In the last few days, I have been to several holiday parties and events. I cannot count how many times I was asked "is the market as bad as they say it is?". With all the media attention on the mortgage and foreclosure crisis, and the latest report of market value declines in many major U.S. cities, one of the first things a person says to me when they find out I am a realtor is, "is the market as bad as they say it is?" I hope my response is appropriate, because the first thing I remind people is that the real estate market is a local market and the media is painting an overall U.S. picture. I live in Dallas, TX, and we have not felt the HUGE impacts on home values that other major west and east coast cities have experienced. Traditionally, in Dallas, home values have increased in a slow, steady progression in the majority of neighborhoods. Based on the latest reports, overall Dallas home prices rose by 0.2% in the 3rd quarter of 2007. Not a huge rise, obviously, but much better numbers than most other major U.S. cities, which are seeing declines by as much as 3.5% or more. As far as business is concerned, we did see some slow down in Dallas, along with the rest of the U.S., however, I don't think it is as bad as the media is reporting for most other major U.S. cities. Rates are down and there is lots of inventory, and I am starting to see a lot of buyer activity in the last couple weeks.
With all that said, I think my message to others regarding the real estate market is that the market is and always will be "locally" driven. Thoughts?
Please visit my website at www.TonyNuncio.com for your Dallas area real estate needs.
Tony Nuncio - December 2, 2007
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