I always try to look for and emphasize the good news in the Dallas Real Estate market... and whether or not it is a short sale story, there is a lot of good news out there. Interest rates are low, buyers seem to be interested in buying again after what seemed to be a slow 4th quarter of 2007. Well priced and well updated homes are in high demand in several areas of town, and inventory is still high enough that buyers have some good choices. But some numbers just are difficult to ignore!
Case in point, I was reading the newspaper last week and sadly was not entirely shocked to see a story reporting a rise in homes scheduled for foreclosure next month. What did surprise me was the percentage rise reported... it was an increase of more than 30% from the same month last year!
In my notes from the article, I jotted down that for the DFW Metroplex 5,300+ homes are scheduled to be sold at auction next month and that in some counties the increase was as high as 50%. Dallas County had the lowest increase, but still was reported to be a 22% increase.
Fortunately, foreclosure may not be the only solution for homeowners dealing with financial and life challenges. Recent changes to the tax laws now make a Short Sale solution an even more attractive option for struggling homeowners who are facing foreclosure.
Do you qualify for a Short Sale in the Dallas / Fort Worth area? Need to speak with a Short Sale Specialist? Please email or call me today for more information. I will be happy to schedule a consultation so that we can get started on helping you move forward!
- Steve Shatsky
On December 20, 2007, President Bush signed legislation that created a three-year window during which home owners will not be taxed on debt forgiven during refinancing or the sale of their home. This is very significant for those homeowners considering a Short Sale.
Until the Mortgage Forgiveness Debt Relief act of 2007 was signed into law, homeowners utilizing a Short Sale solution to sell their home for less than they owed on it received a 1099 Form from their lender in the amount of the debt forgiven by the lender as part of the Short Sale. This often times created additional hardship for people already struggling financially. As President Bush said when he signed this act into law, “When you're worried about making your payments, higher taxes are the last thing you need to worry about.”
This change to the tax laws now makes a Short Sale solution an even more attractive option for struggling homeowners who are facing foreclosure.
Do you qualify for a Short Sale in the Dallas / Fort Worth area? Need to speak with a Short Sale Specialist? Please email or call today for more information. I will be happy to schedule a consultation so that we can get started on helping you move forward.
http://www.whitehouse.gov/news/releases/2007/12/20071220-3.html
- Steve Shatsky
An article in today's newspaper confirms what many local Realtors have long been preaching... that Dallas area home prices are least likely of any nationally to see a decrease in home value. Why is this? Simple actually, because Dallas never saw the double digit home value increases that many other large cities saw in the first part of the decade, we are now not seeing the decreases that many other areas are experiencing.
For several years I was quite jealous of my Dad. He's a Broker in South Florida and has been for nearly 30 years. I have heard him talk about the property value increases he has seen in recent years and wished "Wow, wish I could get in on that." I'm not so jealous anymore... he just moans these days when I ask him about real estate in South Florida. He's now the one who want to come to Dallas and work with me. Since I recently earned my Broker's license he jokingly says we could open our own firm and call it "Shatsky & Son" to which I am quick to reply "Sure Dad, but it will be Shatsky and Father"!
So what does this all mean for business... probably not a lot... the smart buyers know that it's a great market and the smart sellers know that well priced listings in good condition sell quickly enough. But I sure do like seeing positive real estate stories in the news and I hope that they instill confidence in reluctant buyers so my office phone rings even more often!
Do you qualify for a Short Sale in the Dallas / Fort Worth area? Need to speak with a Short Sale Specialist? Please email or call today for more information. I will be happy to schedule a consultation so that we can get started on helping you move forward.
- Steve Shatsky