No matter where you live in the Fort Worth metroplex, you know you live in one of the best places in the country.  Texas runs about a year to 18 months behind the rest of the nation during this economic downturn. The economic and financial crisis has affected many lives in our country, but living in Texas is really a blessing. Due to a stronger economic job market, our housing market remains robust.  The real estate market has continued to thrive while other areas are just trying to survive.  Yes, financing is a bit more of a challenge, but with diligence and commitment it is still available. Those with sub prime loans and overextended builders, in which lenders have been forced to take back properties, have been hit the hardest during these times.

Real Estate is always local and is extremely relevant to the Fort Worth metroplex area.  Jim Gaines, research economist with the Texas A&M University Real Estate Center; acknowledged that what makes our state unique is that residential real estate is becoming tremendously spotty.  “We have individual neighborhoods with a high number of foreclosures, which has caused prices to fall (in those specific areas), But then a neighborhood right next door (with out foreclosures) has prices going up.”  He adds that most of the foreclosures are concentrated in tract subdivisions, where developers focused on attracting buyers as fast as possible.  “Some might have been using the sub prime ‘exotic’ financing and high loan to value ratios which means a homebuyer has almost no margin for error.”

The overall sales volume in the Fort Worth market has fallen, but not as dramatically as other areas of the country, like California and Florida.  According to the Case-Shiller index, Forth Worth has the least amount of price decline in the nation.  Area home sales are abnormally high, while the average median prices are lower due to the many foreclosures and distressed sales through the MLS.  This causes the overall statistics to look worse. 

After attending the Annual Star Power convention (a top real estate producer training conference) in Denver last week, I was encouraged by the projections of economic signs of recovery.  It may be more of a buyer’s market now, but when it hits bottom, that’s going to change.  The $8,000 tax credit is good through the December 1, 2009.  Now is the perfect time to buy a home.