The Bains

If I buy a house today, will it be cheaper tomorrow? Lots of buyers waiting on the sidelines. For prices of homes to increase, the inventory of unsold homes needs to hoover around 6.5 months. With our inventory about 10 months, then prices have a tendency to drop. If a typical house is selling for $170,000 & a distressed one at $145,000, then the median price drops, but the typical house can still fetch the $170,000. The bad apple does not reflect the price of good apples. Also the quality of distressed properties is often very poor- stained carpet, stripped copper wiring, etc. Just means the good apples are still good for the typical house. The risk of home price decline in Texas is low, says Ali Anari, PhD at the TX A&M Real Estate Center. Texas’s lower than national average housing costs leaves Texans more money to spent on non-housing good & services & the state’s economy is strengthened & more folks attracted. TX employers are able to attract workers at a reasonable wage rate that allows them to compete successfully in the global economy. Prices still may drop, but interest rates at still at a low. Hard to know when to jump in!