Dallas Real Estate Gaining Ground in the New Year
A recent article from the Home Buying Institute is reporting that housing prices across Texas have been steadily rising over the past year and are expected to continue to appreciate in 2013. Dallas in particular was one of the largest gainers with an increase in value of nearly 9% compared to same time period in 2011. The cause for this climb is cited as rising demand and a positive economic forecast across the state. Of course, Texas was one of the states that kept the majority of its real estate value given that the property speculation did not get out of control as it did in other parts of the nation.
Now, given that prices did not fall as far, a job forecast that is improving and a continuation of the very attractive mortgage interest rates, Dallas real estate is projected to rally quite nicely in the new year. Local and state government did a great job providing infrastructure and favorable economic conditions to companies, which is attracting even more employers to the area. As sources from Freddie Mac report, rates are “near their all-time record lows helping to keep home buyer affordability high and aiding the ongoing housing recovery.”
And with employment numbers far below the national averages, the growth and attractiveness to prospective workers and families is expected to bloom, spurring even greater demand for homes. Every major city in the Lone Star State added jobs in 2012. Compared to October 2012, national joblessness was at 7.9%. By comparison, Dallas was 6.2%. This means there are more people able to purchase property, increasing demand and prices while spurring owners to place even more supply on the market. For those of us who live and work in the Dallas area, we are not surprised; this has been and will continue to be a stable and rewarding environment for lifestyle, home ownership, careers and families alike.
We’d love to tell you more about buying a Dallas home. If you have questions about home financing or how to start the home buying process, Request a Home Purchase Review or just give us a call today at 972-499-0454!