What will new home construction mean for Dallas residents?
Property development is a positive sign in a metro, as it may reflect the desire for new businesses to relocate to an area. If you purchase one of the homes for sale in Dallas, you will notice new houses being constructed across the region.
According to the Dallas Business Journal, the Dallas-Fort Worth housing market displayed a 19 percent year-over-year increase in new home construction during the second quarter of 2012. Residential Strategies, a Dallas-based housing market research firm, noted that construction firms could hire more workers to keep up with the rising demands of consumers.
"The housing recovery is well underway in Dallas-Fort Worth," Ted Wilson, a partner at Residential Strategies, told the news source. "While much of the improvement to date has been centered on the northern suburbs and at the higher price points, our builder clients are reporting widespread improved confidence among potential home buyers."
Take a look at other ways new construction could positively impact local residents.
Growth in other industries
Construction firms require a variety of resources to complete tasks quickly and effectively. For instance, these companies may need building materials to satisfy the needs of their customers.
Local businesses that can provide such supplies give themselves an excellent opportunity to increase their profits. They can assist construction companies that are looking to complete projects on time, which allows work crews to maintain consistent productivity.
Rising home values
Buying a new property can prove expensive, especially for first-time homebuyers. While this house might feature top-notch amenities and features, many property buyers may be able to find significant value by purchasing the current homes available on the real estate market.
New home construction will add more properties to the marketplace, but this could prove beneficial. When more people move to the area, the value of homes will likely increase. This makes investing in a Dallas property a worthwhile investment over an extended period, as homebuyers can take advantage of lower-than-average interest rates from lenders.
Freddie Mac notes that homebuyers could qualify for interest rates below 4 percent on fixed-term mortgages in June 2012. Meanwhile, adjustable-rate allowances were available under 3 percent during the same period.
However, these historically low averages likely won't last forever, so you might want to start checking out the properties for sale in Dallas today.