Make the dream of owning a Dallas home a reality

In the past, homeownership was a challenge for many people. However, declining interest rates and favorable economic conditions are allowing more people to purchase houses, especially some of the homes for sale in Dallas.

The Dallas Business Journal found that more Dallas-Fort Worth residents are living the American dream. In a recent survey of North Texas property owners and non-homeowners by a Texas mortgage lending firm, 83 percent of participants said that they were hoping to buy a home this year, or within the next five years.

Meanwhile, one in eight North Texas homeowners said they would consider selling their current residences and buying new houses. The state of the Dallas economy makes now an ideal time for many people to consider homes in this area.

The Dallas housing market has bounced back
According to The Dallas Morning News, home prices started falling in Dallas in 2006. At the time, the housing market collapsed, which triggered an economic recession that impacted property buyers, owners and sellers in the region.

However, the Dallas housing market has stabilized this year, and the sale of pre-owned houses has increased 20 percent in 2012. The recovering economy has helped the area's construction industry improve, and this sector added 13,600 jobs in August 2012.

"The broader implication is that the real estate markets will now, hopefully, start feeding the economic recovery for the area," James Gaines, an economist with Texas A&M University, told the newspaper.

Gaines notes that Dallas homebuilding has increased in 2012, rising around 20 to 25 percent. Additionally, local businesses have noticed the impact of more property buyers purchasing pre-owned homes.

The newspaper reports that moving and relocation companies have seen profits increase due to the rising interest in pre-owned residences. Since people often need support to take their belongings from one address to another, movers have been able to enjoy success over the past few months.

Meanwhile, home prices have risen across the region - yet another positive sign for Dallas residents.

"Once people see that prices are starting to move up - or at least not decline anymore - and people are out there looking at houses, it drives a sense of confidence," D’Ann Petersen, an economist with the Federal Reserve Bank of Dallas told the news source. "It spills over into a lot of other sectors."