Good News for DFW Pre-Owned Home Market To Be Released in Dallas Morning News on 9/8/09 by Steve Brown!

Dallas-Fort Worth preowned home sales skyrocket as homebuyers take advantage of tax credit

By STEVE BROWN/ The Dallas Morning News

The North Texas housing market came roaring back in November.

Preowned home sales rose by 31 percent last month from a year ago – one of the biggest such increases on record.

And median home sales prices were up 5 percent.

The big jump in residential transactions came as large numbers of homebuyers rushed to take advantage of the federal home buying tax credit, which has been extended.

Real estate agents in October sold almost 5,500 preowned homes through their multiple listing service, according to statistics released Monday by the North Texas Residential Information Systems and the Real Estate Center at Texas A&M University.

And condo and townhouse sales were up more than 60 percent from a year ago.
November’s robust sales activity is the latest in a string of recent indicators, which show that the North Texas home market has bottomed out and is turning the corner.

Through the first 11 months of 2009, North Texas home sales are down 12 percent from the same period of last year. And median home sales prices are unchanged year to date from 2008.
November was the second consecutive month that Dallas-Fort Worth area home sales rose from the previous year – ending more than a year of consecutive declines.

Some neighborhoods that weren’t impacted by the federal homebuying incentives saw dramatic spikes in home sales last month.

In the Park Cities, preowned home sales soared 81 percent in November from a year ago.
Sales in close in North Dallas neighborhoods rose 48 percent.

And at the end of November, the inventory of unsold homes on the market fell below 6 months which is considered a balanced market.

http://www.dallasnews.com/sharedcontent/dws/dn/latestnews/stories/120709dnbizhomesales.32d657683.html

Great Article Regarding Housing Market Recovery in Your Local Area!

I just read a great article entitled "When Will Your Housing Market Recover?" This article goes into detail about how to find out if your own local market is recovering and where to find the information. They mention researching the supply of for-sale homes, median home prices and volume of homes sold, along with other information such as the foreclosure rate for your area. If you've read my blog for long, you know that I post good information about the DFW housing market with hard facts and statistics that can help you if you're not into doing your own research. Read this article though to educate yourself a little more on the process. As always, when you are ready to find that next great home at a great price, visit www.BWHomeTeam.com first and then request a showing from one of our great agents!

New U.S. Home Sales Rose by 11 Percent in June (from foxnews.com)

It looks like the real estate market is starting to pick up on a national scale!



The government says new U.S. home sales rose by the largest amount in nearly nine years last month, in another sign that the housing market is finally bouncing back after the worst downturn in decades.

Washington - New home sales in June posted the fastest increase in more than eight years as buyers took advantage of bargain prices, low interest rates, and a federal tax credit for first-time homeowners.

While prices are still falling, the figures released Monday were another sign the housing market is finally bouncing back. Earlier this month, the govenrment reported that new home construction rose to the highest level since last fall, and data out last week showed home resales rose almost 4 percent in June, the third straight month increase.

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Contact one of our real estate agents today to find out more about our local, Dallas Fort Worth housing market and homes for sale in our area!

Flower Mound and Southern Denton County Housing Market

Several people have come up to me over the past few months with questions about the housing market in Flower Mound, Highland Village, Double Oak, and surrounding areas. I have decided to post on real estate market statistics about several DFW areas that our team works to inform buyers and sellers what it is really like out there, starting with Flower Mound and S. Denton County.

Here are the hard, cold facts:

S. Denton County - August 2008 YTD - Single Family Residences:

Number of Sales: 2648

Percent of Change vs. Prior Year: -20%

Average Sales Price: $241,672

Percent of Change vs. Prior Year: -4%

Average Days on Market: 69

Percent of Change vs. Prior Year: +25%

So what does this all mean? To you, the homeowner, it means that you can still sell your house in an average of 69 days and possibly sell it for 4% less than August of 2007. In numbers, that works out to a sales price on average of $241,672 this year versus a sales price of $251,338, a difference of $9666.

At first thought, this can seem doom and gloom. However, you can look at it a different way. Now is the PERFECT time to buy if you have good credit. You just have to change your perspective. If it were a sellers' market, you would get an awesome price on your house but you would also pay a pretty high premium on your next one. This can be your opportunity to lease out your current home and get a great deal on your dream home. You can also sell your current home and still make up for the difference on the buy side. I just represented a buyer today that purchased a home owned by a relocation company. The relo company had to bring $30K to closing. The payoff was $15K more than my client's sales price. Now, this is rare and won't happen in every situation, but deals are out there if you are patient. Relocation companies will also generally not accept a contingency on the sale of another home, but if you were going to lease your current home, what a perfect opportunity!

If you are ready to move, you can still do it! You can still sell your house in a reasonable amount of time and you can get a good deal on your buy. You just have to be ready to go for it!