Chuck Edwards, Assistant Manager of the CENTURY 21 Judge Fite Arlington, Texas office gives his top 5 reasons for buying or selling real estate in today's market.
1. Top officials and industry leaders have stated that “When our market’s financial recovery begins, it will be seen up-front in real estate and it will be strong.” These comments are reflections on the sales activity during the early days of June. Buyer activity has been astoundingly strong in our direct markets here in Dallas and Fort Worth and we’ve noticed that mortgage rates are starting to climb slightly. Both of these events signal a positive turn in our market.
2. Buyer reaction to the $8,000 Tax Credit stimulus move has been an unquestioned success. More buyers are making offers now than we’ve seen in months. In fact, agents representing anxious buyers have complained that prime, well-staged, competitively-priced listings are going under contract under multiple offer situations where more than one set of buyers are interested in the same listing.
3. Specialized industry services such as showing services report a marked increase in the number of agents calling in to arrange showings and the number of showings has increased in recent weeks as well.
4. Mortgage firms are adjusting to new procedures and the major lenders are working hard to get deals closed within the time frame outlined in the contract. A redirection of appraisal procedures, a stabilization of credit guidelines and a general eagerness on the part of various levels of the lending community are helping get the buying process back to normal.
5. Given the encouragement from the brisk buying activity, the inventory levels are at their peak just now. As the buying activity continues to build, the inventory will be expected to be markedly reduced and rates and pricing will predictably rise. Overall, we have an ideal time to buy a home in mid-year 2009.
Chuck Edwards
Assistant Manager
CENTURY 21 Judge Fite Company Arlington
chuckedwards@judgefite.com
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