Investing in a property is not only about money. It’s about the perfect time and location, as well as the general atmosphere in the real estate business. That’s why knowing what’s currently going on is the key to success. Whether you are selling a home, buying your first house or simply investing in a property, you should know what’s trending in the year to come so you know how to invest your money wisely. For that reason, we prepared a couple of tips on Texas real estate and also the real estate trends in Texas – 2020. Here’s everything you need to know about for a successful purchase or sale.
Things to know about Texas real estate
Before you make a purchase, you should know the reasons for and benefits of it, so your money is not wasted. Luckily, investing in Texas real estate is a great thing for many reasons. The fact that proves this is its growing population – more than 3 million people moved to Texas in just a couple of years. The main reason why people move to Dallas and other Texas cities is a job – the job market has grown a lot in the past years. And all these people need a home, so investing in a property in texas is a no-brainer. Here are some things you should know about real estate in Texas:
- The most popular areas are definitely Houston, Austin, and Dallas. These cities have the biggest growth in recent years and most options when it comes to jobs and real estate.
- Median house price is $323,619 ( $152 per square foot)
- mortgage rates are lower than usual – this has been attracting more buyers to the area.
- existing homes are up to 30% more affordable than newly constructed ones.
Real estate trends in Texas – 2020
Here are the trends you should be aware of when investing in a property or selling the one you already have. These trends will help you understand the Texas market changes and adapt your property and offer so the purchase can be made much faster.
The most important trend – affordability
The fact that will make all the buyers happy is that homes will be more affordable in the next year. One of the most important real estate trends in Texas is that homes will be less expensive than the national average – $325,200. So, if you are looking for a place to invest – Texas is the answer. Lower house rates and the growing population is the perfect combination for a successful investment.
However, you should know that prices depend on the location. Different cities and neighborhoods in Texas offer properties at various prices, depending on the location, condition, and size of the property. The good thing about it is that everyone can find something they like and are able to afford. The most affordable locations are probably Del Rio and Eagle Pass, where the most expensive ones is the River Oaks Houston.
Traditional Investing is the key
Traditional investing is one of the biggest real estate trends in Texas for the next year. Since it has been economically successful and growing, even more, Texas offers more job opportunities, a growing household income and therefore it becomes one of the popular locations for traditional investments. Real estate experts say that the best places to develop a traditional investment strategy are:
- Corpus Christi
- Del Rio
Rise of the property taxes
If you are looking for a place to invest in Texas, you should definitely be aware of the high property taxes. Given the fact that an average homeowner pays around $2,200 for the property taxes, Texas requires a lot more. However, the numbers are different across counties, so you should definitely pick one according to your budget. One of the most affordable ones is Bexar County, Dallas County, and Harris County. On the other hand, Fort Bend County has one of the highest property taxes – 2.48%.
Airbnb is more and more popular
Having an Airbnb property has proven to be very profitable in recent years, and investing in such properties will be one of the real estate trends in Texas – 2020. Nine Texas cities are on the list of the most popular places to buy a property like this in the country. Even though renting an Airbnb is very successful, you should be careful about the law – each city has different regulations about renting properties. That’s why you should carefully analyze the situation and find the perfect balance between the annual profit, occupancy rate and the costs you need to pay. Also, be sure to know everything about how to avoid home rental scams, so you can run a safe business.
Moving to Texas?
If you are looking at the real estate trends in Texas for 2020, you’re probably looking for a home. This kind of property investment is a bit more special since you are looking for a family home. In this case, you need to think about the perfect place to live and the benefits of relocating to Huston with family, or some other Texas city. Luckily, many texas cities are perfect for families, since they offer great education, many past-time options, family-friendly attractions, etc. Just be sure to plan your move wisely and relocate to Texas without problems.
Moving with your family includes a lot more details than just packing and leaving. That’s why you need to be sure you have everything under control, and the best way to do it is to organize and plan your relocation in advance.
Let professionals help you out
If you are not experienced in moving houses, professional help is somewhat necessary. Local moving companies like Evolution Moving Company NB know the area very well, which is the key to a fast and secure relocation. Skilled movers know how to deal with different types of items and will protect them from damage during transport.
When buying a new home in Texas and relocating, the most important thing is not to hurry. Take your time to analyze the real estate trends in Texas for 2020, browse the properties and plan everything on time. This way you will be sure you’ve made the right decision and chose the perfect home for you and your family.