Dr. Jim Gaines, Chief Economist for the Texas A & M Real Estate Research Center reported in a presentation on January 17, 2013 that job gains, housing prices, general business growth, and population growth, all were markedly higher for the Dallas and Fort Worth metroplex in 2012.

From 2010 to 2030, Dr. Gaines projects the Dallas and Fort Worth area population to increase by 14 million people, or 703,000 per year (another median sized city’s worth of people = 1,925 people per day!).  Foreclosures and unemployment rates have been dropping for the last two years while single family house sales were up 12% in 2012.  Median prices were up 7.65% in 2012.

Mr. Fisher, Dallas Fed Chairman, said in a speech during a lunch meeting at the Dallas Federal Reserve Bank on Tuesday, January 22, 2013, that the current Fed zero interest rate policy will continue throughout 2013, and that DFW will experience economic growth and increased population growth this year somewhere in the 2% range.   He stated that mortgage interest rates would probably rise ¼ percent or more in the last quarter of 2013 with higher interest rates beginning in 2014.

Because there has been little or no new home construction for over the 3 years in Dallas, the inventory of new homes, as well as the inventory of existing homes, is very low.  A balanced market with equal numbers of buyers and sellers, in the DFW market, is considered to be a 6.5 month’s supply of houses for sale.  Having greater than 6.5 months of inventory, is considered to be a Buyer’s market, while less than 6.5 months of house inventory is a Seller’s market.

During the 4^th quarter of 2012, the DFW housing market moved from a Buyer’s market to a Seller’s market.  In fact, today, most of DFW’s housing market areas have less than a 4 month’s supply of houses.  This is one of the reasons that housing prices are rising – demand is far outpacing supply!

If you have an existing house in which you have been living, which you have wanted to sell in the past, but were not able to when you listed it for sale, or chose not attempt to sell it because the low prices the market offered you at the time, meant you would suffer a loss if you sold it, please call me at 972-931-1200 today.

If your ready to sell your home, please give Castle Keepers a call at 972-931-1200 to receive a free Comparative Market Analysis report to find out what your home is worth in the 2013 market. There is absolutely no obligation to you for asking for this information.  Consider selling your house this year before mortgage interest rates rise, making houses more expensive to Buyers.  We would love to help you buy or sell a home today!