Erin Mathews, executive VP of Allie Beth Allman & Associates and founding partner of Mathews Nichols Group, knows luxury real estate. We caught up with one of Dallas real estate’s Power Brokers and a member of D Magazine’s 10 most stylish people of 2015 to find out what D Home readers need to know about the current market.
What are some of the latest trends in Dallas’ luxury residential real estate market?
The biggest trend overall, is that people are moving away from the old world look. Bright lights, mixed with pastels are all beautiful trends. Wallpaper is making a HUGE comeback after years and years of being torn off the walls. Even elegant, old patterns are coming back and being used in modern settings creating a really elegant juxtaposition.
What are homebuyers in your demographic looking for? What’s important to them?
More than ever, value is still number one. People want a home that represents value no matter what the category is. It needs to have a beautiful clean look with good bones. Buyers want to feel that it’s well priced and they’ve received a good value even if the price is aggressive.
Have you notice an upswing in certain areas or neighborhoods? Are there any pocket neighborhoods on the rise?
Everything in East Dallas is on the rise and every tiny little pocket. We’ve been through that in Highland Park. All Highland Park areas are enjoying tremendous activity. The West Side of Highland Park is just completely bonkers. Neighborhoods like Devonshire, Briarwood… within the close-in neighborhoods of Dallas, there are NO hidden pockets.
Can sellers get away with having everything not perfectly up to date at the homes selling at those price points?
It comes back to the value. If a seller is asking a top dollar price, than everything needs to be as new or as like new as possible. Fully updated homes are the first to fly off the shelves. But there are many homebuyers that like to add the value themselves. They aren’t going to be satisfied with someone else’s dream home; they want to create their own.
Are there any home trends that become a bit passé in recent months?
Media rooms and wine cellars.
It seems as though many homebuyers are fleeing the suburbs to head to more urban areas. Do people really still want the big back yard?
It depends on what stage of life you’re in. We’re seeing such a huge surge in the more urban areas like Uptown not just from young people but also from empty nesters. Many homes in neighborhoods near the Katy Trail have been sold to empty nesters.
What else do people need to know about the current Dallas luxury real estate market?
So many times, people are worried about putting their homes up for sell because they think they won’t have a place to go. But in the hands of a good agent, if you have a house you’ve presented beautifully and priced well, you can stay in the house while it’s being sold, allowing for a great selling experience.
So if you have a home that you’re thinking about selling, NOW is the time to put your home on the market.