Too many people and not enough roofs. Perhaps this is one phrase that best describes the situation in Dallas in the wake of an uncontrolled influx of people from around the US. It is estimated that each year, there are over 60 000 people flocking to the Dallas-Fort Worth.
This influx has majorly been attributed to the job market in this area. With the influx comes one of the most endemic challenges of urban-bound migrations; housing problems. Well, this may also be termed an opportunity for real estate investors seeking to make a killing out of the numerous people looking for decent housing units in Dallas.
Looking At The Pull Factor
It’s believed that Toyota alone, with the new corporate campus in Plano is responsible for nearly 40 000 immigrations per year. Those seeking to buy houses, either as part-time or permanent residents find it hard as the prices of such houses have skyrocketed. According to MetroStudy Inc.’s Page Shipp, over the last five years, home builders have been able to raise their median prices to an all-time high of 55 percent due to this unwavering demand for new houses. And given the fact that corporate transfer buyers are always willing to pay more, there is no telling as to when the prices will level out.
According to Shipp, the buyers who come from as far as California are used to paying high housing prices. In fact, many of these people find the Dallas real estate sector still quite a bargain and wouldn’t think twice about buying a house here. This, as expected, poses a huge challenge to native Dallas citizen who is now expected to adjust to the spiraling housing costs.
Another great factor that makes Dallas an ideal settling destination for corporate transfers is the proximity to critical social and recreational facilities. Regardless of the neighborhood one chooses to settle in, the nearness to grocery stores, restaurants, and bars as well as other recreational centers is a major selling point of this area. In fact, Peter Lokken who relocated from Kentucky with Toyota claimed that his decision to rent an apartment in the city’s Uptown neighborhood was inspired by its strategic location to various centers and shops within the city. Located more than 20 miles away from the company’s new campus, Mr. Lokken remarked that he was happy with his decision to rent the apartment and its location actually made him extend his lease for another year.
However, not everyone was lucky as Lokken as stories abound of new people looking for houses for months without success. One Armin Salehi who moved to North Texas when Toyota’s headquarters moved to Plano narrates how he looked for a house for nearly three months without success. And when he finally came by a pre-owned home, it was always significantly overpriced. He had to sift through 50 homes before he could settle with a townhouse in Carrollton
As Toyota and other big companies seek to expand their base in Dallas, appears the prices of houses in this area will rise, at least into the unforeseeable future. Perhaps there need to be measured to try and regulate the city’s real estate sector so both new and residents can get a better bargain. For now, all we can do is adopt a wait-and-see attitude.