Has the Housing, Real Estate Market Bottomed Out Yet? (Leander McClain Cherry Hill Realtor)

In real estate, there are many statistical information you can obtain to understand the real estate market trends in your area. The average sales price is the sum of all total sales over the number of homes sold. The median sales price is the mid point of the number of sold homes. Half the sold homes sold for more than that price and half sold for less. The average home sale is highly affected by the extremes on the high and low ends whereas the median sales price is a "tighter" number and should indicate a less-influenced number. The industry have used the median sales price to determine real estate market trends rather than average sales price. Hence, the Case-Shiller Home Price Index also uses the median sales price (instead of average sales price) to determine market trends.

The Dallas metroplex is a part of the Composite-20 of the Case-Shiller Home Price Index and it includes Collin, Dallas, Denton, Delta, Ellis, Hunt, Johnson, Kaufman, Parker, Rockwall, Tarrant and Wise counties.

The real estate market trend prediction almost always come up in conversations when working with buyers and sellers. The Million Dollar Question: Has the market bottomed out yet?

No one really knows. When we do know, it is probably too late. Historical data measured when the economy "bottomed out", employment typically showed signs of recovery 6 months after the bottom, existing home sales reported 4 months of improvement and new home starts showed 8 months prior to the "bottom". Hence, when buyers and sellers want to "time the market" - it is typically too late.

There are many new reports that indicated that the Housing Starts rose in January 2010, existing home sales are also doing the same, not only in the greater Frisco TX areas but all over the country. It is not just true what you may read in the news, but my personal business have felt the same. For the longest time, my clients would not look at new home sales simply because the attractive prices of foreclosures and short sales just do not make sense. The consumers are feeling more comfortable about job security - not much looming lay offs in the future and they want to purchase the home of their dreams ie. designing them and selecting features and upgrades they want in their new homes. New home builders are still offering many incentives and attractive packages in the remaining winter months of 2010.

Even the foreclosure and short sale prices are inching upwards.

The Window of Opportunity to purchase is NOW. All the right environment for a perfect buying session. Even as a Seller, because NOW is the perfect buying session for buyers, you want to list your home on the market now to generate the largest pool of potential buyers for your property.

Stay tuned for Year 2009 Home Sold Market Reports for the greater Frisco TX areas.

 

 

 

 

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Contact:

Loreena Yeo
Frisco TX Realtor® / Broker of 3:16 team REALTY
(214) 783-2210
loreena@loreenayeo.com

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Copyright © 2010 by Loreena Yeo (3:16 team REALTY).
Originally Posted on Has the Housing Market Bottomed Out Yet?