EXPERTS WEIGH IN
M. Ray Perryman
President and CEO, The Perryman Group
“The North Texas economy is projected to experience ongoing growth over the next several years. With a myriad of industries making substantial contributions to the economy, it is anticipated that the Metroplex economy will continue to be one of the most diverse areas in the Lone Star State and, in fact, the nation. Prime economic generators are anticipated to include the services; manufacturing, and trade industries.
Although the Dallas-Fort Worth metro area faces significant challenges in the future, it is not expected to experience the degree of downturn (either in its economy or its real estate market) currently being seen by many other parts of the United States.
Output (real gross product) in the D/FW metro area is predicted to experience 4.2% growth in 2008, with momentum building for further advancement over the next few years. Population will likely expand about 2.4% through the year, with approximately 50,000 new jobs forecast to be added.
Nearly 35,800 housing permits are expected to be issued this year for the 12 counties in and around the Metroplex. Over the 2008 to 2012 period, a 5.29% compound annual growth rate in housing permits is projected. While there will be some short-term adjustments, the brief period of market softness opens an opportunity to purchase a home at a fortuitous time and take advantage of the anticipated escalation in the future.”
Bernard Weinstein
Director, Center for Economic Development and Research
University of North Texas
“I would say if you are considering buying a home and have the resources to do so and good credit, you should definitely buy a new home. And I say that for a variety of reasons. First, the cost of buying a home has definately gone down over the last few months due to the drop in interest rates. Secondly, this market never had the price escalation in housing that places like Florida, California and Nevada had. So one doesnt have to worry about going the way of Florida or California where home prices have dropped considerably. Therefore, given the fact that interest rates are low and housing is so affordable in DFW, this is an excellent time to buy.”
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North Texas economic outlookExcellent time to buy
Dave Seiders
Chief Economist for National Association of Home Builders
“The fundamentals of the North Texas economy (Dallas-FortWorth-Arlington MSA) are strong,with growth of economic output and payroll employment well above the national averages. Furthermore,the housing market in this area is relatively well-balanced,with manageable inventory levels and relatively stable prices. This housing market was not seriously overheated during the 2004-2005 national housing boom,unlike many other parts of the country, and there's relatively little exposure to the subprime mortgage market problem. Looking forward, North Texas will be in the forefront of the upswing in national housing market activity that will get underway later this year.”
Henry Cisneros
Executive Chairman to CityView
“Dallas/Fort Worth is one of the strongest real estate markets in terms of growth, influx of immigration, diversity of markets and ample opportunities. It is heavily based in real estate. Anyone that is anyone in the real estate development is in Dallas/Ft. Worth.”
Mike Moncrief
Mayor of Fort Worth
“Fort Worth is one of the most exciting, dynamic and electrified cities in the nation. We boast safe neighborhoods, a strong workforce, and we have a special quality of life that's second to none. Today's housing market coupled with a low cost of living presents a unique opportunity to potential home buyers who want to be a part of the Fort Worth experience.”
