Dallas, Texas is a city of opportunity and growth. Dallas has been ranked as one of the best places for business in America and is also home to some of the top employers in the country. Those who are looking into buying a home or investing in a rental property in Dallas will find plenty of options when it comes time to purchase their next property with homes ranging from $50k up to $1 million.
Whether you want an all brick ranch or a large contemporary mansion, there are plenty of choices available for you! Investing in Dallas real estate can help provide your family with financial security while giving them an investment that can be passed down for generations.
Dallas Real Estate Market Growth Predictions
Sales trends indicate that prices in the will continue rising. This won’t mean that prices will remain the same as last year. However, land value is constantly increasing making real estate an excellent investment choice in the Dallas housing market. The Dallas-Fort Worth/Arlington Metro home value has increased 7.5% in the past year, and Zillow predicts that they will increase 6.6% over the next year.
The Economy is Booming Thanks to Dallas Real Estate
With the influx of new investors, the city has seen a much more diversified economic reach, making it the number one reason to invest in the Dallas Real Estate Market. Now renters have access to many properties from affordable apartments to luxury condos.
With over 500,000 new jobs in recent years, Dallas is ranked 2nd in terms of job growth. More jobs mean more investment choices. Dallas is now a more populated metropolis than New York or Washington, which means that there are more opportunities for job growth. This is a strong indicator that Dallas real estate should be considered as a good investment opportunity.
The Growth of Dallas
Population growth often goes hand in hand to job growth. This increases buyer demand and leads to higher property values in desirable areas. Dallas has seen a substantial increase in its population. The city is expected to increase its population by 1,393,623. This would be the largest number of new residents in any metro area for the second decade. Dallas, which had its roots in small-scale agriculture, was transformed by the oil business to become an urban cultural hub and business hub.
A recent census revealed that Dallas’ population consists primarily of immigrants and Latinos. The population is dominated by college graduates who are looking to make a name for themselves in the global marketplace. A low retirement rate means that small families can grow with time. This in turn is a good sign for the growth of single-family rental homes in the Dallas housing market.
New homes and apartments have been built in response to the rapid growth of the metro area. The rent growth will slow to about 4 percent in the next three years. However, ongoing increases are likely to force renters to consider other options.
Cost of Living is Low in Dallas
High salaries and a low cost of living are two signs that a strong economy is healthy. People move to cities that offer better economic opportunities because of the diverse economy and low costs of living. It is possible to save money and purchase a property with cash due to the low cost of living in Dallas. The area’s low cost of living including taxes and the many job opportunities is what draws families look into home ownership in Dallas.
Dallas Neighborhoods Have Low Cases of Crime
There are minor cases in Dallas of petty theft and aggravated assaults. An investment that is worthwhile should not be risky. A safer neighborhood can attract more single-family residents, which can be a good thing for the real estate market.
How You Should Invest in Dallas Real Estate
Investing in Dallas real estate is always considered a good decision by seasoned rental property investors. Cities like Dallas have seen residential exodus characteristics with both domestic and international immigration. The Big D’s home prices have been skyrocketing with homeowners and renters improving their desirability to Dallas’ urban neighborhoods full of Millennials. You should invest in Dallas investment properties because of its favorable business climate and Texas’ low taxes are pulling in innovative companies that strengthen the city’s economic diversity.
Time is Money: When You Should Invest in Dallas Real Estate
Financial experts agree that time value of money helps provide an estimate as to when you should invest in Dallas real estate. For example, $1 today is worth more than the same amount tomorrow. Compounding is a process that comes into play with time and investment returns. This can be illustrated by doubling your money every ten years if done correctly. The time value of money also calculates for inflation and factors out taxes from both the purchase price and the estimated future rental income net.
Conclusion
For most investors, buying or selling real property is one of their most important decisions. Choosing a real estate professional/counselor continues to be a vital part of this process. They are knowledgeable about the key factors that impact your market area, including changes in market conditions and forecasts, consumer attitudes as well as best locations and timing.
