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John Straub's Blog

By John Straub | Agent in Fort Worth, TX

It's Time to act!

Ah, summer!  With yesterday being Memorial day it means that summer is finally knocking at the door.  Soon the kids will be out of school and begging for something to do because they are so very bored .  The long hot days will give way to warm nights and before you know it, we will be at the 4th of July.  Make no mistake, summer is right around the corner.  So what does summer have to do with real estate, why should you care?  
According to some estimates over 40% of the annual real estate transactions occur between May and August.  If you are living or looking in around the DFW Metroplex you might have noticed that there don't seem to be as many for sale signs around the neighborhood as there used to be.  This is because Real Estate sales are up and inventories are coming down. For the first time in a long time sellers are not feeling the pinch to take that low first offer and buyers are finding that offering 10% to 15% below asking price is just not getting accepted in the blink of an eye .  Why is this happening  and more importantly why it's time to act!  
The answer to why this is happening is threefold: pent up demand, fewer foreclosures available, and low interest rates.  Since 2007 housing demand has dropped while inventories continued to rise, as such prices fell.  So people waited, and waited to buy looking to find the floor where they knew they could buy and not lose money.  Sellers began to adopt this same wait and see attitude after all, why sell and take a huge lose if you can wait.  Foreclosures were part of the problem but now they may be part of the recovery too!.  When the market turned back in 2007 millions of homes slipped into foreclosure across the nation and banks flooded the market with these homes often selling at a huge discount.  Now in 2012 banks have slowed down the pace on foreclosures and are often keeping a home off of the market to allow pricing to stabilize and increase.  Interest rates have continued to hold at record lows or even edge down a little.  Low fixed interest rates are helping buyers qualify now even though lending requirements have tightened for several years running, once again providing a pool of ready and willing buyers looking to find their next home.  Okay so why is it time to act, one word "balance"
Often times in real estate we talk about the buyer's market and then we talk about the seller's market but rarely do we talk about the balanced market.  This is that small sliver of time when everyone can win. The challange is that no one knows where things go this fall.  Since I do not have a crystal ball I can make no predictions about the future.  But where we are now, is a great place for buyers and sellers alike.  My father used to tell me, "If you don't like the weather, wait a few minutes!"  The challange for you is that right now it is sunny and beautiful, and it's time to act! 

John Straub is a REALTOR in Fort Worth.  He grew up in Southwest Fort Worth and has been in the Real Estate Industry and construction for the past 14 years.  Please feel free to contact at 817-729-4281 or john@dfwfamilyrealty.com.   
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