Dallas Real Estate Buyers Can Rest Easy
Dallas, Texas: The buzz around Dallas-Fort Worth is that home prices are least likely to drop and that serves to be good news for potential buyers who are hesitant to take the risk.
In a recent study from the PMI Group, the mortgage insurance firm that decides whether risky loans will be insured, states that the Dallas-Ft Worth Metroplex is the least risky market in the United States and should continue to have stable home prices in 2008-2009. In fact, Dallas and its neighboring metropolitan powerhouse, Fort Worth, came in dead last in PMI Group’s most recent prediction of cities with the biggest chance for a home cost rumble.
Analysts at PMI Group, a California-based company, have estimated that the D/FW Metroplex can stand to see a marginal chance of discernible home price decline within the next two years.
“We’re seeing an increasingly polarized market,” said PMI economist David Berson. “The risk that home prices will be lower in two years has increased for many of the largest cities in the nation, although areas that saw only moderate home price gains during the 2002-to-2005 period still generally have low risks of price declines.”
Berson’s statement holds water since Dallas-Fort Worth’s home price appreciation occupies only a mere fraction of the national average over the course of the last five years. “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.
PMI risk reports reflect Dallas-Fort Worth’s high marks which complement Texas’ overall superior state economy and job growth. “It’s quite likely Texas will be doing better than the national average for the foreseeable future,” Berson said.
Home buyers seeking their next home in the Dallas area can rest assured the real estate market is currently stable and outlook is good so go head and lay out the welcome mat.
This story brought to you by Joan Severson, a Dallas Re/Max DFW Associate.
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