Network Plano.com: 6 Reasons Why Dallas is Still a Strong Real Estate Market

Kim Boyko, Realtor, with the Keith Dobbs team of Re/Max gave the 10 minute presentation at Network Plano during their weekly meeting. Her presentation gave 6 reasons why the Dallas market is still a strong real estate market:

Stability

Home prices in the Dallas area continue to rise and are a steadily increasing market. While unlike the coastal markets that experienced extreme appreciation, they are also now suffering extreme depreciation. Since 2000, Dallas home prices have averaged a 3.3% increase and since January 2008, area home prices are down 2% while nationally they are down 11%

Affordability

The median home price is $158,000 which is in line with median household income of $60,300 so this continues to be an affordable market and one of the MOST affordable in the US.

Fast Selling Homes

Pre-existing homes is still holding at a 6 month supply which is the same as it was this time last year and consistent with our market for the last 4 years. Nationally, the inventory is over 11 months.

Limited New Home Inventory

The new home builder excess inventory has finally reached an appropriate level. Now is the final time to buy a new home at a discount due to builder's wanting to move their excess inventory.

Strong Local Economy

Dallas has a strong, diversified economy with a higher population growth and job growth than the US average. There are 58 of the fortune 500 who have headquarters here and companies are still considering the Dallas area for relocation.

Low Mortgage Interest Rates

Mortgage interest rates continue to be low at an average of 5.88% which means your home buying dollar goes farther

The great news for Dallas is that this is the strongest real estate market in the country and it is a great place to be a homeowner. I will now take questions from anyone.

Question: How do I recommend someone use you when they say their desire is to use a Realtor that specializes in their neighborhood?

Answer: Very few Realtors will specialize in just one neighborhood. They may advertise in a manner to give that impression, but they don't list homes in just that neighborhood. It's more important to work with an agent with knowledge of listing a home using the internet and who is a good listener and advocate for you.

How do you get your home to sell for more than the others?

Answer: Staging. Professionally staged homes sell for more than others every time. A professional stager will give you a list of things to do in each room, including upgrades.

Question: What are some other ideas for selling your home for more?

Make sure the home is accessible when someone wants to see it so be flexible and don't put conditions on when the home is open for showing.

Question: Is it true that a majority of people are looking on-line before visiting in person?

Answer: Virtual tours are a must which basically provides a visual 360 degree view of each room of the house.

Question: So before looking at homes with you, do you sit down with me and we look at listings on-line?

Answer: Prior to going out for an appointment, I email a range of choices so you can start giving me feedback on what you like and prefer.

Question: Do you recommend people do a pre-listing inspection?

Answer: Absolutely. You have to disclose this to the buyer but it is a really smart way to be prepared when selling your home. The buyer is going to get their own inspection so you are best to know ahead of time if there are any concerns. In fact, you are better to get a home warranty prior to the inspection so that if there are repairs required after an inspection they may even be covered by the warranty. Also, the warranty is then transferrable to the buyer.

For more information about the Dallas real estate market, housing trends or to buy and sell property, contact Kim Boyko at (972) 489-1117 or online at www.keithdobbs.com

Looking to connect your business to other business professionals? Visit our next meeting of Network Plano.com and see if a professional business networking group is a fit for you. We meet every Tuesday in Plano, TX at La Madeleine restaurant in their private room at the Preston Road and Park Lane location. Contact us at info@networkplano.com for more information.