A Quick Guide to the Texas Real Estate Market
Today, the average price of a home has increased by 32.6%. In certain areas such as Dallas, it has increased by 43%.
This startling stat might have you worried about the Texas real estate market. While this might be overwhelming, there’s hope. Read this quick guide to the Texas real estate market today and see where it’ll head!
Increased Mortgage Rates
As you’re looking on sites such as www.yourtexashomesolution.com, you might want to act fast since the Texas real estate market is expected to grow. The prediction when you’re looking to buy a house in 2022 is that the rates might be higher. Right now, it’s unprecedented times with the low-interest rates.
More of a Balance
As 2022 nears, the housing demand is expected to remain consistent. The amount of homes for sale is expected to increase though. This can cause the home price growth to slow down.
The real estate market is expected to continue into 2022. If you’re in the Houston area and are looking at buying a new house, you might want to jump on it now.
Home prices in San Antonio continue to double. This trend is expected to continue into 2022.
Austin’s real estate has been continuously growing for the past year. This is thanks to a limited supply of homes and a boom in the population. While the prices are high now, expect that trend to continue.
Why Home Prices Continue to Rise
Due to a shortage of people selling a house, this is causing a rise in home prices. No matter where you head in the state, many cities have a home shortage.
Many homes are receiving multiple offers and receive above the asking price. Compare that to last year where they were selling for under the asking price.
There’s also the fact that many are moving to Texas right now and leaving other areas. This is due to plenty of career opportunities in the state.
The states that they’re leaving from, they don’t mind paying above the asking price for these homes. Many of them are selling homes in their state and using that money toward a home in Texas.
Due to this, the competition is fierce which keeps increasing the price of these homes. Your best option is to work with a real estate agent who will be able to help you navigate through all of this. They’ll be able to better help you after you speak with a lender and figure out your budget for a home.
Understanding the Texas Real Estate Market
After exploring this guide, you should have a better idea of what to expect when it comes to the real estate market in Texas. Speak with a real estate agent and lender to get the ball rolling, and don’t delay!
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