North Dallas Update

This is Roxanne DeBerry with Keller Williams Realty in Plano, Texas. What is happening in the North Dallas area? First, there are great mortgage rates for home buyers and also a stimulus package for people that have not bought a home or have not bought a home in the past 3 years. Homes in the North Dallas area are very affordable. We also have areas where you can still get zero down from the USDA program. There are income and credit score requirements, but it is a great way to get in a home with no money down. People keep asking me about foreclosures and my reply is that we don't have a lot of foreclosures that are listed. In fact in the 22 areas we cover there were only 500 homes that were listed as foreclosed homes this past week. The population in these areas are approximately 800,000 people. So what I think people are hearing in the news is not quite accurate. Homes that a filed for foreclosure don't always end up being foreclosed on. Many times the bank works something out with the homeowner and of course they are incentivized by the Federal Government to do so. However, if you are looking for a home that has been foreclosed home, we can assist you in finding those as well.

Home prices remain very affordable even though we saw a reduction in inventory over last year. The reason for this is because demand also dropped at the same time. This kept prices in check and actually they came down about 3 to 5% in most areas. Since we did not have a large escalation of prices then the drop in home prices will not be as significant as well. However, if demand continues to increase and I believe it will...home prices will start to rise once again. So today is the best time to purchase a home. Some people have been sitting on the sidelines to see if the market will go lower, but this is a risky game to play. Mortgage rates are at an all time low and home prices as well. A great time to buy is now. If you have any questions about the market, home values or any real estate questions in general, please don't hesitate to contact me.

Roxanne DeBerry
Cell: 214-676-8040
Email: roxanne@thedeberryteam.com