In case you haven't noticed, a lot of new people have moved into the DFW area in the past year or so. More than 100,000 people moved into the region between July 2012 and July 2013, according to the U.S. Census. In fact, the whole area has grown to a whopping 6.8 million residents since 2010, and that means a boom in the housing market that just keeps on booming.
A Good Job Market
Part of the allure for those immigrating to DFW is that the region offers a stable economy and good jobs. In fact, Forbes magazine recently ranked the Dallas-Irving-Plano section of the Metroplex the 13th best place in America to do business and work, and recognized a 2.9 percent growth rate in new jobs here in 2012, the last time the numbers were calculated.
A Competitive Housing Market
This influx of new residents making good money has made homebuying more competitive. In the Dallas market, buyers are increasingly getting outbid, which is driving up home sales prices. Buyers, then, would be wise to enter the arena prepared to outbid, so long as they are not overreaching and buying homes they may have trouble paying off. They would also be wise to move quickly, as more desirable often homes come on the market and generate bids in just a few days.
But Still a Healthy Market
A recent report by Zillow shows the Dallas housing market to be in great shape for buyers. In some markets, particularly on the West Coast, more than half the homes for sale are beyond the ability for local residents making the median wage to afford, and many mortgage holders are paying as much as 49 percent of their weekly salaries toward their mortgages. Dallas, on the other hand has comparatively few homes beyond the reach of the average citizen, who is on average paying less than 12 percent of their weekly salary toward mortgage.
A Robust Spring
While some industry insiders wonder whether the boom can keep going, most agree that the spring and summer buying seasons will be as robust as it was in 2013. Jed Kolko, an economist with Trulia Inc., told the Dallas Morning news in January that he difference between Spring 2014 and Spring 2013 is that there should be more inventory on the market this year because more new homes are being built and existing home prices are rising. This, he said, makes sellers more likely to consider putting their houses up for sale.And perhaps continue the boom