Home owners as well as home buyers are asking this question. When should I put my home on the market and when should it be the right time to buy a home? In the north Texas market the economy did not take as big a hit as in some states. Our home values came down somewhat, but not a lot because during the big boom in the top selling years, homes here did not escalate in price like those in other states. The reason is that we had an abundance of inventory in both pre-owned as well as in new construction. This is not the case today. Pre-owned inventory is down significantly and new construction dropped dramatically based on the demand for housing. Over the past two years there has been a drop in sales activity of approximately 30% in the 22 areas that my team of agents concentrate on.

Let's take two other factors that are driving home buying at this time. The tax credit for existing homeowners that are going to buy another home and the first time home buyer tax credit. Then let's consider a couple of other factors that are present today. Home values are very affordable and interest rates are great. These factors would lead us to the conclusion that it is a good time to purchase or sell a home.

Home sellers have less inventory to compete with and we have seen the days on market for homes to sell decrease significantly in 2009. The homes on the market that are well kept are moving the best and of course, they also had to be priced right. Unfortunately, sellers have to deal with short sales or foreclosures in their neighborhoods and this is keeping many home values in check. The tax credits are putting buyers into the market and so sellers should want to get their homes exposed to this increase in opportunity to find a buyer for their home.

A couple of issues which are looming on the horizon for both buyers and sellers is that the tax credits are going to go away at the end of April and the government is going to stop buying mortgage backed securities around this time. The government has artificially helped keep our interest rates low and most of the mortgage people I speak with indicate that rates are going to rise, so now is the time to buy.

I have heard some buyers expecting prices to go lower in the near future, however based on the reduction of inventory as it is, I doubt we will see large decreases in home prices. It boils down to the theory of supply and demand. At this point our inventory has adjusted to meet the market demands. If there is a large uptick in buying and not enough homes on the market to deal with this increased demand, then we will see home prices increasing. I don't believe this will happen any time soon. So the biggest risk to buyers is the interest rates and of course no tax advantages.

So I do recommend buying or selling at this time. Most people last year said it was a tough year, however it was a record year for my real estate team. I believe in part this was due to the tax credits and the willingness of sellers to put their homes on the market during this time.

The first time home buyer program that the government has been offering is scheduled to end on November 30th of this year. The program is for anyone that has not owned a home in the past 3 years. You still need to meet income and credit qualifications. In Texas, you can utilize this tax credit toward down payment and closing costs as well. Hopefully the government will extend this program for a while longer which would continue to help fuel our economy.

On average Home prices in the North Dallas area have remained fairly stable and definitely affordable. Interest rates continue to be very good. Inventory in the areas we serve have actuallly been getting lower which may have an impact on prices in the near future. So at this time it is a great time to purchase a home.  

This is Roxanne DeBerry and I was just reading information from the Real Estate Center at Texas A&M. Boy does it paint a rosy picture for our state projected out to the year 2030. Based on the information provided by them it looks as if Texas will add another 10 million people to our population by the time 2030 rolls around. This means that Texas will go from the 23 million from the 2005 census figure to 33 million people. This is a 43.5% increase that is projected! Wow!!

What is really good news is that due to this expansion in population, there will also be a projected expansion in employment. The projection is that Texas will add another 4.5 to 5.8 million jobs over the next 25 years starting from the year 2005. The reasons given for this growth is due to Texas's ample supply of relatively low cost, nonunion labor, continued importance of energy industry along with energy diversification across the state, and relatively low business operating costs and taxes. A couple other areas contributing to this that Texas is a nonobstructive, pro business state and with pro local policies, and a state with affordable housing.

Personal income growth goes hand in hand with job growth. It is estimated that personal income could grow as much as $1 trillion by 2030. In this article I read,  indicates that housing affordability is probably one of the biggest factors for growth in the first half of this century.

I don't know about you, but I am one that enjoys hearing positive news. As I stated in an earlier article, sometimes people take the national news and apply it to their local markets. By doing so, people run the risk of not taking advantage of an upswing that is going on in their area. Our future looks bright here in Texas as long as we continue to address the major issue of transportation, water, utilities and state and local policies. So far our lawmakers in most part are doing a great job listening to the public about their concerns. I am proud to be a Texan and an American. If some of you are thinking about coming to the Lone Star State, give me a call at 214-676-8040 and I will be happy to let you know about the area.

Being a Texas Realtor in the Dallas area, I find myself becoming slightly irritated with the media and how they convey issues that are happening in some states and  then make them look like they are happening across the U.S. There are many states including Texas that are not seeing the home price decrease. The real estate activity in Texas is holding strong. Yes, we have seen lots of foreclosures like many other states and because we have one of the nations largest population, that does not suprise me. I think we will see more because of the sub-prime and Alt-A loans that were sold in our area. In this case, this does resemble the national issue with mortgages in general. I have spoken with clients in my area and they start asking me how bad is the market? I usually respond that our business is doing great and ask them what their concern is. Then I hear about all the things they have heard on T.V. or read in the newspaper. Sometimes this presents a real challenge for realtors working with clients. It can make them think it is a buyer's market or a seller's market depending on the information they have been receiving and that may be far from the truth.

The public should consult their local professional realtors for information about the market. They are the experts and know what is going on and can give people the straight scoop. The media is trying to sell papers and advertising, where realtors are trying to help people with their real estate needs. Everyone is bombarded with tons of information daily about what is going on with real estate, however it is realtors who live it daily. So in closing, as a realtor it is our job to educate the public so that they will receive the service they require and deserve.

 Roxanne DeBerry