Yes its true, the subprime mess has taken a toll on the market. Mostly psychologically. The greater Dallas never experience the great appreciation on housing as seen on the east or west coast, so therefore we have lesser downturn. Many articles are citing that the Dallas area has strong job growth and home prices are actually up over last year. But, its true that there are more homes on the market and less selling...so what is the lesson? Well, know that it will take longer to sell your home but you might get closer to your original list price. This will only hold true if your home is what I call a "cherry". Another words their are so many homes on the market that need paint, carpet, smell bad, unkept, etc that consumers are only buying homes that look great. The problem is that there are not as many lookers so showings are down.
Words of advice:
Buyers: If you can do some handy work then now is the time to start looking for your home. Prices on homes that are not cherrys will continue to decline which will offer you a great opportunity. If you dont like doing handy work and want a ready to move in home then don't try to find a HUD home or a foreclosure or a stressed short sale, since these inevitabily will need work. Instead you need to be ready to pay close to market price before someone snatches it out from under you!
Sellers: Its time to fix up your house. If you are listing soon or even in the Spring, now is the time to invest in your home. Why not enjoy the updates before you put the house on the market? Paint, tile, re-grout the shower, steam clean the carpets, whatever it takes to make your home compete with the best on the market. Otherwise, get ready to list at a realistic market price to get rid of it quickly.
Don't agree, email me at steve@steveharveyrealty.com
**The funny part of this blog is that I wrote it in 2007. Amazing that very little has changed. Now its not the subprime mess and its more than a psychological effect on the market. But what does hold true is that you have different buyer types - those who want a perfect home and willing to pay for it and those who would rather find a deal and are willing to put in the sweat equity. Now its your decision to figure out your path in trying to get the most for your home. Before you start doing any work, please call me for a free consultation since I will help you spend where you will get the highest return.
-Steve Harvey
Broker & Realtor
214-717-5478