Big D is ranked just behind a suburb of Phoenix and Los Angeles as markets with a combination of strong economic growth & building are contributing to the home sector. Each market on the list has job & household growth & surging home starts. Growth in central Dallas put the city near the top place nationally for growth according to Realtor.com. North Texas created almost 117,000 jobs in the last year & area home sales were up 16% in the 1st quarter + home starts rose 22%. SIMILAR IS HAPPENING IN TYLER & EAST TEXAS.
This is a new low for the year! The 30-year, fixed-rate mortgage averaged 3.58% with an average 0.5 point for the week ending April 14, down from last week’s 3.59%. A year ago it averaged 3.67% The 15 year averaged 2.86% with an average 0.5 point, down from 2.88% last week and 2.94% a year ago. Five year adjustable rates can be even lower. STILL A GREAT TIME TO BUY, BUT CONTACT YOUR REALTOR TO FIND A HOME.
In states with declining populations easier to get rentals and buy a home. With the increase in population in some states, then rental prices are going up and a shortage of homes to buy. This will cause building prices to go up and harder for 1st time home buyers to get a loan. The American dream of home ownership will not happen. RIGHT NOW INTEREST RATES ARE STILL LOW. Call your Realtor to look at & buy a home – also checking with your lender.
From 2009 to today new homes, condos, apts. total 5.6 million. Over the same period 1.7 millions housing units were obsolete & demolished. A net of 3.9 million housing units to the country’s stock is not adequate in light of 17.3 million additional people in the county over the same period. With an average of 2.5 persons per household, then a total of 6.9 million new housing units are 3.9 millions short of 3 million homes, according to Lawrence Yun NAR chief economist. MORE TO COME