Friday, December 23, 2011
Why it May be Best to Sell Your Home Now.
By Troy Corman, www.t2realestate.com
Now may be the best time to sell your home. From a local perspective, if you have a DFW area or Dallas home to sell, the available inventory for sale is about 20% below year-ago levels. In fact, DFW home for sale inventory is now below a 5-month supply. That means less competition to attract able and willing home buyers.
Nationally, the economy seems to be improving. Unemployment claims just hit the lowest level since 2008. Plus, shoppers seem to be spending more this holiday season and feeling better about the economy.
Now for the areas of concern. That European debt crisis. The jury is still out on how this one will play out, as the recent wild, daily stock market swings attest. A severe slowdown in Europe has to have some affect on us locally at some point, as Houston and DFW are the 4th and 5th busiest US exporter metros. If we are affected in a big way, it's likely to send would-be home buyers back to the sidelines.
The last wild card is the "shadow" inventory of foreclosed homes that have yet to hit the market. DSNEWS.com just issued a report stating that nationally there is 1 home (delinquent or in foreclosure) in the "shadows", for every 2 homes currently for sale.
According to Corelogic, there are 1.6 million distressed properties that are not yet on the market. This represent about 5 months supply of inventory of distressed homes, while a 1 month supply is considered healthy. The top six states which account for half of the "shadow" inventory include Florida, California, Illinois, New York, New Jersey and Texas.
The shadow inventory includes 770,000 homes that are seriously delinquent, 430,000 are in foreclosure, and 370,000 are REO (owned by bank or lender) according to CoreLogic's report.
To read the full report, visit DSNEWS.com
If you would like to know the precise market conditions in your neighborhood, you can reach me at 214.690.9682. I'd be happy to help.
Troy Corman is the founder of t2 Real Estate LLC, a Dallas real estate firm providing specialized knowledge with a hands-on approach. Specialties include residential real estate brokerage, land and acreage, and commercial real estate services. Contact us today at 214.827.1200 if you need to sell, buy or get your DFW property leased.
Connect with Troy Corman on facebook at http://www.facebook.com/troy.corman
Follow Troy Corman on twitter at https://twitter.com/#!/troycorman
Reach Troy Corman at his google+ pageTweet