After experiencing a year of tremendous growth across all real estate niches in the Metroplex, analysts say the outlook is looking good for 2015.
Mortgage rates are still down, home prices are solid and the North Texas economy is strong. So we asked our expert agents at Briggs Freeman Sotheby’s International Realty: What are your predictions for the 2015 market? Here’s what they had to say.
A: We see positive trends in two areas: (1) Because the Dallas business climate is so strong, we are going to continue to attract new buyers; and (2) We will watch demand for new building sites grow. Buyers are looking for homes that are smaller and more efficient in both space and systems, and the only way to get that is to build it yourself. People simply don’t want to pay for rooms they aren’t going to use.
A: All sectors of the Dallas housing market experienced unprecedented growth in 2014. With major corporate relocations here, many with staged executive moves over the next several years, there is only one very positive prediction for 2015. Commercial office buildings in Uptown and the Arts District are approaching lease prices similar to NYC and Chicago – a predictor of growth in housing in the same areas. I can’t think of a better place to be as we approach the new year.
A: We expect a continued strong real estate market across North Texas in 2015. Interest rates still are low but we might see an increase at some point in 2015, so buyers should be motivated to make a decision during the first quarter. Home prices will remain strong as well, with analysts predicting continued healthy increases. With more major corporations moving to Dallas, we should see inventory moving more quickly in all price ranges.
A: With a steady stream of corporate relocations coming to the area, demand for homes will remain high. At the same time, the low inventory issue we faced in early 2014 is easing and should continue in that direction in the new year. Dallas also is leading the nation in home values. This has been a year for good news in North Texas real estate, and I expect to see more of the same for 2015.
For luxury homes, see briggsfreeman.com. Click here to see the latest in real estate news. President and CEO Robbie Briggs independently owns and operates Briggs Freeman Sotheby’s International Realty with seven offices in Dallas, Fort Worth, Uptown, Lakewood, Ranch and Land, The Ballpark and Southlake.