Texas Real Estate Outlook: Demand and Prices to Increase
November 22nd, 2013 | by The Update
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Via The Home Buying Institute / Brandon Cornett:
The Dallas housing market has the distinction of being one of the few metros in the country where home prices have risen above their pre-crisis peaks. It bears repeating: House values in this metro area are currently higher than they were at the height of the national housing bubble. Less than a handful of U.S. cities can say that.
Some feel the Dallas real estate market is currently overvalued and on the verge of becoming a bubble. According to Trulia’s “Bubble Watch” report for the fourth quarter of 2013, Dallas home prices are overvalued “relative to their fundamental value by comparing prices today with historical prices, incomes, and rent.” On the other hand, inventory has fallen significantly in this market, and that trend will likely continue into the first part of 2014 or beyond. So we just don’t see the bubble in this city.
Our prediction for the Dallas real estate market in 2014 calls for additional, but more modest, price gains. Over the course of the next year, the inventory situation will probably level off, giving home buyers more choices. This could have a cooling effect on the market.
Modest gains will continue in Fort Worth, as well.
To read the full article, go to: http://www.homebuyinginstitute.com/news/texas-housing-outlook-504/#ixzz2lCSAu0nJ.
Briggs Freeman Sotheby’s International Realty is Dallas’ luxury real estate leader, with more than 200 agents in five offices located throughout Dallas-Fort Worth and access to the global Sotheby’s network, including more than 11,000 agents in 600 offices worldwide. CEO Robbie Briggs independently owns and operates Briggs Freeman Sotheby’s International Realty. For more information on escapes and second homes, ranch and land, and luxury homes in the Dallas-Fort Worth region and beyond, go to briggsfreeman.com.