Here in Texas life is good! Anyone who has watched the news lately would naturally be alarmed over the terrible news concerning Real Estate and the Mortgage industry. Now there are certain parts of the United States where selling a home is tough. There might be a one year supply of homes and the prices have fallen by 10% to 25%. These are markets where the prices raised that much or more in the last few years or the unemployment is way up.
Texas however is different. Some change has occurred; no market is immune to that. Securing a home loan is essentially as it was ten years ago. You must prove you have an income. You must have a worthy credit score. You must have some money in the bank. We do not see a problem with this. It is true the market has shifted towards a buyer's market. We have a 6 month supply of homes for sale in the DFW Metroplex area. However, even if you lose slightly on the sale of your home, you gain it back and then some when you buy your next home.
The Wall Street Journal in January shows Dallas and Houston area to have a "strong market: good job growth and moderate inventory in relation to sales". This will result in less than 1% to 0% change in sales price of homes. In addition, leading indicators suggest a modest increase in housing prices up to 1.8% in the next two years. Life is good in Texas! Yall come on down here and buy some houses. Now is a great time. We at Team Pat and Don RE/MAX DFW Associates stand ready. Give us a call or drop us a line we look forward to hearing from you.
Pat Milliken Broker-Realtor ® Don Patterson Realtor