Today’s housing market is on the rise for the first time since the housing bubble burst seven years ago. Home prices are up about 4.6 percent and we are approaching a seller’s market. Experts say that though the seller’s market is forthcoming, that it still is not too late to buy a home and take advantage of the historically low interest rates and the bottomed out market. For example, the housing market in Texas is booming with strong areas for both home buyers and those looking to sell their houses.
The Dallas/Fort Worth area suffered the least from the bubble burst and has added over 100,000 jobs this year alone. The average employment has begun to rise with a positive economic growth outcome. Many people are now choosing to move to Texas to benefit from the exceptional economy. With Job security increasing, a low cost of living, and Texas being one of only a few states with no state income tax, families are choosing Texas over most other states. Nearly 150,000 people have moved to the area throughout the past year. With more people in the market to buy, sellers are becoming more interested in listing their homes for sale. Due to this growth, most home buyers are enjoying the large variety of homes to buy on the market. Construction of new houses has also increased due the rise in demand.
When looking at the sub-markets in the Dallas/Fort Worth area you can see strong economic growth. In these sub-markets there are areas for buyers and sellers to benefit from. The city of Grapevine is a popular area on the market for home buyers. The prices are rising in the central and eastern areas due to the added demand for homes. On average Grapevine’s price per square foot and the overall price for a home is down from the previous year. The city of Grapevine is a strong area and home buyers should be very interested and take advantage of the fair prices. This area consists of some of the best deals on the market. The lowest prices in Grapevine are in the southern and northwestern areas.
When you travel west of Grapevine you will find Southlake, Southlake is a city with an excellent sellers market. Currently, most prices have increased significantly after a sharp decrease over the past few years. Due to the prior decrease, it is a great area to buy a home and has many areas with lower priced homes to choose from along with a lot of new sellers.
South of Southlake in Colleyville, this city has shown a very deferent trend from what was noted in Grapevine. The average price per square foot and the overall average price for a home is down significantly, buyers should take advantage of the home prices in this area.
Today’s housing market has a wide variety of opportunities for just about everyone, investors and home buyers alike. Many will take pleasure in the rise of the housing market and demand for new homes. Texas is thriving in this recent turn and welcoming home buyers and sellers to indulge in the wonderful opportunities.
by DAN CAMPANELLA, Broker/Owner @ R.E.INVEST Brokerage, LLC. on June 25th, 2013.