Dallas voters turned down two local funding measures on November 3, and James Talarico won Texas’s U.S. Senate race in the unofficial returns. The local votes matter for homeowners watching their tax bills, while federal housing proposals could affect the cost of buying and building over time. If you’re making a move now, I’d start with what’s happening in the part of Dallas where you’re buying or selling.
The Dallas market heading into the election
In October, the City of Dallas had 5,704 homes listed for sale, up 2.5% from September and just under 1% below a year earlier. The median asking price was $435,000, down 1.7% year over year. Among homes that sold, the median sale price was about $382,000. Homes spent a median of 59 days on the market, the same as last October.
Redfin found that about four in ten Dallas listings had a price reduction in the three months through September, roughly the same share as a year earlier. Some softening in asking prices is typical in the fall. When I see a price cut, I look at where the new price lands against recent sales of similar homes. A home that’s already had two cuts can still be overpriced, and another can be priced fairly from the start.
I also look at what sellers are willing to do on terms. Keeping Current Matters has highlighted how buyers are negotiating for closing-cost help, repairs and rate buydowns. In the three months through August, 53.3% of Dallas metro sales in Redfin’s sample included a seller concession, compared with 44.7% nationally. The report counts those concessions separately from price cuts. A seller may be willing to help with closing costs even if they’ve held firm on the asking price.
What the U.S. Senate election could mean for affordability
Democrat James Talarico defeated Republican Ken Paxton for Texas’s U.S. Senate seat, and the Associated Press called control of the Senate for Democrats. Paxton proposed a $50,000 federal income-tax deduction for first-time buyers. Talarico proposed down-payment assistance, fewer barriers to construction and federal support for factory-built modular homes. He also backed limits on large investors buying homes and legislation aimed at lowering homeowners insurance costs.
One change was already on the books before the election. Under a federal law enacted in July, restrictions on certain single-family home purchases by large institutional investors take effect January 7, 2027. That could mean fewer competing bids in parts of Dallas where those firms regularly buy. The impact will depend on which homes those investors target and which purchases qualify for exceptions. Talarico’s down-payment assistance is still a campaign proposal.
Down-payment assistance could help Dallas buyers who can afford the monthly payment and need more cash to close. Where buyers have several options, the assistance could help them move forward. Where only a few homes fit their budget, it could mean more buyers competing for those same listings. As Dallas updates its development code, I’ll be watching whether the new rules make it easier to build homes at prices first-time buyers can afford.
What the local votes mean for Dallas homeowners
Unofficial results show Dallas County voters rejected a higher tax rate that would have funded homelessness, mental health and housing programs. Under state law, the rejection brings the county rate to $0.224650 per $100 of taxable value. At $500,000 of taxable value, the county portion would be $120 below the rejected proposal and about $46 above last year, holding taxable value constant. Your full bill also depends on the other taxing districts that apply to your address and the exemptions you qualify for. Dallas ISD, for example, lists a $140,000 general homestead exemption for eligible homeowners on the school district portion.
City of Dallas voters separately rejected a $443 million bond for public safety facilities. I support investing in public safety and helping people into stable housing. I’d like to see the next proposals show what each project will cost and how taxpayers can judge the results.
How I’d approach a purchase or sale today
If you’re buying, get preapproved before you start touring homes. Talk with a lender about how much cash you’ll need at closing and what monthly payment you’re comfortable with, including estimated taxes, insurance and any HOA dues. Give your agent that price range so you can focus on homes that fit your budget.
This could be a great time to get a Dallas home at a discount. Once you find one you like, have your agent pull recent comparable sales in that specific pocket and look at what else is for sale nearby. Pay attention to condition, updates, time on market and any price cuts. That will help you decide whether the asking price is fair or whether you have a case for a lower offer. A home is only worth what a buyer is willing to pay for it.
Before you make an offer, ask your lender to run the numbers for that address. Freddie Mac’s national 30-year fixed average was 7.18% on November 5. On a $500,000 purchase with 20% down, that’s about $2,710 a month in principal and interest, roughly $255 more than the same loan at the 6.22% average a year earlier. For taxes, use the appraised value you’d expect after purchase and the exemptions you’d qualify for. The seller’s homestead appraisal cap goes away when ownership changes.
If cash at closing is the hurdle, the Dallas Homebuyer Assistance Program offers down-payment and closing-cost help to eligible buyers purchasing within city limits. Ask a participating lender or the program administrator about eligibility and available funding.
If the seller has room to negotiate, I’d ask your lender to compare a lower price, a closing-cost credit and a rate buydown. A seller-funded temporary buydown can do more for your payment in the first year or two than putting the same dollars toward a price cut. I’d make sure the full payment still fits your budget once the buydown ends. If you’re considering paying points for a lower rate over the life of the loan, ask how long you’d need to keep that loan for the monthly savings to cover the upfront cost.
If you’re selling, I’d use recent closings to set your price and active listings to see what buyers can choose instead. In most markets, I’d be careful about starting with an aspirational price. You want buyers to take a serious look while your home is new to the market. If the price keeps them from booking showings, you can lose that early interest. After a few weeks and a couple of price cuts, buyers may feel they have room to offer even less. You could end up taking less than you might have gotten by pricing it right from day one.
If buyers are also looking at a similar new build, check what the builder is offering toward financing or closing costs. If you’re getting showings and a buyer needs more cash to close, a credit may help get the deal done. If showings are slow and similar homes are selling for less, I’d revisit the asking price. Once you have an offer, compare what you’d actually walk away with under each option.
Sources
Dallas market data · Realtor.com’s October Dallas market report · Redfin’s Dallas housing market data · Redfin’s seller concession report · Realtor.com research on initial pricing, time on market and final sale prices
Keeping Current Matters · Seasonality and asking prices · Buyer negotiating power · Price cuts and rate buydowns · Competing with builder incentives
Senate election and housing policy · Texas election returns · AP congressional results · The candidates’ economic plans · Talarico’s housing platform · Federal housing law, Section 1001 · Treasury’s proposed implementation rule · Dallas development code draft
Dallas ballot measures and property taxes · Dallas-area election results · Dallas County tax rates · Texas Comptroller on tax-rate elections · Dallas ISD property tax information · City bond proposal · Dallas Central Appraisal District on the homestead cap
Financing and buyer assistance · CFPB guide to mortgage preapproval · Freddie Mac’s November 5 mortgage survey · Dallas Homebuyer Assistance Program · Fannie Mae on temporary buydowns · CFPB on discount points