As we head into 2024, the “real estate market in Dallas” is poised for some significant changes. From shifting interest rates to changing demographics, there are a variety of factors that will impact the market in the coming year.
As a real estate investor, you need to know it’s important to stay informed and up-to-date on these trends in order to make informed decisions about your investments. In our latest blog post from We Buy Houses Cash Dallas, here are ten things Dallas real estate investors need to know about the real estate market as we head into 2024.
1. Interest Rates Are Expected to Rise
After years of record-low interest rates, many experts predict that rates will begin to rise in 2024. As interest rates have been getting higher in 2023, that trend will continue. This could have a significant impact on the real estate market in Dallas, as higher interest rates can make it more difficult for buyers to afford homes. As an investor, it’s important to keep an eye on interest rates and factor them into your investment decisions when utilizing funding to facilitate the purchase. At We Buy Houses Cash Dallas, we look forward to this as we are loaning our money to other investors at a decent rate. As a business owner, one must know which opportunities to utilize.
For some people who do have a lot of cash in their savings account, these can be good times. Most interest rates on money market accounts, savings accounts, certificates of deposits (CD’s) have reached the highest levels in over a decade. So, if you are looking on the other side of finances, you are winning this turkey.
2. Millennials Will Continue to Drive the Market
Millennials are the largest generation in history, and as they continue to age into their prime home-buying years, they will continue to drive the real estate market. This generation is known for valuing experiences over possessions, and as such, they are often drawn to urban areas with access to restaurants, nightlife, and cultural events. It is good tokeep this generation in mind when building houses. Some millennials like the so called large houses dubbed McMansions, with the square footage between 3,000 to 6,000.
As a real estate investor, it’s important to keep this demographic in mind when selecting properties. So, you must know the Dallas real estate market weel when appealing to millennial tenants, be sure to keep proximity to restaurants, cultural activities, and shopping in mind.
3. Technology Will Play an Increasingly Important Role
Technology is rapidly changing the real estate industry, as well as other areas such as the financial space, with robo advisers and mobile on the rise. Now you can see this trend is expected to continue in 2024. From virtual tours to online mortgage applications, technology is making the home buying process faster, more convenient, and more transparent.
As an investor, it’s important to stay up-to-date on these changes and leverage technology to streamline your investment processes. By using the right technology, the Dallas real estate market, and investment can be accessible to anyone. Adviser will now need to change the way they engage with the millennials in order to keep them as future clients.
4. Supply and Demand Will Remain a Key Factor
Supply and demand is a fundamental principle of economics, and it will continue to be a key factor in the Dallas real estate market, in 2024. with so many people moving into the area, building new homes is what We Buy Houses Cash Dallas, has come to do more of.
As demand for homes in Dallas continues to grow, it’s important to keep an eye on supply. If there are not enough homes on the market to meet demand, prices will continue to rise. For today’s home buyers, the size of a newly built home can make it very attractive. As well, it makes it very lucrative for the investor or builder of that home.
5. Urbanization Will Continue
The trend towards urbanization is expected to continue in 2024. As more and more people flock to urban areas in search of jobs, entertainment, and cultural experiences, demand for urban properties will continue to increase as well. So it’s important to continue building new homes in the urban areas of America. While people flock tothe urban area, who are these people. In the Dallas area we have Hispanic’s and Blacks moving into the different areas of our metropolis.
As an investor, it’s important to keep this trend in mind when selecting properties. As we do so, we build homes in the Dallas real estate market, to fit a particular group, and rehab homes by cost and price.
6. Environmental Concerns Will Become More Prominent
Environmental concerns are becoming increasingly important to home buyers, and as such, they will become more prominent in the real estate market in 2024. From energy-efficient features to sustainable building materials, green homes are becoming more and more popular. As an investor in the Dallas real estate market, it’s important to stay up-to-date on these trends and consider incorporating green features into your properties.
We can rehab houses all day to fit a certain group of people. But when those people are looking for a greener home, it can sometimes be difficult. We build homes using energy efficient materials because it’s the right thing to do. As we get into the ‘green theme’ of building, the more confusion buyers have. So, it’s careful balance when building or rehabbing a house, we think it’s a particular area of town that understands it most.
7. The Importance of Location Will Remain Strong
The old saying “location, location, location” will remain as true as ever in 2024. Without a doubt. Buyers are often willing to pay a premium for properties in desirable locations, such as those with good schools, easy access to transportation, and proximity to amenities.
As an investor, when buying investment property, it’s important to keep location in mind when selecting properties. As mentioned before. At We Buy Houses Cash Dallas, we rehab and build homes in certain areas where we think the buyer is particular about certain types of homes. In a real estate market like Dallas, we like our new home buyers to feel they made a good decision on the home they buy from us.
8. Political and Economic Uncertainty Will Continue
Political and economic uncertainty has been a hallmark of the past few years, and this trend is expected to continue in 2024. From changes in tax policy to geopolitical tensions, there are a variety of factors that could impact the Dallas real estate market.
As an investor, it’s important to stay informed and to have a solid contingency plan in place in case of unexpected events. Having an investment portfolio that can cover any unexpected change, economically speaking, will go a long way should you need fast cash, verses needing to liquidate any investment.
9. The Rise of Co-Living
Co-living is a growing trend in the Dallas real estate market, particularly among millennials. We think it’s been around for awhile, but that’s okay too. Co-living spaces are designed to offer affordable housing and a sense of community, and they often feature shared living spaces and amenities. As an investor, it’s important to keep this trend in mind when selecting properties and to consider incorporating co-living features into your properties.
10. The Importance of Flexibility
Finally, flexibility will be important in 2024. As the real estate market in Dallas, continues to evolve in your area, it’s important to be able to adapt to changing trends and circumstances. This may require being open to new types of properties, new investment strategies, and new technologies.
The real estate market in Dallas, is poised for some significant changes in 2024. By staying informed and up-to-date on these trends, real estate investors can make informed decisions and position themselves for success in the coming year. If you are looking for investment properties for sale in the Dallas real estate market, We Buy Houses Cash Dallas, can help. Reach out to our team to learn more about what’s currently available! (214) 723-1304.
As the third best real estate market in the Country in 2024, Dallas / Fort worth is poised to stay on on top. With the average home prices for twenty twenty-four at $347,400 which is down by two percent in 2023. Most all experts predict that the home prices will rise due to very tight inventory. As other major cities could see a housing market crash, not for the DFW area.