It isn’t incredibly often that we see personal stories as they may relate to a serious economic downturn. Luckily for most we haven’t survived an extreme depression during our life time. I certainly am not saying that we have yet entered a period of depression, but the threat is real. Interesting then that this article from the Fort Worth Star Telegram is relevant to the local real estate market.
One couple found a new home in Arlington, only to realize that they couldn’t unload their existing home. While being threatened with two mortgages, renting became the only feasible solution. It certainly is looking very attractive these days, and may be the best way to monetize your existing property. Houses in DFW seem to sitting on the market for quite some time now.
You would certainly think that a longer listing period would improve prices and attract buyers, but the story addresses that as well. A local real estate agent finds herself focusing a little more on her day job, and a little less moonlighting as an agent. Interesting though that she seems to attribute the issue to unavailable loans. If you can come by the funding, now may be a great time to buy.
