After nearly 5 months of generally poor national real estate news, many Dallas and Collin County area home owners are asking do I sell or wait? Well my answer is it all depends. If you can accept the eventuality of having to sell for less money this year but will pay less for the home you want to buy, then yes, it is a good time to sell.
let's talk about what appears to be coming to a neighborhood near you! So lets say you are NOT inclined to sell and buy this year and instead want to wait until 2009 or 2010. Lets imagine for a moment that gas is 4.50 a gallon, energy bills for a 3000sf home is creaping towards $800 per month during the summer months and gas bills are not much better during the winter months. Lets say due to inflation the home you wanted to buy in 2008 is now priced between $50K and $100K more due to inflation. Now lets look at another potential problem. Your home is an energy nightmare and with 2009 and 2010 worst in terms of monthly utility bills your home on the "improved" market is now being passed over because of your home's lack of energy efficiency. Moral to the story, it might not get much better than today even if there is a price recovery of sorts due to inflation and the gap between new home prices today versus in 2 years may be insurmountable.
There are a number of local Dallas area new home builders that are currently offering excellent incentives. Unfortunately, the amount of incentives has already begun to decrease. However, if you truly want to make a meaningful change of address then now in my opinion would be the better time. You can make your next home the right home now at a lower cost IF you take into consideration some very strategic factors that you must sort out before you begin to build.
OK, so you have decided to move forward. If you are fortunate enough to be reading this blog promise me you will read the information contained in the 2 links below. The links below provide a very handy and thoughtful list you will want to consider before you build your next home. This list goes over energy efficient home design and what to design into your home to make it a home for the 21st Century.
Happy House Hunting!