Residential real estate moving towards a balanced market

See article below courtesy of Steve Brown, Dallas Morning News. Key takeaways:

  • Dip in sales in 50% of market areas
  • Biggest gains on the south side of DFW
  • Number of units sold are declining
  • Number of units for sale has increased dramatically
  • Days on market are increasing
  • Price gains have dropped significantly compared to prior years especially in more expensive market areas
  • Lower interest rates are not showing impact
  • Sellers have not got the word the market is shifting

I am currently working with a first time home buyer couple that is looking for a starter home in the Richardson school district. I have to say it’s difficult finding a good home even with a budget of $400,000 plus. The pickings are slim for a decent home.  There are plenty of homes of cheap flips, rolling foundations, in bad locations, and those poor and vintage condition. Part of this we are looking at leftovers from the seasonal market. It’s  a affordability and supply problem.   It will take a lot more balancing of the market before my job is made easy.