Bidding wars, absent from most parts of the U.S. residential market since its peak in 2006, are erupting from Seattle and Silicon Valley to Miami and Washington, D.C. The inventory of homes hovers close to a six-year low, while an increase in jobs and record affordability are tempting more buyers. The number of contracts to buy previously owned homes jumped 14 percent in February from a year earlier, the National Association of Realtors reported yesterday. North Dallas and it's surrounding cities are seeing this aciton as well. While listings will probably rise as banks accelerate foreclosures and sellers gain confidence in the market, the U.S. metropolitan areas with the strongest economies may be ready to absorb the additional inventory.
The housing crash is finally giving way to recovery in an increasing number of markets across the country including Dallas. The decline in unsold listings and vacant homes and the increase in rents presage better times ahead for single- family housing. About 2.43 million existing homes were listed for sale in February, the fewest for the month since 2005, the year U.S. home sales reached a record 7.08 million, the National Association of Realtors reported March 21.
Spring is upon us and with the great weather comes lots of great buyer's too! The good news is we are on an upward trend as our sales peak in June and July. With the insane growth spurt Dallas real esate is experiencing it is becoming one of the hottest in the nation! So Buyer's should be patient and Seller's should move faster. In great areas such as Frisco/Plano seller's are prompting these bidding wars by purposely pricing thier homes a little low engaging buyers to fall in love with the property instigating multiple offers. This spring is forecasted to swell in the coming months as lenders allow more foreclosures to flow onto the market. The top U.S. mortgage servicing banks, which agreed to a $25 billion settlement over foreclosure abuses last month, slowed the pace of foreclosures as they negotiated for more than a year with state attorneys general.
North Dallas and surrounding areas are hot hot hot. If you are ready to move or thinking of moving give me a call! I would love to start the bidding wars on your property today!
Some industry experts are saying that the housing market may be headin
"Trenton was awesome. He helped us to sell our home above asking price, within the first day that it went active. He also helped us to find our dream home AND negotiate a great price (well below asking price). He also has a great team of lenders that he put us in contact with who helped the process be seamless! I would definitely recommend him to family and friends.