Posted on Dallas Dirt by Candy Evans
Gina Branch, ABR of RE/MAX Dallas Suburbs, offers a response to our Eager Seller of the day who hasn’t seen any movement in her $150k home on the market for a week:
Dear Eager: This is a great question currently on the minds of many homeowners across the nation.
The good news is the national foreclosure moratorium will have very little impact in Texas. Texas is a non-judicial state and the foreclosures will most likely begin again here in the next few weeks as the lenders dot the i’s and cross the t’s on their paperwork.
The bigger issues impacting home sales in the Dallas area are three-fold. First, the federal tax credit that expired earlier this year prompted many buyers to get off the fence and purchase before the deadline. This frenzied buying has dissipated the current buyer pool. Secondly, we’re still running across many buyers who can’t qualify for a mortgage due to low credit scores, high debt, or a combination of the two. This is such a tragedy given the historically low interest rates and affordable housing prices in our area. And third, unemployment is high, so many would-be buyers are unwilling to part with their money given the widespread job insecurity facing Texas and the nation.
While it’s a great time to purchase a home, it’s not the best time to sell. What sellers need to keep in mind is that whatever loss they might take on the sale of their home, they will more than make up for on the purchase of a new one. The savings in interest alone is substantial. When you combine that with lots of inventory and stable prices, it’s a prime time to buy. The Dallas Fort Worth metro area is having a fire sale! If you’re planning to purchase another home after you sell, I would encourage you to take your minor bumps and bruises in sales price and then take full advantage of the current buyer’s market.
Originally posted on The Dallas Dirt Blog
Tom Branch and Gina Branch, The Branch Team with RE/MAX Dallas Suburbs, service the greater North Dallas suburbs including Dallas, Plano, Allen, McKinney, Frisco, Lewisville, and Carrollton. While Gina concentrates on traditional listings and buyer/tenant representation, Tom specializes in assisting distressed homeowners to avoid foreclosure. Tom and Gina have published two books (Achieving Rock Star Status and The Field Guide to Short Sales) and are available for speaking engagements in the greater Dallas - Fort Worth Metroplex. Subscribe to The Branch Team Blog.
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The Branch Team - Texas Real Estate Broker 547597 | Team Members are Texas Licensed Real Estate Professionals
Tom Branch - National Mortgage Licensing System 341963
Important Notice: The Branch Team with RE/MAX Dallas Suburbs is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan. If you stop paying your mortgage, you could lose your home and damage your credit rating.
All information provided is deemed reliable but is not guaranteed and should be independently verified. Properties subject to prior sale or rental.
