Rick's Opinion Of  the Real Estate Market in the Next Several Years For North Texas
August 2007 - Market Correction
In my opinion the next two - three years is going to be an exciting time in the real estate market. Having been an active real estate broker in the late 1980's and early 1990's, I experienced first hand a "Bad" real estate market. When it was "Bad" business was Real Good!
After the dust settles from the past several weeks, we will see what mortgage companies are left. In the next 6 to 8 months we should see more foreclosed properties coming on the market. These will continue to be in record numbers. As of the last report I saw, Tarrant County was #13 in the Nation.
More people will have to rent - two reasons for this -qualifying for a mortgage will be more difficult due to tighter lending guidelines- sub prime lending will be less available and people losing their homes in foreclosure will have to rent.
More Real Estate Auctions - REO departments will sell a larger inventory at auctions to generate cash quicker by not having to put a home on the regular retail market and have to wait for it to be sold.
Many new homes built in the last 1-5 years will be foreclosed on. The buyers got in with little or no money down and have zero equity. If they try to sell in the regular retail market they are competing with the builders. Builders will also be discounting homes in inventory for a quick sale to generate cash.
Interest Rates will go up some but because of the 2008 Presidential Election should remain close to what it is now.
All in all we will see a real buyers market with less qualifying buyers and a glut of homes to buy.

Opportunities in the Real Estate Market
REO Properties
Short Sales
Pre-Foreclosure
Foreclosures
Government Homes - HUD / VA
Wholesale Deals
Great Time to Build a Rental Property Portfolio
Regular Real Estate Market
Estates and Probate