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Sell or Buy - Time to Give it a Try

Today's figures for January home prices in the Dallas area show an increase of 12.2% from a year ago. The last time this happened in January was in 2006 at the height of the housing bubble.  Why is this happening? There is an acute shortage of homes on the market and the North Texas economy is strong. Please understand that I don't have a crystal ball, but until there are more homes on the market (curently a little over 2% and a balance would be closer to 6%), there is going to be a real estate frenzy for those listings.

For those cynics that think that this is just a rebound from the recession, current prices are now 5 percent higher than before the economic downturn, according to the S&P/Case-Shiller Home Price Index. Just wait until the weather gets better and see what happens.

Looking for New? I deal with several builders

Looking for New? I deal with several builders and their business is so good that most have price increases after an average of every four sales. How can they continue to do this you ask? Simply because they can. They also took  a hit during the recession and many builders went out of business. This coupled with a shortage of labor and materials is causing prices to steadily climb.

Waiting for a foreclosure? The positive effect of rising home prices for borrowers that may have been under water on their mortgage a couple of years ago, is that they are now likely to sell their house today and get out from under their debt without having to take a loss. Add to this the aforementioned historically low level of inventory in the DFW area and you have far less foreclosures.

As usual my recomendation is: DON'T WAIT!!

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