Home prices in Dallas and the other Parts of North Texas haven't shown any sign of a substantial deterioration, as the median price was $384,000 in September 2022. This is a definite increase from the previous year. The rental market, growing incomes, and low unemployment are helping to prevent the market from becoming overheated.
The demand for rental property in Dallas is rising for several reasons, including a large population of millennials, in-bound population growth and a thriving job market.
There is no denying that Dallas is one of the most talked about metropolitan areas in Texas, if not the whole United States. Because of its popularity and rapid expansion, it is an attractive, liquid real estate environment for investors and a significant destination for out of state company relocation.
The rise in population
The Dallas-Fort Worth area has risen to become the country's fourth largest metropolitan region. The Metroplex has attracted many Large Cap Corporations resulting in a solid population increase. Goldman Sachs, Charles Schwab and Astura Medical are among a few of those who have moved their Corporate Headquarters to Dallas and more will follow, bringing tens of thousands of employees to the area. The population growth in the Metroplex is set to explode over the next five years.
The real estate market will turn out to be much better than you think in Dallas
We should see a rise in home prices starting in Q2 of 2023 as a result of the increase in population and strong employment outlook. We are not in a housing bubble and the economic foundation that was responsible for the 2008 economic downturn no longer exists. Homeowners are not desperate to sell their properties so they won't sacrafice large amounts of equity to do so. As supply dwindles and the population grows home prices will increase over the long term. A slight drop in home prices, followed by a steady rise, is expected over the next few years.
What to expect with Mortgage Rates
There are many people who missed the opportunity to purchase when rates were historically low. It's difficult to convince the masses that rates have normalized and statistically should not fall below 3% again. Decreasing inflation will drive rates down over the next 2-3 years, but will remain flat over the next few quarters. You must consider the big picture when purchasing for the long term and if you are able to arrange your mortgage properly, this is the perfect time to purchase.
MTX Realty has lending partners who cut 3% off the current rate for s specific amount of time and offer a no cost refi for up to three years. It's the MTX Realty Texas Two Step and helps you purchase now, before proces take that next big step up. It never hurts to speak with a mortgage professional to get clarity on all of the options and hedge against interest rate fluxuations. Check out the link below and see how a mortgage professional can help determine the best path for your financing options.
- Service First Mortgage
Big picture
If you are on the fence of whether or not to purchase real estate in Dallas, TX you should consider the financial growth potential for the area and understand this is not 2008. With the population steadily rising in the Metroplex, low unemployment and the influx of may Large Cap Corporations, home prices are set to increase over the next few years. You can lower the initial few years on your mortgage rate and refinance for up to three years, which is ideal if planning on staying in the area for a while. It's very difficult to pick a bottom, those who try statistically miss the best opportunities.
MTX Realty is eager to discuss your future plans and devise a winning strategy to protect you from market fluctuations and help you achieve your goals in Dallss, TX real estate.
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