Warm weather is upon us, Spring is in full swing and the local real estate market is kicking into high gear. Fueling buyer interest are historically low interest rates from the 4.50% to the 5% range and a fairly stable job market here in the southwest Tarrant and Johnson county areas.  New listings are coming on the market daily. Well priced properties in top showing condition in great locations are often drawing multiple offers. 

Foreclosures and short sales are still the initial hot topic of interest with buyers.  However, the length of time for approval by banking entities on properties such as these coupled with the work needed to fix up these ’as is’ properties have many buyers changing their focus back to move-in ready properties with willing sellers.  With the increased minimum down payment requirements of FHA to 3.50%, buyers are often seeking seller concessions on closing costs in order to help them get into a home.  Other buyer trends include an emphasis on established neighborhoods with updated interiors including appliances, counter tops, flooring and paint with good curb appeal.  As always, deferred maintenance and poor showing conditions, or overpricing a home will slow down or stall the sales process. 

Low interest rates are also attracting move-up buyers.  Even if a homeowner has to take a bit less for the home they are currently selling than in the recent past, it is a great time to make up that difference in the next home they are buying.  Industry experts estimate that the current market shifts have made housing affordability more attractive than it has been in the last 10 years or more.  This window of opportunity will not last long as our economy recovers, interest rates rise and buyer demand increases.

Overall, there may never be a better time to buy or sell property in Burleson and Johnson County than this Spring of 2009.  For more information, please contact Judy Homan at the Keller Williams Johnson County office.