Don’t Believe Everything You Hear About the Housing Market

The media likes to “hype” the news when they report it.  Sure, the facts are there, but you have to really look at the facts and determine what they really mean.  Let’s take Dallas real estate for example.  Median prices of homes fell a meager 3% in December.  That’s not really a whole lot if you look at the big picture.  That’s actually pretty good compared to other markets that fell 10% and 15%.  So, don’t think, “Wow, the housing market in Dallas fell 3% in December.”  Realize that the Dallas real estate market only fell 3% and that’s saying a lot.

 The media will also tell you that Dallas home prices were down 3% for the entire year of 2008.  Really?  Well, the nationwide median home sales prices were down nearly 13.5% percent.  So, I guess Dallas isn’t doing all that bad after all.  The truth is that the Dallas real estate market is holding its own through these tough economic times. 

It has also been reported that real estate foreclosures have declined and are also down compared to last year.   Also, Real Estate Center at Texas A&M University reports, “A bright spot in the local monthly home resale report is that the number of houses on the market in the 26-county North Texas region continues to fall. At the end of 2008, 35,999 pre-owned single-family homes were for sale in the area – near the lowest number in more than three years. That works out to less than a six-month supply of houses on the market, which is considered a healthy inventory. Nationwide, the inventory is more than ten months.”

Dallas is expected to have a 67% increase in population in the next ten years.  The Dallas area has also had the second largest gain in population over the past eight years, with Atlanta being number one.  This is primarily due to the quality and affordability of housing.  Among what families enjoy about the Dallas area, are the many amenities these communities have to offer their families.   

You don’t want to wait too long, though.  If you are in the market for real estate, you’ll want to start looking now.  The real estate in Dallas is becoming very competitive due to the amount of foreclosures and bank owned homes currently flooding the market.  You may want to purchase that home of your dreams at a great price, but there will also be investors bidding on the same property.  They will utilize the home as a rental and sell it later for a profit. 

So, first you’ll want to disregard what the media has hyped up to be “bad” market conditions.  Sure, some places are not doing so well, but Dallas is a very strong real estate market and this has been proven over the past two years especially.  When other markets really took a dive, Dallas only declined a few percentage points. 

Also, keep in mind that interest rates are extremely low right now, so both buying and selling is made easier due to this fact.  The media will also say that interest rates can be up to three points higher in some real estate transactions.  These are typically your multi-million dollar homes.  They are obviously going to be a little more stringent when they are lending that kind of money.  This is not particularly bad news.  It’s just a banking institution protecting their interests.

Banking institutions are also coming to the aid of home buyers to make it easier for them to purchase homes.  They have tweaked their criteria due to the market conditions, but it is back to the basics when it comes to getting a loan.  Make sure your credit is in order, clean up whatever you have to and you will be aided every step of the way by the banking institution.  You will be in your home before you know it.

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