The last month has been interesting in the Dallas/Fort Worth area. Pre-qualifications to secure financing has held steady, but pulling the trigger on the home of choice has been painfully delayed. Odd considering rates are still at 30 year lows. Odd considering property values seem to have hit the bottom of the depreciation valley.
One theory is that due to lack of positive press, buyers are lining up, pre-qualification letters in hand, waiting...and waiting....and waiting for the starting gun to be fired. If and when the gun finally echos through the newly renovated Home Stadium, it will be more hectic than 4 am pre-christmas sales.
Question is, who will be firing the gun. Answer is that the lender or real estate agent needs to be pulling the trigger and waking the buyer from their comatose stance. There are signs that interest rates will increase. As the economy takes it's first steps out of the starting blocks, they are slow, almost painfully slow. But the signs of recovery are showing promise. This will lead to increased interest rates as well as increased home prices. The Dallas market is already reflecting the trend. Multiple offers, seller strength returning, and quick contracts are all showing the road to recovery. As one of the least impacted markets in the US, it makes sense that it would also be the first to rebound.
Real Estate professionals need to ask themselves whether they are still in the victimized state of mind, or on the attack. The new home buyer deserves the strength of a professional who recognizes opportunity. Pull the trigger and give them the proper advice. Find your voice and opinion by researching the facts. There has never been a more opportune time to buy.
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