So, we have good news and bad news. Which do you want first?
Well, the good news is that, after a relatively mild recession, the Dallas-area residential real estate market is poised for an uptick, propelled by job growth, a vigorous banking sector, and more people with a few bucks to spare, according to a report from LocalMarketMonitor.com.
The bad news? Well, we’re scraping the bottom right now. But hey, I’m no born optimist, but even I can find a silver lining: At Dallas’ worst, the rest of the country is much worse off.
Home values in the Dallas/Plano/Irving area are expected to drop 1 percent in the coming 12 months, the report speculates. Nationwide, prices are expected to fall 2.6 percent.
An indicator of a favorable residential real estate market is rents. High rents = A good time to buy. Low rents = Make friends with your landlord. In the Dallas area, the rent forecast is expected to outpace home prices by quite a bit, so get those printers stocked and fax machines serviced, folks.
And our population is growing, too, and at a faster rate (2.6 percent) than the national average (1 percent). That means cheaper homes for more people who have more money to spend on homes.
Sounds like a win, win, win situation for Dallas-area Realtors, especially with the likes of Garcia Desinor Junior saying, “This is going to be a great year for Dallas real estate. Values are beginning to stabilize and increase.”
Tell us: Are you bullish about the residential real estate market for the next 12 months?