Summer’s almost gone, and the housing slump still continues. One lesson? There’s simply less room for error when buying or selling a home now than ever before, and doing things the right way can still help you find gold in this mess and land in a secure, long-lasting home for your family.
According to the Dallas Morning News :
The North Texas housing market hit a big pothole in the road to recovery last month. Sales of pre-owned homes plunged 29 percent in July from a year earlier. The drop followed the expiration of federal homebuying incentives, which had brought out thousands of buyers.
Condominium and townhouse sales also slid — by 37 percent last month from a year earlier.
"We expected the numbers to be negative, but perhaps not quite this much," said Dr. James Gaines, an economist with the Real Estate Center at Texas A&M University.
July’s 5,143 single-family home sales was the lowest monthly total since February, according to the latest report from the North Texas Real Estate Information Systems and the Real Estate Center.
Bad news all around. But, as usual, we’re here to help you read between the lines and better understand what all these numbers mean. And we encourage you to look more closely than just what the region-wide trends show.
While Dallas-area numbers might still be slumping, looking at individual Dallas communities paints a different picture. For example, while pre-owned home sales in Richardson and Duncanville both dropped a startling 48 percent, pre-owned home sales in the Park Cities happily rose by 34 percent and those in North Dallas jumped 17 points. If you’re considering buying a home, it’s important to look neighborhood by neighborhood, street by street before giving up altogether on finding a good home-buying situation.
Still, bad numbers are bad numbers, and a lot of homeowners in Dallas are suffering. With the market in a much less forgiving state, it’s more important than ever to have people willing to help you navigate the home-buying and selling process with your best interests in mind.
At Texas Lending , we think this means things like:
- Educating our customers about the broader ins and outs of home-buying and mortgages, and connecting them with local Dallas real estate experts who we trust.
- Working closely with families to find the right type of home loan for their unique finances, and making sure that they can afford a beautiful, memorable home both now and ten or twenty years into the future.
- Service. Service. Service. Being there to answer any and all questions.
Tags: Home Loans, home purchase, homebuying advice, housing market, mortgages