Just in case you are in the real estate market now – here’s a peek into the
Dallas data. Whether you are a buyer or seller this should help or make
you feel better anyway.
Even though closed sales are down you can see Dallas never had the crazy
run ups like other cities. Even the average sales prices has had our normal
3-4% appreciation a year except last year – this year you might lose some
of that but not too much. And as a side bar…a brief rant if you will…
The problem with real estate now is the lenders are making it very tough
to give money even if you have stellar credit. When your file hits underwriting
brace yourself for some bumps in the road – like if you haven’t filed your 2007
tax return – do it now, or you won’t get a loan…so needless to say – jumbo loans
will have stricter guidelines based upon the risk.
The mortgage mess is responsible for the market not moving – time for lenders
to take the hit, cleanse the house and stop trying to make everyone else pay
for THEIR mistakes. Three things are happening in the lending industry right
now and they are:
- Tighter lending standards
- More fees tacked on loans
- Higher rates very soon. ( probably first of 2009)
If you’d like the full Dallas update you can get it here.
or by community: Park Cities, North Dallas, Uptown.
Other cities are located on the left sidebar under Monthly Indicators.
All info is from the MLS and monthly reports are put together by
Minneapolis Association of Realtors.
About Terry W. Smith
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