Texas Real Estate Continues Trending Upwards in 2013
A renewed sense of urgency has filtered into Texas real estate, particularly in cities like Dallas. The frequency of home sales, low inventory and decreased number of foreclosure sales continue to heat up the buying frenzy, which is only expected to increased in 2013. Nationwide, it seems that home buying interest has regained momentum but Texas specifically seems to be growing by leaps and bounds:
- Prices of pre-owned homes grew by 8% compared to 2011
- Total sales ran 17% higher in 2012
- The median price for homes has surged by nearly 5%
- Home builds are forecast to increase by as much as 15% in 2013
Adding to this new speculation and activity is the fact that the Federal Government is keeping interest rates low, which means that mortgage financing should stay at historic lows at least through the next year. This will not only reinforce the new purchases and speculation but invite buyers and sellers who until now have stood on the sidelines waiting for signs of a revitalized real estate market. Regardless of inventory, demand continues to pick up steam, especially in cities like Dallas and Plano.
There is also additional evidence to suggest that as prices continue to rise in parallel with demand, home owners who have held onto inventory, will be more motivated to move their properties up for sale. Such an increase in supply will additionally spur more speculative purchases from investors watching a renewed Texas real estate industry continue to pick up speed. In short, buying a home in Dallas will be an intensive process requiring patience and in-depth research. Partnering with an informed ally will be of the utmost importance.
We’re here and ready to help just as we’ve helped hundreds of other buyers in Dallas, Richardson, Plano, Highland Park and University Park. Call us today so we can begin the conversation.