It’s strange how many opinions are flying around about the housing market. On one side you have the cheerleaders submitting press releases proclaiming that the market is still booming. On the other, you have the doomsday crowd forecasting the end of the world (or at least a major market downturn). Fortunately, most of us have a brain and can sort through the garbage to see the truth.
Have bubbles burst in a few places across our great country? Yes and didn’t we all see it coming? Who on Earth can afford a $500K, 2 bedroom home on a $40K salary and how long can the economy support that gaggle? Seriously? I don’t care how beautiful California is, here in North Texas, you can buy a large 5 bedroom home with a game room and often a media room for $500K.
Dallas Morning News had a report this month about the Texas housing market. The latest forecast says that Texas will outperform the rest of the country this year! There were a few areas in Dallas Fort Worth that saw flat prices and some even saw a 5 % decline in sales but there were also places that saw an incredible increase in both home prices and sales.
Here are just a few examples of the positive reports coming out of Dallas Fort Worth!
- Colleyville Homes, 15% increase in prices, 33% increase in sales
- North Dallas, 29% increase in prices, 1% increase in sales
- Far North Dallas Homes, 2% increase in prices, 7% increase in sales
- Northwest Dallas, 6% increase in prices, 15% increase in sales
- Park Cities Homes, 15% increase in prices, 3% increase in sales
- Irving Homes, 10% increase in prices, 11% increase in sales
- Arlington Homes, 1% increase in prices, 8% increase in sales
- Hurst Homes, 3% increase in prices, 7% increase in sales
Did we see some negative reports? Yes! Homes in Lewisville & homes in Flower Mound saw a 5% increase in prices but saw a 7% decrease in sales and then there’s Southeast Dallas which saw a 4% decrease in prices and a 2% decrease in sales. There are a few ups and a few downs but if you look at the bigger picture, our local market is a solid place to buy and sell real estate.
I challenge you to look through the positive and negative hype and really look at the area that you are interested in. How are sales and prices in that area? Was there a 4% decrease in sales? How many total sales were there? If the answer is 125 sales, then that 4% decrease is only 5 homes fewer than last year! Take the time to make the decision to buy or sell for yourself and good luck in whatever decision you make!
This entry was posted on Monday, April 30th, 2007 at 5:36 am and is filed under Dallas Fort Worth, Housing Market, Real Estate. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.