Dallas Real Estate Ahead of the Curve on Housing Affordability

According to a recent report from Wells Fargo and the National Association of Home Builders, a decrease in interest rates has made nationwide housing more affordable. And just looking at the Dallas-Fort Worth urban area, one can see immediate proof that this is true.

Dallas real estate has been having a great year, seeing a general increase in property values and demand. What is really impressive, though, is how even with rocketing value the investment opportunities in the area have remained affordable.

Perhaps an explanation for this can be found in the report mentioned earlier, the Housing Opportunity Index. According to this source, about 74.9% of the houses sold from October to the end of the year in 2012 were affordable to households with the median income of $65,000 a year. This was up nearly an entire percent from the previous year, a pretty impressive gain when you factor in the immensity of the compiled information.

The affordability rating is created through a formulation of purely economic factors such as percentage of homes sold and median income of families in an area. General mortgage rates are also included, so even if prices are going up, affordability can stay the same if rates are especially good.

According to Chairman Rick Judson of the National Association of Home Builders, “The most recent housing affordability data should be encouraging to many prospective home buyers, because it shows that homeownership remains within reach of the median-income consumers even as most local markets appear to be on a recovery path.”

In Dallas, although the median prices are rising, favorable mortgage rates and a general slackening in loan requirements has made buying property just as affordable as it has been in previous years.

With such affordability, Dallas homes for sale have never been so high in demand. If you would like some more information about Dallas homes or need assistance with mortgage information, please contact us. We’d love to share with you all of the wonderful home buying opportunities that currently exist.