Seasoned Realtor Says Inventory is Lowest He's Ever Seen.
There are only about 2.8 months worth of single-family housing inventory on the market, which is less than half the normal six-month supply, Ted Wilson, president of Dallas-based Residential Strategies, told me Tuesday afternoon. Residential Strategies tracks North Texas' housing market.Actually, there are several forces at work. Some are waiting to sell until their homes are above water. Now that they can see some hope of avoiding foreclosure, they are holding on. Partially it is due to the same attitude on the part of bankers holding distressed property. They hope to lose less or make money through appreciation or keeping borrowers in their homes.
"That's as tight as I've ever seen it," Wilson said, about the 2.8-month supply of homes. "People are not putting their houses on the market right now."
But if you ask the local realtors what is really going on, they'll point you to cash investors, both private and large national corporations, grabbing anything that looks like a good rental. These buyer come with cash and they are in for the long haul.
Whatever the reasons, low inventory and hungry buyers are driving home prices up in Dallas. This means you can probably get a decent refinance today to use for the long needed remodeling job.