DALLAS (WBAP/KLIF News) – A new report from Fitch Ratings warns the Dallas-Fort Worth housing market is overvalued and due for a correction.
According to the report, homes in the Dallas / Fort Worth area are between 15 to 19 percent overvalued.
Doctor Randy Guttery is the director of real estate programs at the University of Texas at Dallas and said current trends in the market don’t indicate that homes are overvalued.
“Anything is worth whatever someone is willing to pay for it and to argue that there overvalued if they were they wouldn’t be selling,” he said.
North Texas is experiencing a boom as continued growth and a trend in companies relocating their headquarters to the area has kept homes in high demand.
Guttery said that combination creates a good environment for homeowners and a terrible one for first time home buyers.
“There’s a house out there for everybody. Frankly, I tell my students one of the main things you have to do is reduce your expectations. Maybe instead of a four bedroom three bath house you consider a three bedroom two bath house,” he said.
Cities in Nevada, Oregon and Idaho also topped the list for overvalued homes.
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