Dallas Real Estate Update
The Real Real Estate market has really picked up in Dallas
the last month or so. Buyers are out looking for a sweet deal - and there are many opportunities. Everyday mass emails come in of price reductions on properties and I'm not talking just a measly 5K or 10K. Major reductions on everything - 25K to 100K plus - relocation properties, foreclosures, builders and resales.
Just like all the retail stores are discounting so is the housing market for the year end specials
A new house would make a nice Christmas gift! Yeah..I'll take two.
Two things a buyer should watch for in this market that has changed a little
- The Asking Price - just because a property has a certain price doesn't mean that it is priced right for the location or condition or situation of the seller, it pays to investigate to see if a deal can be made.
- Comps from 6 months ago are not correct - the market has adjusted and you should really look at currents comps in last 60 days, these numbers will be more correct in making an offer.
Take a look at the chart below - these are market indicators from Collin County Association of Realtors. (our dues are finally paying for something beneficial) This is an overview of the Dallas Metro Area.
There is really some good information for Oct. 2007
. If you look at the Three Month
Forecast you can see that new listings, listings under contract and closed sales are all down.
However, median and average sales price are flat and holding. Year to date prices are still up
What does this all mean for a buyer?
Real estate is still very affordable in Dallas, it is
nothing like certain markets in CA, NV or FL. Prices have been adjusting all over the metro
area for the past two years, the market fell off in August and is quickly starting to pick up.
Bottom line: There has not been a better time in Dallas to make a real estate purchase than now!
Having a hard time reading the chart? Click here for the complete market indicator report
in a convenient PDF file. Watch for posts on specific areas covered on the site, if you like this kind of stuff.