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University Park: Stable Home Values in Dallas Real Estate Market

Every day the news brings more indicators that the economic recession is lifting. Nowhere is this more evident than in the real estate market. Sales numbers for single-family homes are steadily increasing in key geographic regions around the country. One of these areas, the Dallas-Fort Worth Metroplex in North Texas, offers buyers attractive opportunities in small, stable suburban enclaves like University Park.

Technically a "suburb" of Dallas, University Park is just a short drive from downtown. It's a college town inside the third largest city in Texas (and the fifth largest in the United States.) Municipalities like University Park represent a large part of why the Metroplex is a major draw for families who want to relocate to Texas and who are considering buying a home or leasing property.

Why Relocate to Dallas?

Texas has survived the recession in much stronger condition than other areas of the country. The state has a lower than average number of foreclosures and has kept its unemployment level hovering at 8% while nationally Americans have grappled with a 10% jobless rate. Additionally:

- Texas has the fastest growing economy in the nation.
- The Dallas-Fort Worth Metroplex leads the country in population growth.
- According to movers.com, Dallas is the number one city for relocation.

The North Texas region is rapidly evolving as a technology center, with more than 233,000 tech workers currently employed in Dallas. That's more than Austin and Houston combined. The Metroplex is home to major companies including Research in Motion (the manufacturer of BlackBerry smartphones), Raytheon, Lockheed Martin, and AT&T.

What About University Park Specifically?

On August 2, 2010 the Texas Association of Realtors released figures indicating that home sales in the state rose for the third consecutive period, with single family-home sales up 14% over the second quarter of 2009.

Specifically in the Dallas area, sales are up 12.38%. University Park and neighboring Highland Park (lumped together and known as the Park Cities) are faring particularly well in this climate. According to figures published by the Dallas Morning News concurrent with the TAR statement:

- There are 364 homes for sale in the Park Cities.
- Sales in the area, which is five miles north of downtown, are up 66%.
- The median sales price for a home in the municipalities is $849,000.
- That breaks down to approximately $299 per square foot.

Obviously, the real estate market in the Park Cities (and specifically in University Park) has not only held its value during the recession, but is now seeing steady and significant improvement. Back in June, sales were up 56%, so according to the latest statistics, that's a 10% rate of growth in just one month.

Why Are People Buying in University Park?

Simply put, the fear is passing and real estate customers are realizing it's a buyer's market. Thirty-year fixed conventional loans currently carry an interest rate of roughly 4.3 percent, while 15-year fixed jumbo loans are at approximately 4.5 percent.

There are significant buying opportunities for relocation to Dallas, and University Park stands out as a suburb within the city. With prime access to downtown, University Park has architecturally attractive homes (many in the Spanish colonial style) and beautiful parks. The local government uses as pay-as-you-go policy, which helps to regulate utility rates and taxes, and citizens benefit from a community policing philosophy.

Superior Access to Education and Cultural Venues

University Park families are served by the acclaimed Highland Park Independent School District. Seven of its campuses have received an "exemplary" rating from the Texas Education Agency. The area is also home to Southern Methodist University, which provides additional educational and cultural venues. (The university is also the future site of the George W. Bush presidential library.)

In downtown Dallas, residents have easy access to the Morton H. Myerson Center, where both the Dallas Opera and the Dallas Symphony are headquartered. The urban arts district includes nine museums, anchored by the the museums of Natural History and Art as well as the Nasher Sculpture Center. All told, the city owns 115 public works of art.

Strong Case for Relocating to Dallas

Basically, all the numbers are working in North Texas. Both the region and the state are experiencing a strong economic surge. The Dallas-Fort Worth Metroplex has a solid and expanding job base, and properties in prime suburbs like University Park have retained their value through the recession. Now is the time to consider acquiring a home in University Park because all the factors come down strongly in favor of the buyer.

article submitted on behalf of author Darrell Self.

About the Author

Are you buying or leasing a home in Dallas | Fort Worth Texas (DFW)? Darrell Self can help you if you're shopping for University Park TX real estate for sale or relocating to DFW in the future. Visit DMD Realty DFW.com and browse ALL the homes for sale (and ALL the lease homes) listed in the MLS on 1 website ... no registration required.

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