The Dallas Housing Market for Homebuyers Is Poised to Take Off
Back in April, we mused on what makes Dallas one of the absolute best places to live, however, it’s an even better place to be a real estate agent. That’s because the Dallas/Fort Worth market possesses key characteristics like a diverse economy, a host of community improvement projects, and plenty of affordable housing, which makes it an irresistible place to buy.
Before the COVID-19 outbreak, The Dallas Morning News reported that despite plummeting oil prices, Dallas remained relatively unaffected thanks in large part to the city’s ability to attract a variety of corporate interests.
“Dallas-Fort Worth rolled on, adding over 100,000 jobs in 2016. The region grew jobs at twice the U.S. rate, and many lauded a diversified economy that was luring workers and companies, and benefiting from the success of many corporate headquarters,” the Dallas-based newspaper wrote.
Now that’s not to say that Dallas/Fort Worth has gone unaffected by the recent outbreak. American Airlines, one of the area’s largest employers, is re-positioning itself for the drop in revenue. And like other major cities in the country, restaurants, as well as retail-based businesses, have been struggling.
“What we have to do is we have to right-size the airline from a cost perspective, to make sure that what we find next year is cash positive," American Airlines’ CFO Derek Kerr told investors.
Yet economists remain hopeful. Jim Cahn, Chief Investment Officer from the Wealth Enhancement Group, told Forbes that he believes a U-shaped recovery is likely. Unlike the 2008 economic crisis, there’s nothing fundamentally wrong with the financial system. Rather, the downturn is due to external pressures that should be resolved with a vaccine and some time for consumers to regain their confidence.
When that happens, real estate in the Dallas/Fort Worth area will see a sharp rise in buyer activity thanks to what will likely be strong job growth across all sectors. Previous to the outbreak, the Dallas Business Journal reported that Dallas/Fort Worth ranked as the nation’s third ‘most robust’ economy in the nation. Unlike others on the list, though, real estate remains affordable. As it currently stands, Dallas/Fort Worth has a median home value of $226,145 which is just above the national average of $217,600. Together, it’s a perfect recipe for DFW real estate agents’ success.
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