The Importance of Housing

In this week’s episode of Dallas Native Voice. Dallas Native discusses why housing is such an important factor for the economy.

 

 

Mary Beth H.: Hi. This is Mary Beth Harrison with the Dallas Native Voice. I want to talk about all the news feed that’s gone on. We see it every day talking about housing. Why is housing such a big deal in the business section in the news feeds. Well, the economy runs on houses being sold. I don’t think people realize how many people we put to work every time we sell one house. You drop that stone in the water and the ripple effect is huge from the title company, to the appraiser to the lenders and the underwriters to the inspectors to Home Depot for all the things we buy as we’re getting things fixed. The electric companies, the water companies. It’s just … It goes on and on and on.
The insurance companies. We put a lot of people to work with each home sell. So, that being said, we’ve gotten various news feeds over the last months that the market is phenomenal and things are flying off the shelf and then the next day we’ll read things have slowed down and the market is softening. It’s kind of hard to keep track. It’s almost like a bad ping pong game isn’t it. It’s like he said, she said, he said, she said. Well, the truth of the matter is, in the lower price ranges, the market is still really good and there’s not a lot of inventory in that price range.
Meaning about $300,000 and below. When you get to $400,000 and above, there’s a four month supply of housing and then for each hundred thousand it jumps up another month and another month of housing of supply until you get to a million dollars or more and there’s actually a 10 month supply of housing at a million dollars or more. Understand that an even market is six months’ supply of housing. Meaning it’s neither a buyer’s market nor a seller’s market. It’s just an even market. Well, when it drops below that, which is our $300,000 and below, we only have one and two maybe three months’ supply of housing. It’s very much still a seller’s market. But, as you get into the higher price range, say $600, $700,000 and above it’s getting to be far more a buyer’s market because there is so much to choose from in the market.
Each area is different and if you want to know specifics about your area, give me a call and we’ll talk about it. You can reach us DallasNative.com and we go where you go, so you can find us on all the social medias and thanks for listening.

 

 

Information Courtesy of Dallas NativeΒ 

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