Real estate investment is all about targeting the right market, and Texas has proven time and time again that it is always the right market. Dallas remained largely untouched by the 2008 crash, and Houston is recovering in the one year since Harvey with housing developments citywide. Not only this, but according to the Federal Reserve Bank of Dallas, the rise in Texas home prices has outpaced that of the nation as a whole since 2011. Just like everything else, the Texas housing markets bounce back in a big way.
The results, then, are clear: Texas is the place to buy.
As you research the best areas of real estate for you, here are some of the top Texas cities right now.
1. Austin
Ranked as one of the top 10 major cities for real estate in a 2017 report by the Dallas news, housing prices are still climbing, as is the cost of living overall. Austin has one of the lowest unemployment rates per capita due to strong economic growth. Although the cost of living has been increasing, it doesn’t seem to be stopping Austin residents from settling in. Home prices may be high now, but with the increase in jobs and population growth, they’re looking to stay that way and only rise.
What does this mean for you? With a 5.3 growth rate, Austin was the place to buy yesterday, and it will be the place to buy tomorrow.
2. Houston
While Houston is typically a great spot for real estate, Hurricane Harvey definitely put a damper on things down there. But there’s lots to look forward to, as cleanup is in the past and the market only looks to move upwards. Houston actually looks to be one of the hottest cities in the market this year and next, as oil prices rise and families continue to transition from renting to homeownership.
So get in now, before everyone else figures out that Houston is recovering and growing faster than ever.
3. Dallas/Fort Worth
Frisco, located in North Dallas, was the number one small-to-mid-size market in the nation according to a study by WalletHub, followed by Allen, McKinney, Richardson, and Carrollton, all located just north of Dallas. Dallas built 29,000 homes last year and is looking to keep up the growth indefinitely. The market looks promising for anyone interested in high returns in that area whether commercial or residential.
North Dallas may be no well-kept secret, but the growth doesn’t appear to be stopping anytime soon, so it’s not too late to hop on board.
Texas has proven time and time again, that whatever happens, it’ll be the first to get up and dust itself off and go back to doing whatever it was doing. In this case, that’s more growth, population, and real estate opportunity. Anil Kumar, an economic policy advisor and senior economist at the Federal Reserve Bank of Dallas, told CURBED that “The Texas economy consistently grows faster than the nation,” and that’s certainly a reason to get involved here.
Ready to buy? Park Place Finance is successful in helping people get mortgage loans they want and need. We will use our connections with REALTORS®, appraisers, inspectors, and insurance agents to make this process easy for you. Contact Park Place Finance today to discuss your mortgage lending goals.