The Texas housing market. Whether you have been in your house for 10 years or 10 months, moving homes is always a possibility. People are constantly desiring to move to a different neighborhood or different city altogether, and the process of selling a house is much different than the process of buying a house. Fort Worth, Texas is a large city, consisting of over 235 neighborhoods. If you want to sell a house fast in Fort Worth, it is important that you understand the nuances of the market.
Houston, Texas is the fourth largest city in the United States, and due to its size, the housing market is competitive. Although there are certain differences between cities in Texas, there are many similarities in the real estate market. In this article, we will share four things you should know about the real estate market in Texas.
1. It’s Typically a Seller’s Market
The real estate market across Texas typically favors the sellers. Since the inventory available is lower than the demand, people are often able to sell their house at a higher rate than expected. The average home is only on the market for slightly over 90 days, and that includes the time it takes to close after an offer has been made. If you prepare your home effectively before it hits the market, it is likely to sell fairly quickly.
2. It Is Competitive
Since the housing market favors sellers, it is competitive to buy a home. Neighborhoods that are zoned for reputable school districts often receive multiple offers on every home. These offers may vary in overall price, contingencies, and requirements. As a seller, you must take into consideration what the most reasonable price is to ask for your space. Although the average price of a home has increased by 12.7% in the last year, residential properties are still selling quickly.
3. The Market Is Relatively Similar Across Metropolitan Areas
Although median prices in the Austin area are typically the most expensive, they are not significantly different than prices in Dallas, Fort Worth, or Houston. On average, the homes in Dallas only sell at a rate of an additional $15 per square feet more than those in Fort Worth. Houston properties sell at rates that are slightly lower than those in the Dallas-Fort Worth area.
4. It’s an Optimal State to Own Rental Properties
Texas is an optimal place to own rental properties. You can find homes for relatively low purchase prices. The population of the state has increased by over 15.5% in the last twenty years. Due to the influx of jobs and residents, there is a higher demand for rental properties of all sizes. In addition to housing prices, rental rates have continued to grow over the last few years. As people are more willing to pay higher rental rates, you will have a greater likelihood of securing rent payments that are equal to or higher than your mortgage.
Texas is an impeccable state that is full of beaches, parks, cities, and fields. Many individuals choose to relocate to Texas at some point in their lives for the tight-knit communities and amazing opportunities that can be found in cities across the state. If you are looking to buy, sell, or rent properties, it is important to keep up with current real estate trends.