As reported in the Dallas Morning News on October 23, some Dallas area home median sales prices have increased over last year. The northwestern area known as Westlake led median price increases as it's average price increased 14% over last year.
Other Dallas area homes enjoying year over year price increases are listed below:
average home prices in Duncanville up 7%;
average home prices in Arlington up 4%;
average home prices in Ellis County up 3%;
average home prices in Garland up 1%;
average home prices in Wylie up 1%;
average home prices in Richardson up 1%
average home prices in Cedar Hill up 1%;
and average home prices in Denton County up 1%.
Savvy home buyers have found the 1-2 punch of interest rates near record lows and the $8,000 tax credit, an irresistable combination.
Speaking of the home buyer tax credit, many hope it is extended. The most recent proposal includes extending it through the first quarter of 2010, and then reducing the $8,000 tax credit by $2,000 increments in each subsequent quarter thereafter. Of course, counting on the government isn't always wise. So if you're in the market but on the fence, get moving. With today's rock bottom interest rates, now is the time to buy!
Monday, October 26, 2009
Thursday, October 8, 2009
Mortgage Rates Drop to 4.87% and 4.33%.
Freddie Mac reported that 30-year mortgage rates averaged 4.87%, while 15-year mortgage rates now average 4.33%. Combined with the first time (up to $8,000) tax credit, and affordable home prices, these super low rates make right now the time to buy for savvy investors and owner-occupants.
According to the National Association of Realtors, pending home sales rose 6.4% in August, marking the seventh consecutive monthly gain. In the week ending October 2nd, mortgage applications rose 13% for home buyers, and 18% for those refinancing.
Rates cannot stay this low forever, as Ben Bernanke reported today that his central bank will be prepared to tighten monetary policy (increase interest rates) when the outlook for the economy has improved sufficiently.
According to the National Association of Realtors, pending home sales rose 6.4% in August, marking the seventh consecutive monthly gain. In the week ending October 2nd, mortgage applications rose 13% for home buyers, and 18% for those refinancing.
Rates cannot stay this low forever, as Ben Bernanke reported today that his central bank will be prepared to tighten monetary policy (increase interest rates) when the outlook for the economy has improved sufficiently.
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