If you look at the top ten most expensive places for a renter to live in this country, you will notice that North Texas is not on that list. Why do rental rates go up? It's called scarcity. When the number of rental units drop, the cost of renting a home goes up! Simple supply and demand. So, if the cost of renting an apartment is still low (on the average) as it is in North Texas, then there is a good reason for that-we still have an abundance of places to rent. See this link for the Top Ten Most Expensive places to Rent in the US.

This also ties in with the fact that North Texas is one of the very few places in the country that has not been slammed by the "sub-Prime or housing issues". It is really that simple. While we are seeing or just becoming more aware of foreclosures because the Media (TV) is talking about the "problems" the reality is, the market has stayed very stable overall in the North Texas area and it is still a pretty incredible time to be buying a home. If the housing market had been affected the rental rates would have gone up and we too would have made the top ten list as the rental units decreased while the people in foreclosure searched for alternative housing, you see?

Rates are good, inventory is good, prices are pretty low, (the seller's are listening to the Media too!)what's stopping you? Even Realtors are investing right now! We know that it is a rare event that gets us to this premium time for investments and we can't help but take advantage of it too! Real estate like many other things is cyclic. If you follow the money you will notice that real estate cycles will always follow the jobs and money cycles. I suspect that we were lucky that we didn't see the escalated growth that occured in other areas of the country, so we weren't affected to a huge degree. Our prices and inventory remain fairly stable. It does pique my curiosity to see how much of a change will occur next year in 2009. We are still seeing a lot of incoming relocation business and as people settle into their jobs to a more comfortable degree they are choosing to finally buy or move up into a more comfortable home as well.

I expect to see the housing sales continue a medium growth through this year (2008) as people watch how the election affects the economy. So the interest rates and housing inventory will remain at a good level until after November. Then as we move into a new leadership situation in the government, I expect to see a sharper rise in interest rates and sales as people try to capture a good rate before they rise too high (to a more moderate rate) in 2009. When the rise occurs(and it always does right after the election) the number of available properties will decrease quickly and the prices of a home will increase again in North Texas. 

So, if you are considering a sale of your home-I seriously suggest that you wait until next year! (Yes that was a REALTOR telling you the absolute truth. Try to sit tight for a few more months. The earliest I would try to sell a home would be November of this year ('08) That is when the "real buyers" will be out and looking. No one shops for a home the last two months of the year unless they need to move so it is still a good time to buy and sell.

If you are currently renting it is a good time to review your lease and see what the ramifications would be if you were to find a home that you love and want to make a change. Some leases allow you to "buy out" of the lease. Others are written so that, if you were to be buying a home you could just walk away, with some notice of course!  There are formulas to consider before you ever choose to buy over renting a home. There comes a time in everyone's life when the opportunity presents itself to begin to gather your investments that will lead you to the path of wealth. The best time will vary based upon a current situation so for some people I would say "STAY where you are!" If you choose to make a move at this time we can discuss how this can work for you and your family. If you are considering a move at whatever stage in life you may be, please let us offer good counsel before you sign anything that makes a commitment that could be difficult to change. I work with a Loan officer who is a Certified Mortgage Planning Specialist.  She has studied extensively to be able to help people make these kinds of decisions. She is in the top 1% of Mortgage specialists in the country with this designation and I would like to be able to introduce you. Send me an e-mail or just give me a call and let us offer our help.