Forecast looks bright for Dallas home sellers
Sunny days are commonplace in Dallas, and the light appears to be shining bright on the metro's housing market. According to The Dallas Morning News, this city has seen the average price of houses increase 2.7 percent over the last year. However, the market of homes for sale in Dallas is appealing to many property buyers, especially those who seek affordable loans.
For instance, Freddie Mac reports that the national average for the interest rate on a 30-year fixed-rate home mortgage was 3.55 percent during the first week of August 2012. This represents a 0.84 percent decrease from the country's average from the same time frame last year.
Qualified property buyers might be able to take advantage of lower-than-average interest rates, but there is no guarantee that these rates will last. In fact, the average interest rate rose 0.06 percent between July 26, 2012, and August 2, 2012. If the national economy continues to improve, it's possible that home prices and interest rates could increase accordingly.
Take a look at how the national economy could influence homebuyers and sellers in Dallas.
The impact of the unemployment rate
In June 2012, the Arlington-Dallas-Fort Worth metropolitan statistical area boasted a jobless rate of 6.9 percent, which was 1.3 percent lower than the national average. Meanwhile, this region's unemployment dropped 1.1 percent between June 2011 and June 2012.
The rise in employment could significantly alter the housing market. When more people become interested in a housing market, competition could follow, which might help home sellers receive new offers for their properties. While buyers will acquire homes that could be close to their jobs, sellers could obtain offers at or near their initial asking price.
New housing opportunities
The Dallas Business Journal reports that home occupancy rates have recently increased in this metro. In fact, a local real estate expert noted these rates have reached the point that property developers cannot build enough over the next few years.
"Occupancy and rents are going to continue to rise, and there's a lot of growth in the market," the aforementioned professional told the news outlet.
New housing could help make the metro in a number of ways. Construction companies will likely need staff members and supplies to complete these projects, and might be able to receive local support. This could lead to additional job opportunities, and could help draw new businesses to this metro.