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Answer:
The ratings-driven news media, both national and local, would lead you to believe that selling your home in the current market is a near impossibility; and if you do manage to find a buyer for your home, you’ll most certainly be facing huge losses and be forced to accept offers well below your asking price. However, as with many media sensationalized stories, this is NOT a true representation of the entire story. The current decline in residential real estate values is a definite issue in areas that had experienced a historically large inflation of home values over the past three to seven years. These former rapidly inflated and now sluggish or declining areas include: most of Florida, Las Vegas, Phoenix, many northeastern states, and much of the west coast. These areas had a lightning quick rise in home values, but just as quickly as it began, it ended, and was followed by a common economical stabilization process (where values have lost only a portion of the historic gains). To make matters worse, the national news media has an intense geographic interest in many of these areas due to their large populations, and therefore, large ratings markets that the residents of these affected areas represent. And as we all know, a dramatic “train wreck” story will attract more viewers and higher ratings than a “good news” feature.
However, speaking of “good news,” I’ve got some good news about the local real estate market. North Dallas area real estate sales prices are generally stable, and in many suburban areas prices are up! In fact, pre-existing home sale prices in Frisco are up this year almost 6%, with sellers getting about 96% of their asking prices, and existing sales volume off only 2% year to date (per NTREIS). The North Dallas area did not experience the extreme quick rise in home values that many other parts of the country did. However, our value stability throughout the past decade is our current benefit as we are not receiving the horrible effects of backlash. In fact, six North Dallas area communities were recently listed in Forbes Magazine (July 2007) as the fasted growing suburban areas in the country: #7 Frisco, #8 Wylie, #13 McKinney, #22 Sachse, #33 Allen, and #47 The Colony.
As is the case with much of the country, the North Dallas area does remain a buyer’s market. But unlike conditions elsewhere, and despite what the national and often local media would lead you to believe, our local real estate market remains strong. |