T
he Dallas-Fort Worth real estate market has undergone significant changes over the past two months. A recent cut in interest rates and the settlement of a class action lawsuit against the National Association of Realtors have led to new rules governing commission payments for agents working on behalf of buyers. This shift gives buyers more leverage to negotiate the percentage of the selling price their agent receives.

    While some realtors report that prospective buyers are hesitant to negotiate, others see this as an opportunity. "It's not negatively impacting our business," said Jef Conn, chairman of Texas Realtors. "Most of our realtors with Texas Realtors are seeing it as an opportunity more than anything else."

    Statewide prices have decreased slightly, and sales have slowed due to economic concerns and uncertainty surrounding the presidential election. The Dallas MSA has seen a 4% year-over-year decline in demand, while inventory levels have increased, resulting in a four-month supply of homes in most marketplaces.

    In contrast to the frenzied market of 2020 and 2021, where houses were often sold within hours for top dollar, consumers now have more time to make decisions. Sellers are also adapting to the changing landscape, with over 1,000 homes in DFW posting price reductions in the last 24 hours alone.

    Mortgage rates have dropped to two-year lows, but remain higher than those seen during the pandemic. The Federal Reserve's interest rate cut has given buyers more options and resources, making sellers more willing to negotiate. "That's exciting for buyers who are having to spend a lot more money to get into those homes," said Ashley Gentry, President of the MetroTex Realtors Association.