Dallas Home Appraisals News and Information

Cnnmoney.com reports this morning that, according to the National Association of Realtors. pending home sales in March were up 3.2% over February and up 1.6% over a year ago at this time.  This is due in large part to the increased buying power that comes with a decline in home prices (see below), the $8000 tax credit that expires in December, and low interest rates.  For buyers with confidence in their employment status, it's a great time to get into the housing market. 

Much of the reason for the increase in pending sales can be found in a recent article in the DMN, which reported that Dallas' home prices were down 4.5% in February (hence the 3.2% increase in March pending sales).  The good news is that the decline is slightly less than it was in January and is the smallest decline in the 20 cities surveyed.

The silver lining in all this may be the incredible opportunities that now exist for investors and buyers who are ready to get into their first home or move on to their next.  With a good inventory of homes that can be picked up at bargain prices, rehabbed and either rented or sold, combined with favorable interest rates and tax incentives, for many people this could be the best time in a long time to buy residential property.  The outlook right now seems to be best for investors interested in renting for awhile, as the number of renters is up and values are likely to increase over the next few years as the financial markets recover. 

Please contact us at Blue Star Appraisals if you are considering buying, whether as an investment or your next home.  From consultation regarding property values in different ares of the metroplex, to helping conduct due diligence on investments you are considering, to putting you together with real estate agents, mortgage brokers or lenders according to your needs, Blue Star Appraisals Inc. can help.