The real estate market hasn’t looked this healthy for a few years now. The strong real estate market is likely most evident in the many new homes springing up in the area. Homes are selling faster then they hit the market and buyers are everywhere!
With interest rates hovering at all time lows, more people moving to the DFW area and the healthy job market in the Dallas-Fort Worth area are of course driving factors why the area is doing so well.
Here are the top 3 reasons why we can expect to see the real estate market continue its rebound in 2013:
Rising rents – Rents are rising everywhere, which are encouraging developers to get off the sidelines and begin constructing homes and apartment buildings. Rising rents mean a stronger demand, which is always good news for builders. In addition, many of those renters, facing higher rents, have made the move to homeownership, thereby spurring growth for single-family homes. Many Dallas residents, once they consider they can secure a mortgage that is the same – or even lower- than their rent, have begun making the move to homeownership.
Optimistic Job Market – The job market has strengthened significantly since last year, leading many Dallas-Fort Worth residents to either get better jobs or get more secure jobs. The more secure individuals feel in their career, the more likely they are to consider purchasing a home. A better job market also encourages relocation, which is always a great sign for new home builders.
Better Lending – In addition to the rock bottom interest rates still being enjoyed by home buyers across the country, lenders have finally begun easing up on their standards, which means more Dallas-Fort residents are eligible for home loans. Although lenders are still requiring strong credit scores and income to back up a loan, they are easing their standards somewhat regarding down payments and debt-to-loan ratios, thereby allowing many renters to become home buyers.