inventory of homes for sale is lower than normal for this time of year.
You can hear the chuckles around the room when someone says they have a buyer looking for an updated 4 bedroom home with a pool in the Park Cities for under $850,000. Sorry but that ship sailed in 2011. Or was it 2010?
Showings are up! Sales are up! Buyer demand is up! But many sellers aren't playing while the home prices are still low. Sellers realize that the market is on its way back up and that prices will follow. So a lot of them are content to sit it out and wait. They are hoping prices rise quickly even though economic experts say they go up slowly.
We all want to buy low and sell high. If you are thinking of selling but have decided to wait, please realize that if you wait to buy when you sell ... the prices will be higher for you to buy then too. The bargains are being snatched up now - they aren't sitting on the market waiting for buyers.
The big question is - will interest rates still be low in the months and years to come? The lower the interest rate, the more home you get for your money. When you look at the payments on a 30 year mortgage, a 1% difference in your mortgage interest rate equals a 10% difference in price. [where: 75230]