Weekly charts are a good way to monitor the real time market.
I’m watching for several buyers for 1M plus, that need the convenience
of private schools. These two charts are for 75230.
What you see are prices in the upper tier going down, this is also where
much of the new home inventory is. And more new homes are being
finished that got caught in the downturn.
Market Action Index is also lowest for the upper tier in 75230.
First and Second ….. line, this basically tells the demand is low too.
30 is a balanced market. it’s just hovering 10!
If you’re looking for a new home over 1M you have these advantages:
Great Inventory, Great Locations, Bargaining power against other
properties – I know of several properties that a couple clients tried
to buy a year and a half ago and the prices now are lower than our low
ball offers. Point being is: You can get it for lower.
Sometimes, if you’re close in price a good tactic would be to see if the
seller will buy down points for you, of course the lender would have to
approve that. Could be worth a shot! Save more on your loan than on
the final cost of the house.
About Terry W. Smith
Speak Your Mind