Buying a new or resale home in Dallas/Fort Worth in the 4th Quarter 2009

NEW CONSTRUCTION
There are pros and cons for buying a brand new home.  But, if I had made the decision to purchase a new builder spec (which I did in 2006), there are only two quarters of the year where I would do such a thing:  4th Quarter and 1st Quarter. 

We're leaner on inventory this year with most builders, but not all.  Finding those specs is a lot simpler for a real estate agent than it is for the average Joe.  We have the contacts in place to put out an 'all call' matching a buyer's criteria, and so we only hear back from the builder's reps who actually have a match.  The result is the buyer only sees specs that truly match their criteria, and we skip the neighborhoods that don't have any immediate offerings.

People are looking at build jobs differently in this economy.  Since many of our buyers are coming to Dallas/Fort Worth with a home to sell first, we must first find temporary housing options for these folks until they are under contract on their current home.  Timing the sale of their current home with the construction of a new home is something agents and builders work together to accomplish all the time, but it is a scary prospect for most people.  Temporary residential leasing can be a good compromise, so the buyer can focus on one sale at a time and avoid the high cost of carrying two mortgages.

RESALE
By far, the best purchases in 2008/2009 were made in the resale sector.  Our resale market was one of the last to fall victim to the recession, but we did fall.  Homes in many areas were reducing prices more than once, and days on the market were way beyond our usual market averages.  Many neighborhoods were selling where they sold in 2006/2007.  Break-even sales and short sales became commonplace, and there are still pockets where they are still happening.

The resale market has made swift recovery in the North Dallas suburbs all throughout 2009.  Markets that were saturated in 2008 saw balance in 2009.  We even have seller's market conditions in some neighborhoods.  Knowing how to negotiate in all market conditions and recognizing a best value purchase even at full list price is the sign of a good Realtor.

It's November.  Our gorgeous Fall weather is fantastic for home showing tours.  Whether you buy new or resale, you can close on your home in as little as ten days and move in this year to qualify for your Homestead tax exemption on January 1st, 2010.  For the best home buying experience, the process begins with a full buyer needs determination interview by a qualified agent. 
 
Have a blessed day!
Ronda


Ronda Allen-Realtor and Certified Purchasing Manager
CEO of comingsoonhomes.com
RE/MAX Dallas Suburbs-Keith Dobbs Team
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