It has been depressing to turn on the news. I can see how people can be driven to despair on a steady diet of CNN. I would not be honest if I didn't admit to a nervous uncertainty with the upcoming elections coming up. Would it be surprising to you if I said we are really better off in North Texas than we were just a year ago?
We have seen a reduction in foreclosures in our area compared to last year. There are, in some areas, 2% less homes on the market for sale in our area. Sale prices overall are up an average of 2% for the homes that do sell! Let's put that in perspective. Home sellers have Less competition than last year. There are fewer buyers than last year but that is due to the fear generated by the conditions we are in not a lack of ability to buy. The standards for loans have increased and decrease the amount of buyers. The buyers who have been affected by this were relying on zero down payment loans and had marginal at best credit. Lenders are still lending and there are still many different programs like 3%,5% and even a $100.00 down payment home loan.
I think the best indicator I have seen in the doom and gloom of this month is the Carriage service in downtown McKinney. The first thing to go during any personal financial crisis is the entertainment budget. Shannon Cole the owner of Happy Trails Carriage Service is booked for the next couple of months. www.happytrailscarriage.com Don't tell her about the downturn! She is having her best year ever. Hopefully she doesn't get penalized for making more than 250k this year!
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