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Dallas Real Estate Market Overview

Market_Overview

This market overview is derived from the MLS by the Collin County Realtors Association (CCAR).  If you’re wondering how the overall market is this will help.  The data is for the whole Dallas metro area and if you’d like to see your area you can download the 1 page graphic PDF file on the right sidebar.

This shows the last 3 months, I would say May has not been as busy as April because of the tax credit.  Closings will be taking place by June 30th to receive the credit.  Some properties fall out and come back on market because of financing so if you missed a house keep watching it for a status change.  You never know.  It happens more than you think.

You can see much more positive signs over last year. New listings up over 20% March and April and same with listings under contract.  Days on market are down by 13-15% and prices are edging up 4 to 6% range.  Mortgage rates are lower and have gone lower past week, say 4% – lowest in 50 years, great buying signal there…What’s still needed is more inventory, we’re still at around 6 months but everyone likes more of a selection.

All in all the real estate market is better than last year.  Lending from the banks is still the issue and it’s tight.  There is more scrutiny in the underwriting process so expect a slower process.  As far as foreclosures go, Fannie Mae has loosened its lending standards to move their distressed properties and have their own loan packages that offer a 3.5% closing costs as an incentive. They have also lowered credit score requirements to 680 from 720.  Jumbo loans are making more of an appearance and I see them advertised more.  Just maybe the banks are starting to take more risk and that’s a good thing for higher end homes.

About Terry Smith

Passionate about real estate, positive problem solver, specialty boutique real estate brokerage that does things your way! A full-time Broker & REALTOR®, helping people buy and sell homes in the Dallas - Plano area. Whether you're a buyer just starting out or someone with luxury properties to sell. I have extensive knowledge and experience to help you with your real estate transaction. I am a native Dallasite. Have questions? Ask me. You can find me on Google+ and Pinterest.

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