I always like to have a response to the national press and their doom and gloom reporting of the national housing situation. First, I don't live nationally. I live locally. So what the national press reports is not germane to local markets. And let's face it; real estate is a local phenomenon.
I live in one of the old historic areas close to downtown called Berkeley. Our market has been fairly stable to appreciating. The time it takes and the ultimate sales price realized really depends on two things in our sub-market. The first is condition and level of updating. The more updated the quicker it sells. Pretty obvious. The other issue is curb appeal. This is a fairly subjective issue but in this area Tudor's or impressive two story facades sell much faster than the few Ranch houses in the area.
For a specific example, the sales in the Berkeley area over the last six months averaged $160 a foot. Great. But what does that mean for the individual homeowner? Is their house going to sell for $160 a foot? The price per square foot range over the last six months is from $106 to $203 a foot. Where a specific house will fall in that range depends on the factors I have referred to above as well as others.
The six months before the average price per square foot was $153 and the range was $127 to $196. So the general trend in pricing is still up in the Berkeley neighborhood.
So as can be seen from this example the Fort Worth market is still strong and in some areas remarkably so. The point is to pay attention to the sub-market you are interested in and make sure you have a Buyer Representative to help you gather and interpret the market data.