What do housing market experts predict for Dallas area real estate?
The inventory of homes for sale in Dallas could decrease in the next six months - at least, that is what several housing experts are anticipating.
A California-based financial and real estate firm stated that it expects residential property prices to rise 1 percent in the next six months, The Dallas Morning News reports. The firm notes that home costs have increased by roughly 2 percent in the last year, and interest in Dallas could lead more people to pursue houses in the area.
Rising home prices in Dallas
According to the Dallas Business Journal, real estate research company CoreLogic indicated that home prices in Dallas rose 0.8 percent between July 2012 and August 2012. Meanwhile, property costs in the city increased 4.3 percent on a year-over-year basis, which is on par with the 4.8 percent rise in the state's average housing prices during the same time frame.
Mark Fleming, chief economist at CoreLogic, said that he anticipates home prices to steadily increase in September 2012. The national housing market continues to recover from the economic recession of the late 2000s, and Dallas property owners could notice the impact in the near future.
Is now a good time to buy a Dallas residence?
There might be no time like the present to purchase a house in Dallas. The interest rates on fixed-term mortgages are lower than they have been in some time, which could help property owners find affordable financing options for their houses.
For example, Freddie Mac notes that the average interest rate on a 15-year fixed-term mortgage was 2.69 percent as of October 4, 2012. This figure represents a 0.4 point fall from one week earlier, a 0.17 point drop from about one month prior and a 0.28 point decrease from the end of May.
However, KDFW Fox 4 reports that the Standard & Poor/Case-Shiller index released last month shows that national home prices increased 1.2 percent between July 2011 and July 2012. If these property costs continue to rise, Dallas area properties could be affected. Mortgage interest rates could respond accordingly, and property buyers may notice higher property prices in this region.
Housing options are available throughout the Dallas-Fort Worth area, so it's worthwhile for many homebuyers to consider the opportunities available in this region.