Yes, it’s true! There are several cities in the Dallas Texas area that are seeing a decline in sales numbers… but that can be good if you are buying a home. I was speaking with Craig Pollard from Texas Mortgage Team about this and he made some good points that back up my previous statement.
“Some home prices in a few cities are down… what does this mean to the consumer? This means great things! As a buyer, there are plenty of motivated sellers out there and there are good deals to be had! If you are considering a first time purchase, a move up from your current home, or if you want to get into real estate investing, now is the time! A portion of the available inventory are bank owned properties, which is where you could potentially get some of your best deals. If you are looking to sell, it is also a good time! With all of the eager buyers in the market, the potential for high traffic through your home is great! This is where a good REALTOR can market your house to maximize the number of buyers that see your home!” -Craig Pollard
I agree that it is a great time to buy. There have been numerous reports from sources like CNN indicating that the Dallas real estate market will be the first to come back. If that is true then you may want to buy sooner than later or you may be buying when the prices are on the rise.
McKinney Texas is a perfect example of a great buy! Sales price still went up 1% (only 3 smaller cities in the Dallas area saw a price decline and even that was less than 4%) but total sales in McKinney were down 14%. That means there are some home sellers getting eager to sell. McKinney has received numerous accolades for excellent schools, clean manicured communities, low crime and was the fastest growing city in Texas for 2005. I would have to give McKinney my top choice for buying a home in this market. Find homes in McKinney!
Plano Texas would be my second pick. Sales price was up 4% but that is low compared to what it should have grown and total sales were down 10%. Plano is another beautiful city with a lot of money and schools that consistently rank high (always an important investment criteria). Plano is just south of McKinney and is a great place to work and live. Find homes in Plano!
*Data for sales and price figures were pulled from the NTREIS (MLS) activity.
This entry was posted on Friday, November 30th, 2007 at 10:59 am and is filed under Home Buyer, Housing Market, Real Estate, Tips for Buyers. 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.