The Dallas Texas Housing Market in a Nut Shell
With US home building activity hitting its highest level in six months, and the national government extending payment deadlines in their mortgage refinancing programs, the prospects for future home buyers is looking up. This is especially true in Dallas, Texas, which has been affected by the housing slump less than many other regions throughout the nation. Not only were housing prices inflated less through over development than other states, but the Dallas economy has hung on through the worst stages of the recent recession thanks to a thriving energy market.
Potential homeowners can also take advantage of government initiatives designed to help mortgage owners with making payments. Tax credits are available for first time buyers or others who need help restructuring a mortgage. Even those who don’t need or don’t qualify for the assistance can take advantage of the looser credit market and increase in capital supply that results from these initiatives. In any case, the potential buyer will need to act fast. With the rebound of the economy, house prices are on the rise. According to a federal report released at the end of February, Dallas was one of three top 10 U.S. metro areas that recorded home price gains in 2009, if still behind its fellow Texan city of Houston.
And there may be more activity in the housing market that serves to drive up prices further. Over the past year, real estate agents have reported that many buyers and sellers are taking a cautious approach to the housing market. People still want to buy and sell properties for all the reasons they used to-couples moving to a place with a better school system for their children, retirees moving south for better weather-but because of the uncertainty in the market, they are restraining their activities until they are certain of growth. This serves to restrict the market until the right trigger causes the economy to settle back to normal. When the market does settle, however, it will likely be with a consistent increase of prices, which favors the seller more than the buyer.
New properties and communities of all locations and price ranges are opening up in the Dallas area, from the Starcreek community in Allen to Greenspoint of Prosper. And more than ever, a wide range of resources are available to assist homeowners in making their purchase. Whether one requires financial assistance or a virtual tour of a potential home, online resources are available for the thorough but time-pressed home buyer. The new abundance of new homes also means that more quick move-in options are available as well.
Tags: Dallas, Housing Market, Real Estate Agents