Mortgage Applications Keep Sliding

Every day I open up the newspaper and read various articles about real estate market trends.   Some of them I am able to agree with and others,  I sometimes wonder where the author gets his or her information from.   The summertime is usually the hot time of year… not only in temperature, but in home sales.   But here in the Dallas/Fort Worth area, this summer seems to have only heated up temperature wise.   I have run a lot of reports recently for many of my clients and it appears that buyers are still somewhat on the fence as to moving forward on the purchase of a new home.   Don’t get me wrong, there are still buyers out there, but boy do they have a lot of homes to choose from!   My recent reports show that showings in the town of Grapevine were down 27% and almost 40% in the town of Keller.   The attached link may elaborate on some of these trends I have been following.

Home in Grapevine, Texas sells before it even hits the market!!

After meeting with a potential listing client, I recommended that the seller’s make a few cosmetic changes to their 1983 home in order to put some finishing touches into it.   The seller’s had already completely remodeled their master bathroom and had installed new appliances and granite counters in the kitchen.   They had also done a good job of continually updating the home since they bought it 5 years ago.   However, I did have to advise them that the low profile carpet on the kitchen floor, probably would not be a strong selling point to buyers as would the original wall paper that had gold print in it.   So after a little tile flooring, some texture and paint, and a pre-listing mechanical inspection done by a 3rd party inspector, we were ready to list the home!   Fortunately, during the time it took to do this minor improvements, I had been marketing the property amongst my local Realtor community.   By doing so, one day before we were going to list the home on the market, I opened up the home for a showing  and later that night we received a very satisfactory offer that was accepted by both parties!

 So recession or not, know that if  the home is priced right and is in the right condition, it still can go quick!