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Christy’s Chatter: Market Update February 2020

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Christy's Chatter: Market Update February 2020

We are officially heading into the start of our spring selling season, and I am so excited about the buzz surrounding the Dallas market. The word on the street is that it is absolutely on fire, which really isn’t that big of a surprise if you take a moment to analyze what’s been happening in the great state of Texas over the last couples of months and even years. Let’s take a look, shall we?

Did you know that Texas is the only state in the nation to have recovered completely from The Great Recession? According to the Texas A&M Real Estate Center, Texas has surpassed its prerecession record high which occurred in October 2014. North Texas is currently seeing extremely low interest rates with the average on a 30-year mortgage coming in at around 3.45 percent. This is the lowest rates we’ve seen in three years. 

Another reason that our real estate market is so healthy comes from the fact that the DFW-area has witnessed 121 corporate relocations since 2010. That’s a lot of people moving to the area looking to purchase a home. 

Finally, we have the October 2019 tornado that displaced more than 800 people from their homes in North Dallas. And while that certainly has not been an exciting reason to see an uptick in housing transactions, here we are. 

So, what are people wanting to buy exactly? It seems that new constructions continue to dominate as buyers are gravitating towards new or at least heavily updated pre-owned homes. There is a shortage of completed new constructions whereas the inventory of pre-owned homes seems to be steadier. 

I personally am just so excited to get the buying and selling started on behalf of my clients. Whether you want new construction, fixer upper, or somewhere in between, this is the year that we are going to find your dream home.

Cheers to your 2020 vision, whatever that looks like! 

 

–       Christy

Christy BerryFebruary 19, 2020