restricts how many foreign investors can come into your market and buy up your real estate," said David Noguera, the Dallas director of housing.Along with considering its own policy, the city may push for state legislation.
🤦🏻♂️ Do they not realize what happens if we, investors, go away? The worst🏚never get rehabbed, & become 💉houses full of vagrants & area home values drop. We provide a needed service to cities, they should be offering us incentives to buy more! RealEstate
It’s about time! All these investors buy up all the homes then rent them to the average Joe /Jill at ridiculous prices! It makes it almost impossible for the average person to be able to afford to rent or buy a home. Proud of Dallas for once.
Please do because this market sucks, especially for renters.