SmartMoney Magazine has predicted that Fort Worth will be the fifth best real estate market in the country in two years. However, Fort Worth and its surrounding areas were hit hard by layoffs after September 11th. As business heals, good homebuying deals are being snapped up by savvy Fort Worth homebuyers.
Realtor Sharon Mays says, "According to the local MLS statistics, single family sales are down 14% for March, compared to a year ago. Year to date is down 4%. Days On Market (the number of days a home is on the market upon being listed in the MLS) are up 12%, and inventory balances have increased 20%.
But Fort Worth real estate is on the rebound. "Pendings (homes under contract which are past the option period and due to close) are only down 2% year to date, and the Median Sales Prices are up 4%," says Mays.
"Normally this would indicate a Buyers' Market, or a market in which the Buyer has the ability to negotiate price or terms more favorably than they normally would," says Realtor JC Cunningham. "However, buyers are also starting to look in large numbers. This means that well- maintained homes that are priced right are still selling within days. Homes with potential but are not showcased well are taking a little longer."
Realtors Tom and Christi Cayot, specializing in Fort Worth suburb Southlake say, "Home sales in the upper ranges have slowed, but the market is still hot in this area, especially for homes priced under $300,000."
In the Fort Worth subdivision of Woodmont, buyers can find homes priced from $67,000 to $103,000 with a pool, says Realtor and resident Jane Duncan.
"The Spring Rush is on," declares Realtor/broker James Martone, "and homes are selling quickly. Some areas with low inventories have seen significant increases in price, while the time on market has been generally less than 50 days. Buy now while mortgage interest rates are low!"
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Published: April 28, 2002
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