10/08/08 Dallas Named Best Real Estate Market

[loves2read]

this is the second part of that same info about Dallas:
Dallas real estate has had a history of erratic battles, but nothing as dramatic price-wise as major east and west coast markets. Dallas is forecast to see its fortunes fade all together through the remainder of the year, accounting for 3.8% average deflation.

a 3.8% decline is average--and speculation--some areas might see more depending on the specific neighborhood and some might actually appreciate...in Dallas and in any state--it is all about neighborhood if you are looking to buy or sell frankly..and a 3-4% decline is not great news but certainly better than what some areas like FL or Las Vegas are going through...

hearing that housing has another 20-30% to fall in value before the bottom is reached is just speculation that is really based more on certain areas of the country--not ALL housing in general....
that is why the media are so misleading--I have yet to hear one of their commentators say just that--that while some areas of the country have seen 20-40-40% deciline in home prices in SOME houses--the entire market has not gone that route...
these are homes that are foreclosed and basically going the fire-sale route---how low will you go to seel a house....well, if no one is buying then you have to go pretty low...
in some areas, these houses were WAY over priced because of speculation driving higher prices/profits...developers would sell raw land and flip it several times before even putting a house ON the land which inflated the price of the final product...
but in certain areas there was not that 20-30+ % a year of rising appreciation to deflate...

IF people were buying, the market would not have fallen this sharply...what fell off was the realization that there were no BUYERS---that should have been a clue as to the market fall we are experiencing now...
when credit is tight, when people are worried about keeping their jobs and avoiding bankruptcy, then buying a house is not on their horizons even if they have good credit and a paycheck...speculators know a quixk flip/sale is not in the picture--they don't buy either...

PLUS I think the info about Austin being in the Hot 10 might also include areas around Lake Travis/edge of Hill Country--Austin gets lots of people who want to retire--there is Del Webb's in Georgetown for seniors for example--so I think Austin might include a fairly wide footprint...

[Lakewooder]

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[Lakewooder]

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