Bloomberg News is reporting a nationwide upswing in housing prices, with Dallas noted as one of the more positive gainers. This is positive news not just for home sellers but the real estate market in general, as these upticks in pricing indicate a positive outlook on the overall economic health of the region and country. With increased pricing brings increased interest in new home construction, which of course brings new jobs and economic renewals in those areas like Dallas hit hardest during the recession.
Prices for single-family homes in Dallas grew over 4% compared to one year earlier according to the S&P/Case-Shiller Home Price Index. Perhaps even more encouraging was the fact that seven of the twelve months in 2012 saw increased in home pricing against previous year averages. The increase has been so promising that it spurred managing director of the Dow Jones indices David Blitzer to positively gush, “The entire nation is on the rebound.”
With regards to Dallas, a number of factors account for the increase in home value, not the least of which are job growth and increases in rental costs. Rents have increased by over 7% in the last five years while nearly 12,000 new jobs were created in the Dallas area in the month of October alone. In short, the region is viewed as vibrant and flourishing for home buyers, families and employers.
So what does all of this mean for you? With more and more buyers entering the market, rising prices and positive economic forecasts, there is no better time to consider a home purchase, before the rising trend becomes a barrier to entry.
Please contact us for more information about Dallas real estate information and loan options currently available.
The estimated 660 million square feet of industrial space in the Dallas-Fort Worth area is being targeted for heavy redevelopment, according to market analysts. The industrial real estate market is already thriving and only expected to grow as companies rethink their distribution and warehousing strategies. Terry Darrow, managing director of Jones Lang LaSalle in Dallas and their commercial property division, points out that “People are getting smarter about their inventories and distribution networks…I think we’ll see significant growth in the Dallas-Fort Worth industrial market over the next five years.”
With a current vacancy rate of 8.5%, the rates of industrial space are expected to increase by over 11% in the new year, to $4.00 per square foot. The reason for this is that major players will be competing for that space, especially in the central Dallas area. Conglomerates such as L’Oreal, Amazon, Quaker Oats and BMW are reportedly in the market for new commercial space. The redevelopment of that space also suggests that jobs will be created to retrofit the properties according to buyer’s needs.
The competition is expected to be fierce for the space as there is not only limited current options but also that speculative development may be slowed by lenders still wary of economic forecasts. But if nothing else, the drive for industrial space proves that Dallas-Fort Worth continues to grow as a highly desirable area for companies and their workers. Also, if rents continue to increase, expect land purchases to become a more viable option, another spark to the already surging real estate market. Either way, Dallas-Fort Worth expects to be a major hub of renewed activity in the coming year.
Now might be the time to get ahead of the curve and find a home or speculative piece of property. If so, give us a call today to help you get started.
Home sales climbed nearly 30% in October, the largest growth spurt in three years. The better news is that along with a volume increase, the average home price has also risen steadily by nearly 10%. The reasons for the growth are myriad: national economic concerns, still-low interest rates. But no matter how you slice it, the growth in price and reduction in volume is music to the ears of home owners considering putting their property on the market.
Adding to the improved activity in Dallas-Fort Worth sales, the scenarios where prospective buyers are entering the marketplace are including fewer and fewer distressed properties. Since the beginning of 2011, the monthly supply of foreclosed homes has fallen nearly 40%. With fewer “bargains” on the market, buyer expectations are also adjusting to elevated price points. Compared nationally, only the major cities in Colorado and Arizona have a lower monthly supply of distressed homes.
The major health indicators of the real industry are a vibrant marketplace of steadily increasing activity, more and more motivated buyers entering a “buy” phase, comparatively limited supply and demand that is growing ever more comfortable with elevated price points. Currently, Dallas-Fort Worth real estate is enjoying each of these indicators, suggesting that even at year’s end, there may be no better time to sell your home.
Please contact us for more information about Dallas real estate opportunities and mortgage information.