After ending 2018 in a serious slump, demand for housing is suddenly soaring again, thanks to a drop in mortgage rates that could be temporary.
Still, spring has sprung early, as buyers hope to get a quick deal before rates turn higher again.
The average rate on the 30-year fixed mortgage rose throughout much of 2018, hitting a recent peak in November at just more than 5 percent. Rates had been in the 3 percent range throughout 2016 and 2017, which helped produce the run-up in home prices.
Amit Vyas and his family are looking to move up to a larger home in suburban Dallas, which used to be a pretty affordable market. Now, with employment there rising and strong demand from Chinese buyers, the market is changing.
“If you’re looking in a range with just five to six-fifty, it’s very competitive. But, once you go above seven-fifty, I think it gets a little bit more open in terms of it’s not as competitive close to a million dollars,” said Vias, who wants to take advantage quickly of the pause in rates.
“I think it’s a good market because, just to be honest, I think the rates are going up, and people are scared to step out into the market,” he added.
Maybe it’s Chinese Americans moving to Dallas to work and buy houses to live in. Texans May think of these Chinese Americans or H1B workers as foreign buying.
Still I’m surprised about the hot price range of 550k to 650k in Dallas. Is Dallas this expensive? I would choose LA over Dallas, or San Diego over Dallas.
This is racism because they view any Chinese as foreigners. Another racism exhibited is when they ask you where you are from, and when you answered from California or Bay Area, they ask you where you’re from originally!