The Booming Housing Market: Why buy when you can build?
The secret’s out: DFW is booming. With 104,900 non farming jobs added in the past year and a half, the North Texas city’s economy is flourishing. And that might even be an understatement. The job rate in the Lone Star State is growing all over, increasing as much as 3.2 percent in the Dallas-Plano-Irving area and an astounding 4.2 percent in the Fort Worth-Arlington area. Such rapid expansion has encouraged companies to import employees from all over the country, and when the job market goes up, the housing market usually follows suit. And that means one thing, for all the those considering trading up to a new home, now’s the time, because the rush is here and it’s not going anywhere for a while.
Bigger in Texas
With the influx of jobs and newly minted Texans, some North Texas communities saw double-digit price increases.As of late June, the Dallas area had a single-family home inventory level of only 2.8 months, a significantly higher housing demand than supply. And a lot of buyers but nowhere near enough sellers always translates to an inevitable spike in existing home prices.
Some realtors have seen particularly impressive growth, with average sales increasing by over a $100,000 than the previous year. Rudy Rivas, a principal at M. Christopher Homes, says they’ve “sold more million dollar houses in the past four months than in the last four years and have sold more for cash.”
The sudden explosion in the housing market might make the process of searching for a dream home appear to be an absolute nightmare, but it doesn’t have to be. The solution? Stop searching and start building.
Which sounds more appealing? Scrambling around town hoping to get lucky enough to find a home that fits every expectation, or building a custom home that’s guaranteed to be exactly right, down to the door knob? If those thinking about a new home already own one, that’s even better. In this incredible sellers market, unless a house is priced astronomically or hasn’t been properly prepared for showing, buyers can be expected lining up at its door within a week. Once the old home is sold, probably for a great price, the owners can put their earnings toward customizing a new one just to their liking. The best advice we can give? Go ahead and turn a dream home into a reality, because it’s hard to imagine a better opportunity to make a great investment in a solid housing market.