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May – August are usually strong sales months here in Dallas. But because we’ve got so much inventory, houses in Dallas and the suburbs are still moving slow.
The good news is sellers are more motivated now – the reality of waiting 7 – 9 months to sell their house is helping to get the prices down.
Getting seller financing and buying subject to is easier than ever.
I’m still not seeing much of a reduction in bank owned real estate once a Realtor gets their hands on it though. It’s priced way too high.
Online auctions are much more affordable.
What’s happening in your area?
In my particular sub-market in Northern Virginia (Vienna) homes around the median price saw inventory reduced for the first time since 06′. Some of the higher end housing moved as well for the first time in a while (most likely as a result of selling their “median” home and buying up nearby). Townhomes and condos remain dead assets. The price trend continued lower, building comps for future negotiations. Anything that doesn’t move in June will likely sit with little traffic. New default notices were sparse. REO’s/Short-sales that sold were sold well above what I would pay. Two homes sold at price levels that I would consider, one was a steal (Dang it!).
Here is Salt Lake City the sales have been slightly increasing, but the inventory is beginning to pile up. Our days on market for homes at or below median are beginning to lengthen. Banks are also asking way too much. I’m picking up a bunch of seller carry and subject too deals. All seller carry deals are low payments and 0% interest. This is getting fun!!!!
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