There's a reason why economists are calling Dallas as one of the most popular and hottest estate markets in the US. For one, per recent forecasts, this city has a high chance of outpacing the nation this year-- especially in terms of price gains. Aside from that, here are some of the housing prediction forecasts for 2017.
What Awaits in 2017
Per the real estate company, Zillow, as well as We buy houses Dallas, there's an estimation that the home prices in the city would rise by 7.3% from now until August.
Wherein in August, there's a high possibility that the Dallas home value would reach 16.6%, and it'll continue to rise the preceding months. As compared to last year, it can be observed that there will be a 2.4% increase in the nation as whole. For that, the Dallas housing market would be able to enjoy this year to the fullest.
More Investors Coming Your Way
Earlier this month, even Taylor Morrison, the Arizona-based home builder, announced that they're now ready to take part and expand the Dallas real estate market. The company would be focusing their investments on building efforts ranging between $300,000-$500,000. This has shown to be underserved in the Dallas market.
Considering that, if we're going to talk about the mortgages in Dallas, analyzers have a prediction that there will be a continuation of low rates, and an average of 30-year fixed home loan can be observed. Even the MBA made a prediction that the 30-year mortgage rates would rise in the following months, however, it'll also stay below 4% this year.
2017: Perfect Time to Buy a Home
For those who are planning to buy a home in Dallas, now is probably the perfect time to do so-- before the prices go even higher. Also, investments in single-family rental properties appear to be promising, and definitely has a good potential this coming year. Thus, it'll be a good decision to invest in housing developments, especially apartments.
As for the mortgages, just like what has been mentioned earlier, they now have a low risk, but the risk of a price boom could take place a few months from now in a sense that it'll get tighter than looser. That's why business owners should also take advantage of this, as it's also the perfect time to invest in retail businesses.
The population in Dallas has grown at twice the national rate-- this has been observed for a couple of years. Wherein, the home prices continue to rise up, because it has been difficult for the builders to keep up with this trend. To support that, in Dallas, the prices of homes have been 29% higher in the last 3 years, and you could expect that trend to continue these comping years.
The rents are also relatively high as compared to home prices. That means investors would be able to enjoy good returns in their rental properties, especially for those with single-family homes.
Overall, Dallas has grown rapidly due to the young people moving there, and that's why it has become a haven for those who want to invest in real estate.