| Is recovery in the air for the Dallas housing market? |
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| Written by Michael |
| Friday, 05 June 2009 18:41 |
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It is easy to loose sight of the forest when you are looking to closely at a single tree. Looking at the big picture is simple if you know how and the message it is sending it clear. This is the good news: The residential real estate market in Dallas hit bottom in the first quarter of 2009 and a reasonably strong recovery is now under way. Here is the bad news: not all markets were created equal and prices may take a considerable amount of time to return to their peak. As you can see in the above graph, Coppell has done rather well. They have actually seen price appreciation since 2007 while Mesquite has seen material depreciation over the same time period. The "richer" parts of town North Dallas and Highland Park have been yo-yos but their current prices are near where they were back in 2007 meaning their prices should feel relatively flat. So what does it all mean? : That all real estate is local and that you cannot treat one market the same as another. I believe almost everyone reading this is probably thinking, "well, that's obvious". And, it is. Here is what is not obvious, "how do you define 'each market'... and when should you buy, when should you sell, and when should you hold 'em? This is the real trick. So what is the answer? : experience. A good realtor can make the difference between buying at the top of the market and selling at the bottom. We can help you find a good realtor. As you search for homes on HomeProdigy, we display the top realtors for the type of home you want in the part of town you want. We use the local real estate association's home sales records (the MLS) to determine which agents are buying and selling the most. Get started by clicking here. Over the coming months. We will be releasning a series of articles that talks about each section of town in more detail, so keep tuned in.... Happy House Hunting.
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