What’s Happening In The Market?
Hello Everyone!
This is Roxanne DeBerry of “The DeBerry Team” of Keller Williams Realty in Plano, Texas. I have been asked by lots of people lately, “How is the market?”. My reply is that the market in Plano and Collin County in general has seen a slowdown from the 2nd quarter of 2007. The reason is not the economy, since the Dallas area is one of the top areas in the country for employment. The reason for the slowdown is the mortgage changes that allow people to buy a home. There use to be a whole group of people that use to be able to get a loan. This is now changed. The requirements are back where they were in the late 80’s and early 90’s. This means that this group is basically unable to purchase a home with low credit scores and no down payments. People that were able to buy homes in the upper price range were able to do it with “no documentation” loans. This too is now changed. So with all that said, buyers are fewer than they were in 2007.
The conclusion most people would come to is that more homes are coming on the market and are not selling. Actually, fewer homes are coming on the market and the “Days on Market” stats have not increased significantly. The other area that is interesting is that builders of new construction homes have reduced there inventory dramatically. Prices of existing homes have decreased slightly over the last few months, but not significantly. So, with all this information, I believe that we will start seeing home prices increase in the not to distant future. So if you are looking to purchase a home, then today is the best time to buy.
To hear more about the local market as well as the national real estate news, please go to my newsletter. You can also see my newest listings with virtual tours on my website.
If you would like to speak to me about buying or selling a home, please call me at 214-676-8040 or email me at roxanne@thedberryteam.com.
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