First quarter economic reports show strong prices for Dallas homes, growing market
Dallas, Texas: In a stream of publications, The Dallas Morning News has acknowledged what North Texas already know: the housing market in D-FW is hot, and data shows the area has ended yet another quarter with high numbers.
Economic reports released at the end of February revealed that Dallas home prices were up 9.6 percent in December from January 2015. Based on increases from last year, this additional growth ranks Dallas as only third in the nation on a list of major US markets for home gains.
Analysts are predicting that nationwide home prices will continue to rise by 5.5 percent in the coming year, but North Texas’ home price gains will continue into nearly double-digits thanks to the area’s strong growth in development and employment.
The Dallas area has seen a significant population boom in the past few years due to transportation and economy improvements alongside strong employment. Even further expansion was recently announced for northwest downtown Dallas for three high-rise towers that are to begin construction in 2016. Just east of Stemmons Freeway, the newest additions to Dallas’ skyline are to be built on existing vacant building lots as not to disturb firms already occupying the Design District.
The plans for even more construction downtown will naturally drive an increase of commuters to the area, as they travel from all over the metroplex for work. However, the influx of those looking to move closer to the office will also be significant. With this forecasted population growth, the existing housing market in the Dallas area is obviously feeling strain on its availability. While market prices appreciating as they are, it is clearly a good sign for those who invest in real estate.
The summer buying season of real estate is imminent, and so is the time to get started on a property investment in Dallas. The idea for real estate investment is to buy low, and, after rehabilitation and repair, selling the updated house for a profit. When it comes to low-price, quality properties that will provide investors with the best return, the resources of wholesale property companies are all too important.
Investors who utilize the availabilities of a wholesale property supplier are not inconvenienced in their search through market-listed properties that cause bidding wars. Instead, investors are given access to off-market listings and properties that the public doesn’t know about.
Due to such demand in the Dallas housing market, investors who buy non-updated, damaged, or foreclosed homes and rehabilitate them, have a shot at a very profitable ROI. Specific funding is provided for these types of property investments, and the financial boost it can provide for investors is significant. The demand seen in Dallas market continues prove that residents of D-FW are left to look for a decently priced roof over their heads in a tight big-city market.
While Dallas’ oil-dependent cousin, Houston, just experienced thousands of energy sector layoffs due to the decline in oil prices, the economy in Dallas is promising to remain strong. Its artistic, technical, and engineering businesses provide genuine economic diversification, and top analysts don’t expect any busts in D-FW’s future.
The top-ranking cities with the biggest increases in home price were San Francisco, CA (10.3 percent), and Portland, OR (11.4). Nationwide home prices are seeing numbers back to what they were in 2007 before the housing market bust. Compared to summer 2007, Dallas’ housing market has succeeded with a 24 percent growth.
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