The uncertainty that existed in Dallas’ 2009 real estate market is finally starting to disappear. More and more sellers and buyers have regained their confidence, and are ready to enter the market again. Home values are reaching and surpassing pre-2007 figures, and market appears to growing steadily. Overall, the market tells us that now is a great time to buy.
Dallas was hit hard in 2007, 2008, and 2009 by the real estate “bubble burst” or market reductions. By 2009, over just over 30% of homeowners in Dallas were dealing with negative equity (meaning these homeowners owed more on their mortgages than their homes were worth). In 2013, the market reflects a much more stable economy with only 7-8% of homes struggling with negative equity. Thankfully, this figure has continued to dwindle since 2009.
While 2012 showed a steep increase in sales and market values from previous years, 2013 seems to be a more moderate, or at least a more even, year; thereby proving that the market is stabilizing. This serves to reassure potential home buyers that their investments will be protected and worthwhile. Rather than waiting for a foreclosure or sending in dramatically reduced-priced offers, more buyers are striking on fairly-priced homes in good neighborhoods. Sellers can expect to get fair market values for the homes they would once have to reduce in price severely to sell. For Dallas sellers, this is relieving news.
According to market reports, home listings have experienced a spike in number since this time last year, but buyers appear to be purchasing at the same. This means there are more homes on the market, which gives buyers a slight advantage. What is also evident in this year’s numbers are fewer foreclosures. The reduction in bank-owned properties may actually be skewing the numbers to look like an influx of listed homes, so this is not necessarily a dramatic increase.
With steady sales overall, stabilized and growing market values, and buyer/seller confidence up, the Dallas market appears to be enjoying a comfortable period of growth. Summer 2013 will be a great market to buy homes, especially for first-time buyers. The market will only continue to grow and investments should be safe.