August Market Watch

We have really had a very good August in the North Dallas, Collin County area. When houses were listed at a good price and in good condition, the buyers were there waiting for us to come on the market. So they sold very quickly. Our buyers had to move a little faster in order to not have competition and to get the home they were looking for. The average sales price in most of our cities has increased, ever so slightly. The number of sales in August are higher than the sales a year ago, which is great. Our contract pendings are up and the inventory is down which should make the prices go up.

Did you notice the article in the Dallas Morning News paper with the upper end homes being leased because they couldn't sell them? Some of the buyers in that upper range decided it was better to lease than to buy. Yet at the end of the article, it states it is cheaper to buy a home in the Dallas area than it is to rent! I love it when the good news is put at the end of the article! With prices flat and interest rates closer to 4 1/2%, I don't see how a buyer could make a mistake in buying if they are planning to do so in the near future.

Yes, we can't see into the future, but from past experience, we won't see this type of market again. I know it's scary out there but if you want to move up or if you are a first-time buyer, this is the time to make your move. Let's put this in perspective. When I entered Real Estate in 1981, interest rates were at 18% and 21%. Could you afford a house at that interest rate? Not likely a very nice home at that rate. So call us and see if it's a good idea for you to buy or sell.