Home prices in Dallas and North Texas are continuing to rise, and they’re showing no sign of slowing down. In addition to helping improve your credit, purchasing a home is an investment in your future. Once your home is fully paid off, all the money you get when you sell will be yours to keep.
For example, if you bought a home in 1990 with a fixed-rate loan of $100,000, your monthly payment could have been as low as $500. In that scenario you’d still only be paying $500 each month in 2018, when some people were paying more than $1,000 each month to rent little, uncomfortable Dallas apartments.
That hypothetical home might have been worth $300,000 by 2020, but you would still only be paying $500 each month during that last year of the loan. If you decided to sell your fully paid off home in 2021 for $300,000, you’d have made $200,000 of profit.
Would that have been smarter than giving money to a landlord for 30 years and having nothing to show for it? The answer would clearly be yes.
Although you can’t go back in time to 1990 and purchase a home, you can buy one today. It’s possible that you could see the same type of appreciation 30 years in the future. The mortgage payments you lock in today will likely seem astonishingly low in 2050 when you’re nearing the end of your 30-year mortgage term.
There’s a direct correlation between a city’s prospects and the value of real estate. If jobs and people are fleeing a place, chances are home prices will go down instead of up due to decreasing demand. People are attracted to good jobs, robust industries, lower taxes and places that offer opportunities for families and personal growth. Dallas has all those things.
Although it may seem like an arbitrary claim to make, there is some proof that a lot of people think Texas is a better place to live and work than expensive states like California. In the third quarter of 2021, 58,803 people moved out of Los Angeles County while only 24,882 moved in to the county. Between July 2019 and July 2020 135,000 more people left California than moved in. An estimated one in 10 of the people who migrated out of California moved to Texas.
In 2020, the Dallas–Fort Worth area grew by more than 120,000 residents. Most of the growth is in Dallas’ suburbs, where you can find many beautiful, affordable homes for sale.
Dallas has consistently been growing, with more people moving here every year. Dozens of companies are headquartered in the Dallas–Fort Worth Metroplex, including ExxonMobil, AT&T, Southwest Airlines, American Airlines, Tenet Healthcare, McKesson and CBRE Group. Countless other nationwide and multinational businesses have large regional offices in the area.
This city is full of business opportunities of all types, and it will attract hundreds of thousands of job seekers in the coming years. Owning a home in a growing metro area like Dallas will give you an asset that’s likely to grow in value in the future.
Are you worried that all the great, affordable homes in Dallas have already been bought up by Californians and other internal U.S. migrants who are moving into the Metroplex?
Don’t be. New home construction in Dallas increased by
22 percent in 2021 to meet the rising demand. Homes in Dallas are not a fixed resource. More are being built and added to the housing market every day. If you’re interested in moving your family into one of these new homes in the Dallas–Fort Worth area, the HMS team can help.
14140 Midway Road
Suite 201
Dallas, TX 75244
P: (972) 392-9595
F: (972)426-7810
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Bob Lovell Agent/Owner
Texas Real Estate Broker #453509
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