Home > Local Real Estate Markets > The Frisco TX Home Market is Turning

I have heard from more than a handful of buyers, when they plan to get into a real estate transaction in the near future, or perhaps some currently in negotiations with sellers love to say this, "The Market Is Turning"......

Very respectfull, I ask: Turning Where? Where do you think the market is going/ heading?

As you know, real estate is local. What happens here in the Frisco TX real estate market may be different from Phoenix, AZ, it is different from Seattle, WA and definitely different from Miami, FL. What the media tries to do in a general 3-minute news about the "housing" market may not be a true reflection of your local economy/ local real estate market.

Take Frisco TX real estate as an example: Even within the Frisco TX real estate market, there are communities that are hurt by massive foreclosures. So, naturally, the market value is hurt. Some neighborhoods are not appreciating, but neither are they depreciating either. Then there are those (especially the smaller ones, or with good schools) have in fact appreciated. I have said this too many times (even on Active Rain itself), real estate is so localized that even some neighorboods, and at different price points may be very differently.

So, again, where is this "turning" market that everyone seems to be talking? And among whom did you seem to get the news? From the local real estate experts who have market data or just gossips within friends in casual conversations at a party dinner?

Or would are you simply using this as an excuse just to get prices down? Like you think the market is going down and down? Obviously, as a consumer, you would not imagine real estate prices going down after you purchase. If you do indeed have this crystal ball - knowing that is how the market react, then very respectfully would I ask you: Why are you still in the real estate market? In reality, this act is just as crazy as burning your cold hard cash or pouring it into the big blue sea. Why would anyone in the right frame of mind would want to do that? Obviously, when you purchase real estate (especially for the Texas real estate market where we do not enjoy and suffer the roller coaster real estate market swings) you intend to reside in the property for a few years. If you do not live in the property for at least 3 years, you probably would not break even (again I'm speaking generalization here).

Also, do not be that sensitive to interest rates. A 1/8 or 1/4 point of rate difference should not make or break your loan approval or personal monthly budget. If it does, I strongly encourage you to reconsider purchasing at the price point you are buying. When clients, friends and family ask me if now is a good time to purchase, my focus is not on the market and how it is doing, I am more concerned about the financial house and emotional readiness of the person who is discussing this topic with me. Nothing is more important than being financially ready to purchase a house. Understand that things in houses do go wrong and if the person is maxed out in the budget, and a small $100 increase in property taxes would be a financial burden, rethink your timing about buying.

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