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Real Estate Update |
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Spring 2011 |
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Marketing Properties of Quality and Character |
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Bud Bush |
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214-451-0457 dir |
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214-550-2703 fax |
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| 2729 Purdue |
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How's the Market? |
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We have weathered the worst downturn since the late '80s. Actually, prices didn't drop as substantially, and there were many fewer foreclosures during this down cycle than the last low point. As Dallas didn't experience the run up in prices during the last decade that many other major markets experienced, we didn't suffer the "run down" in prices either. With the strongest major market economy in the country, Dallas is coming back sooner and stronger. Job growth, business profits and leading indicators are all on the rise. Multi-family new construction permits are jumping, which always leads to growth in other real estate sectors. Our sales were up substantially in 2010, and we anticipate even more growth this year. Buyers are coming off the fence and pent up demand is relieving as home inventories decline and interest rates begin their upward tick. |
Big Houses Selling Again
Confidence is back in the residential real estate market, especially with respect to upper end homes. Affluent buyers are taking advantage of record low prices and interest rates, and placing their money with confidence in real estate.
Our million dollar property sales more than doubled in 2010 from the previous year, and contracts are flying already, indicating a preemptive jump to the spring market. The only complaint from buyers now is the lack of available homes. Much of the inventory has been purchased, especially new construction. There are only a handful of new homes available in each price range in our primary market areas.
Plenty of multi-million dollar homes have been started recently, but almost all of them are being custom built for clients. Look for a surge of new construction starts later in the year as construction financing becomes more available and demand continues to increase.
Ebby Turns 100!
salutes the Queen of Dallas Real Estate on her
100th birthday, March 9th, as
the company celebrates 65 years in business. The Ebby companies are the
largest independent residential real estate firm in Texas and among the largest
in the country. Ebby Halliday is being honored in many capacities for her
longstanding commitment to service to our clients, service to our industry
and service to our community. Her boundless optimism suggests that we never have a
down market in Dallas, because people always need a place to live!Neighborhood Updates
Many of my clients like to know about new listings, contracts and closings in their neighborhoods as they occur. With automatic email updates, you can be the first to find out about new activity. This information is delivered from our MLS, so it is the most reliable and quickest information available. I'll be happy to set it up for you. Call me or shoot me an email if you are interested.