DFW Home Prices Least Likely To Drop

Steve Brown of the Dallas Morning News recently reported some very good news for the DFW real estate market. In an article dated, January 18, 2008, Mr. Brown writes,

"Dallas-Fort Worth's housing market is the least likely of any in the country to see a decrease in home values, a new report confirms. At the same time, the chances of a house price decline rose in almost four out of five U.S. markets, according to a report released Tuesday by mortgage insurance firm PMI Group.

Dallas and Fort Worth ranked dead last in PMI Group's latest forecast of cities with the biggest chance for a home price shakeout.

Analysts with the California-based company estimate that Dallas-Fort Worth has less than a 1 percent chance of marked home price drops in the next two years. By comparison, cities in California, Nevada and Arizona have more than an 80 percent likelihood of falling
residential values. "

The reason for our strong market is twofold. First, our real estate market does not typically experience extreme peaks and valleys like other areas. Second, the Texas economy is strong. Quoting PMI Group economist, David Berson, Mr. Brown writes,

"Because Texas did not participate in the double-digit home price gains in the first half of the decade, it doesn't have to take the great pain of the areas that are compensating for that now," Mr. Berson said in an interview...

...And most Texas cities are outpacing the rest of the country in overall economics, he said. "The state economy is doing pretty well, and job growth is above the national average," Mr. Berson said. "It's quite likely Texas will be doing better than the national average for the foreseeable future," he said.

The D-FW area has gotten high marks in the PMI risk report before. And other national surveys show that North Texas' housing market is outperforming those in the rest of the country."

The article continues to state that there are no guarantees in real estate (that's for sure!) and Texas is certainly not immune to real estate disasters but for now, it's a great time to buy a home in Dallas-Ft. Worth!

If you are considering buying a home in the Dallas, Fort Worth areas, I can help!