Market Report for 2008!

In the Business Section of The Dallas Morning News, we have another headline, “Home Sales Prices Slip”. Of the 6 Cities that we track, let me tell you only two had a lower average sales price as compared to last year and that difference was very slight. Now, we are down on our units but not horribly. Plano is off 400 homes, Allen sold 259 fewer homes, Frisco sold 256 fewer homes, McKinney sold 519 less homes in 2008 compared to 2007, Richardson is off 238 homes, and little growing Wylie is off only 45 homes. McKinney probably sold fewer because the builders have slowed down.

Our statistics still show we are selling homes and that the prices are still stable. We are still rolling in closing costs even without 100 % financing being available, so that may be giving us the higher sales price but they are appraising and we are happy. More FHA loans are being sold with only 3.5% down with a possibility of 6% of the Buyer’s closing costs rolled into the mortgage. That would increase the sales price, of course!

Still a great time to buy with interest rates so low! Check the Statistics for each of our northern Cities of Dallas Metroplex on this Blog.