If you've been following the housing market in any way in the news within the last few years you've seen a good amount of negative news. The information from the major news networks haven't exactly told the whole story since they take a national viewpoint and housing is extremely local. So the fact that Nevada might have 22 months of housing inventory available doesn't have much bearing on the fact that parts of Dallas only have 3.5 months of available inventory. In case you were wondering, 22 months is bad because it means there aren't enough home buyers to consume the current inventory which in turn lowers the prices of available homes for sale and 3.5 months is indicative of a healthy market.
You may have noticed something funny going on in the news lately though. There has been positive housing news. Read that again…there is positive housing news. Most major economists and housing experts agree that the country has hit the bottom, is stabilizing and even showing signs of a recovery. "The average home price, which has declined somewhere between 1.8 percent and 4.1 percent over each of the past three years, according to FHFA data, is expected to stabilize in 2012, followed by a 2 percent increase in 2013, and a 3.5 percent increase in 2014."
In the North Dallas area that we serve we've noticed a major improvement recently where buyers are having to get aggressive in order to purchase homes. Our agents are seeing more and more multiple offer situations on the homes their clients want and our listings are being sold in record amounts of time. We just sold one of our listings in less than 24 hours after it hit the market. It doesn't take a newscaster telling me that things are looking up for me to realize it, I get to see it every day with the clients we serve.
The Todd Tramonte Home Selling Team