Wednesday, 23 August 2017

TOO HOT....THE DALLAS MARKET THAT IS!

Written by Posted On Friday, 07 August 2015 19:14

Dalllas, Texas.....

 

It’s August and it’s 106 degrees......

but the fear of interest rates rising is turning up the heat on Dallas’ blazing home market especially in certain sectors.

For the last few years, mortgage rates have been at some of the lowest levels on record making it affordable for first time home buyers to jump in the market and get more house than they will be able to buy when rates creep upwards.

And while no one is forecasting a big run-up in home loan interest rates, steady increases are expected through 2015 and into next year once inflation starts to climb. The Feds keep saying they will be rising soon….that’s enough to make some potential homebuyers antsy. When interest rates start to rise, that creates a sense of urgency for buyers to buy while they have more buying power. “Rising mortgage rates are always a negative for buyers,” said Lawrence Yun, chief economist of the National Association of Realtors. “A sustained rise in rates will impact affordability and cut back homebuying.”

Yun is forecasting that long-term fixed mortgage rates could top 5 percent in the year ahead.

“That has created some urgency, and buyers are coming off the sidelines,” said Ted Wilson, principal at Dallas-based housing analyst Residential Strategies. “The job numbers for the last two months for this area have also been extremely strong. “And we are seeing lots of relocation buyers.”

Last month, real estate agents sold more than 10,000 pre-owned single-family homes in North Texas — the most ever for one month. But don’t be misled by the statistics, these are sales under $1M and if there was more inventory, there would be more sales.

Regarding the high end estates, it’s August and it’s hot!….Dallas is almost a ghost town because those that can are spending the summer in Colorado, California or Montana.

Image result for photos of montana and colorado

But when Fall rolls around, the high-end market sales will start to increase. The Park Cities and Preston Hollow have steadily increased in prices with no end in site because with all the big corporate moves to Dallas, the top level executives are continuing to relocate to these sectors. Devonshire is still on fire with pricing out of sight, some say “too high, too fast”…..only time will tell.

People are starting to roll back in town with back to school looming ahead of us….stay tuned for my next update and if you have any questions regarding your area or would like a complimentary market analysis, I’d be happy to do one for you to help you keep informed of YOUR market conditions.

 

 

Rate this item
(0 votes)
Nora Ling Lane

"It's a privilege to work with my clients. I am humbled and blessed to serve their Real Estate needs."

When asked about the secret to her success in real estate, Nora Ling Lane will simply answer, “The Grace of God.” As the daughter of Dallas real estate legend, Jennie Ling, Nora learned how a great work ethic and putting her clients above all else leads to results. She believes that honesty,  integrity and relationships  are the key ingredients that set market leaders apart. Her motto is, “say what you mean, and mean what you say.” For more than 32 years, Nora has specialized in the Park Cities and vicinity, Preston Hollow and Lakewood where she, along with her husband, Jody, raised all three of their daughters.

Consistently focusing on the goals and needs of her clients, she has risen to the top of the industry where she is recognized for superior service, advanced negotiation skills, innovative use of technology, and sophisticated online marketing strategies including heavy social media and internet marketing. Nora has a strong belief in handling every aspect of each transaction from start to finish rather than relying on an assistant to handle details of her transactions....her clients are too important to delegate to anyone else! Learn more at www.noralane.com.

noralane.com

Search by State:

From buying and selling advice for consumers to money-making tips for Agents, our content, updated daily, has made Realty Times® a must-read, and see, for anyone involved in Real Estate.