Thursday, August 7, 2008
There is a flurry of information out there about the real estate market, but most of the "BAD" news is coming from areas far far away from Dallas/Fort Worth. So what is really going on in the DFW market? Here is a look at the REAL FACTS:
#1 The DFW Economy is Strong
Fact: DFW & Houston Rank As The Most Affordable Housing Markets of the 20 Largest U.S. Cities - Housing affordability means that most families in North Texas can afford a bigger, nicer house. A household income near $60,000 likely is able to afford the median priced new home in DFW.
Fact: Texas Leads The U.S. In Job Growth - Job growth is the most important market driver in creating housing demand. Texas created 218,600 jobs in 2007.
Fact: DFW Ranks As the #2 Job Growth Market in the US - DFW’s diverse and strong economy produced 65,800 new jobs in 2007.
Fact: Job Growth Is Steady In DFW - DFW has maintained a steady production of new jobs.
Fact: Unemployment Is Low In DFW - The unemployment rate has steadily declined in DFW this decade. At year end 2007, the unemployment rate for DFW was a very low 4.2%.
Fact: DFW Is Now the 4th Largest Metropolitan Area In the United States - The DFW area adds 370 residents every day. The Dallas/Fort Worth area has been consistently growing for decades because of its central location, outstanding airport, low cost of living, housing affordability, pro-business environment and temperate climate. The Metroplex is the largest metro area in Texas and ranked #4 largest MSA in the nation at over 6 million in population
Fact: DFW Population Growth is soaring - Economy.com ranks DFW as the #1 growth market in the U.S. for 2006-2011 with over 630,000 estimated population growth.
#2 The Housing Market is Strong
Fact: DFW Is A Low Risk Market - This listing of the U.S. real estate markets ranks each on the likelihood for future price devaluation. DFW’s strong local economy, continued employment growth, housing affordability, stable home prices and steadily increasing home appreciation make it a very low risk real estate market.
Fact: Supply vs. Demand: Housing Market Returning to Balance Levels - Builders slowed new home starts (supply) by 36% in 2007. Closings (demand) fell by only 17% in 2007. Builders are now closing about 7,500 more houses per year than they are starting. With the slowdown in new construction, the supply of new homes will tighten in the months ahead. PEOPLE ARE TAKING ADVANTAGE OF DEALS!
Fact: No Housing Bubble In DFW - Unlike many other markets in the U.S., DFW has not experienced the massive appreciation and then depreciation of housing values. Housing appreciation has been slow and steady in DFW
Fact: DFW is Not Experiencing Price Declines Seen In Many Coastal Markets - The 20 City Composite Index fell 8.9% for the 12-month period ended December, 2007. DFW displayed more stable house prices with a year-over-year change of -2.4%
Fact: Texas Has Moderate Price Appreciation - Texas has maintained steady 6.3% house price appreciation while coastal markets have lost double digit percentages of their home’s value.
Fact: DFW Median New Home Price Continues to Escalate - Despite competitive market conditions, the base price of new homes continues to increase in DFW, now over $200,000.
Fact: DFW Still Affordable - Average Price of a 2,200 sf house with 4 bedrooms, 2.5 baths, family room, 2-car garage, DFW housing remains affordable compared to the rest of the U.S.
For more information on the local real estate market and to view all North Texas properties for sale, log on to www.CENTURY21JudgeFite.com.
Also, watch the 2-Minute 411 video with Jim Fite, President of CENTURY 21 Judge Fite Company in Dallas, where he talks about "Buying and Selling in Today's Economy". Click here to watch!