I had my annual company meeting with Virginia Cook, Realtors this morning to celebrate our success in 2007. It was quite energizing and we learned why 2008 will be GREAT!!
You wouldn't know it from listening to our local news but Texas is a great place to be right now.
Healthy Price Appreciation - The Dallas - Fort Worth housing market is the least likely of any in the country to see a significant decrease in home values according to a report released January 15 by PMI Group. Business 2.0 and Moody's Economy.com rank the Metroplex the 4th best market for home-price appreciation in 2008 and 2009
Reduced Inventory - Housing starts in DFW dropped 30% to 30,606 units in the 4th quarter of 2007 - the lowest level in eight years. I see this as a sign that the preowned market will pick up.
Shorter Selling Time - The Dallas region has one of the lowest average sales time in the country. Homes in DFW take an average of 80 days to sell a home compared to the national average of 110.
Strong Job Growth - The job growth pace in North Texas is twice the national rate. In November, the Dallas-Fort Worth-Arlington area reported the second highest employment increase in the nation, with the unemployment rate dropping to 4.0 compared to the national rate of 4.5.
Business Expansions & Relocations - DFW is one of the most affordable major metropolitan markets in the country and Texas has the best tax structure for business. The entire state will continue to outperform the nation in attracting relocating companies and job growth. Currently, Dallas-Fort Worth is home to a record high of 24 FORTUNE 500 companies. 300 of the 500 FORTUNE companies have branch offices here.
Realtor Expertise - Market savvy homeowners believe they can sell their homes quicker by hiring the best salespeople, according to Real Trends. Sellers want an experienced professional to hold their hand and they understand this comes with a premium. The Real Trends study shows that many sellers have returned to full-commission brokers after trying unsuccessfully to sell their homes themselves.
Consumer Perceptions - The 100-year-old National Association of Realtors has launched a new campaign reaching out to consumers with the facts about homeownership and the value of real estate as a long-term investment. In 2008, NAR will broadcast ads more than 10,000 times on national TV and radio - including 2,340 ads on cable channels such as the Food Network, HGTV, the History Channel, DIY, TBS and 558 ads on Hispanic outlets.
Growing Population - Dallas - Fort Worth adds 200 net new jobs and 370 residents every day! In the next 15 years, enough people will move to Texas to create a new Dallas, Austin, Houston and San Antonio.
Low Interest Rates - Historically low mortgage interest rates prevail in an industry where sound lending practices have returned to ensure many viable financing options for consumers who have the credit, employment and income history to become responsible home owners. We have the lowest rates in 40 years!
Estate. Well written post, I know a lot of agents in your market place. Hope to see more of you here. Liz
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