Home Values in North Texas

The housing market in north Texas is one of the most stable markets in the country. That’s good news if you’re looking to buy a home. Homeowners looking to sell, however, may want to wait it out if possible.

Home values in North Texas actually decreased by about 4 percent in 2009. This is low compared to other parts of the country, but it’s still a decrease. Unfortunately for home owners, when property values decrease, the selling price usually goes down, too.

According to Trulia.com, one of the top three most visited real estate websites, the average listing price for homes in north Texas ranges from $199,000 to $277,000. However, the sale prices are much lower. The median sale price for houses in north Texas ranges from $65,000 to $151,000. And, within that range, most homes are selling between $81,000 and $119,000.

The current housing market is what we call a buyer’s market. Property values are down, which means people can’t sell their homes for as much as they’d like to. Mortgage rates are also low, which makes mortgage loans extremely affordable. Plus, the government is currently offering sizeable tax credits to new and existing home buyers.

Home Buyer Tax Credits
There are two tax credits available. First-time home buyers are eligible for an $8,000 credit. The IRS defines new home buyer as anyone who has not owned a home for three years prior to this purchase. Existing home owners qualify for a $6,500 credit. A binding sales contract must be signed by April 30, 2010, and the sale must be complete by June 30, 2010, to qualify for the tax credit. Home prices and income levels also apply, so visit the federal housing tax credit website for complete details.

Financial experts are expecting property values to go up again in 2010. If you’re thinking of buying a home at a great value, now is the time to do it. And, remember to consider a Neighborhood Credit Union mortgage loan.