If you are considering entering the housing market and become a homeowner in before end of 2017, it is important that you keep yourself updated with the latest Dallas real estate market trends and happenings in order to make a well-informed decision. Being a real estate expert, I am often consulted by real estate agents, as well as clients who all have a common question — “what should they expect from the Dallas real estate industry?”
For the convenience of my readers, I have compiled the 3 trends that will shape the Dallas real estate market in rest of 2017, in my opinion. Read through to learn whether buying a house this year will be the right decision for you.
1. Deregulation of the Housing Industry Will Make Homeownership An Easier Endeavor
During his presidential campaign, Donald Trump vowed that he would make massive regulatory cuts and ensure huge spending on infrastructure in order to facilitate homeownership by the locals. This is likely to leave a positive impact on the Dallas real estate market and will lead to the deregulation of the industry, making it easier for people to get a mortgage loan and buy a home.
2. Tight Housing Supply Will Lead to Price Appreciation
While there is a shortage of homes available for sale all across the US, the housing supply is particularly tight in downtown Dallas and North Dallas suburbs. On the other hand, the wave of millennial home buying is further increasing real estate demand. This demand-supply disequilibrium will lead to an increase in the prices of homes in Dallas real estate market. This means that if you remain successful at finding a cheap real estate deal in Dallas, you will be able to get high returns on your real estate investment very soon.
3. People Would Want to Move Away to Cheaper Suburbs
Over the last few years, I have noticed a new trend among homeowners in Dallas. They are moving away from older suburbs to new upcoming communities in cities that offer them cheaper and newer housing, good schools and easy access to a variety of amenities. Consider the example of city of Frisco or city of Denton. The place provides its residents the perfect combination of urban and suburban lifestyle. With reputable public schools, parks, entertainment facilities, and grocery stores located nearby, the place offers everything a homeowner can ask for. A recent report from CoreLogic suggests that Denton County gained applicants from Dallas, Tarrant and Collin counties as well as from out of state in last 12 months. During 2016 through June 2017, for every 10 Denton County residents looking to move elsewhere, there were 13 non-Denton County applicants moving to Denton County. Denton County had an 11 percent increase in mortgage applications because of the net inflow from other areas. More than two-thirds of the net inflow was from Dallas County.
Considering the success, I expect more and more of Dallas homeowners to move out to these communities like Denton. This will potentially push property prices down in urban areas and lead to increase in prices in suburban communities.
To summarize, 2017 is likely to be a pretty good year for Dallas real estate market. However, as more and more buyers enter the market, it will become difficult to find a lucrative real estate deal and homeowners may want to partner with a real estate agent to navigate through the evolving landscape. Contact us today!
Tip: Discover new construction homes or master planned communities in Frisco TX, McKinney TX, Prosper TX, Coppell TX or Irving TX which offer homes to suit every lifestyle and budget.
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