Housing Market and Real Estate Prices
In the US, the typical value of a home is $220,100. As predicted by Zillow, the home values of United States for the next year will rise to 6.4% as compared to the last year’s 7.6%. The average market price per square foot in The United States is $150.
In America, the current listed median price of homes is 275,000.
Additionally, the median cost for rental in America is $1,650.
Many home owners were affected by the fall of house values in The United States by 20% or more between the years 2007 – 2011. As a result, many homeowners’ mortgages are underwater. That means the current value of their house is bigger than the balance they still owe.
The extent of house owner mortgages that are underwater in The United States is 8.2%.
Housing Market and Real Estate Prices in Texas
Texas has a median value of home at $188,700. Zillow has predicted that Texas’ house value will rise up to 3.8% in the next year as compared to the last years rise of 6.8%. The average market price per square foot in Texas is $125.
As of this year, in Texas the listed average cost of houses is $275,000. The average lease price in Texas is $1,545.
Mortgage delinquency is the initial step in the foreclosure procedure.
This is the moment a home owner fails to make a mortgage payment.
The percent of unpaid mortgages in Texas is 1.4%, which is more than the national value of 1.1%.
Housing Industry and Real Estate Prices in Dallas
In order to save some of your money, it would be better to lease it in Dallas-Forth Worth rather than purchase a house. That’s the finding of a study by financial experts at Florida Atlantic and Florida International universities. The research conducted compared two consumers from North Texas. Both of them started out with a similar amount of money. The first one bought a house and the other one rented a property while reinvesting his other funds in bonds and stocks within 8 years. The result of the study has concluded the renter to possess more cash compared to the buyer.
The explanation of the findings is that Dallas-Forth Worth’s residential real estate market is the most “overheated”. This is when it comes to appreciation value of the 23 largest metropolitan areas In America of which Dallas is one them. Economists do not believe that the home price growth in the area is sustainable.
“I can’t tell you when it’s going to happen, but there’s going to be some downward [pricing] pressure,” claimed Ken Johnson, a real estate economist at Florida Atlantic University and co-creator of the Beracha, Hardin & Johnson Buy vs. Rent (BH&J) Index. There’s 50 or 49 other times this has transpired, and costs always come down. There will be a time when prices of houses will be too high. I’m not sure when will that occur, but I am sure it will occur.”
Of course, not everybody agrees with the thesis of this study.
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