Is the Texas Real Estate Market Different?

The truth is, Yes the Texas Real Estate Market is different.  This is attributed to much of the following:

• Texas is the number 1 top state to relocate: According to Allied Van Lines’ 41st Annual Magnet States Report, Texas is the No. 1 destination state for residential relocations for the 4th year in a row. New data from the U.S. Census Bureau confirms that Texas gained more residents (484,000) between July 2007 and July 2008 than any other state.
• Texas continues to have steady job growth: According to the U.S. Bureau of Labor and Statistics, Texas added 153,700 jobs (1.5% increase in employment) from December 2007 to December 2008, while during the same time the national unemployment rate rose 2.3%.
• Texas benefits from a strong, diverse economy: Texas is strong in industries that are still growing (such as professional & business services, education & health services, government) and has the second largest economy in the nation by GDP according to the U.S. Bureau of Economic Analysis.
• Texas homes have appreciated steadily. Home-price appreciation in Texas has not fallen below zero in the last 16 years.
• Texas has steady home value appreciation. and Texas housing  prices have remained relatively steady.
• Most Texas borrowers are approved for financing. According to a report by the National Association of REALTORS®, 91% of buyers in Texas were Not rejected by lenders last year.
• Texas real estate remains a strong long-term investment. The average home sales price in Texas has increased $15,600 from December 2004 to December 2008; over the same four years, median sales prices increased $8,600.
• Texas has a balanced market. Statewide, there was 6.4-month inventory of homes for sale at the end of 2008. Economists at the Real Estate Center at Texas A&M say that about 6 ½ months of inventory is a balanced market, where homes are being sold and prices continue to increase at a moderate pace.

This is good news for Texas homowners, both curent and future.  Keep informed of your homes value.  As steady as she goes…