Did you know that about 500 thousand people moved to Texas in the year 2019? Although this may seem like a huge number, the trend has actually been going on for almost a decade.
Have you ever wondered what the Texas housing market is like and if it is worth it to move to the Lone Star State? Here is a great guide for when to buy real estate in Texas in the post pandemic era.
Why are People Moving to Texas?
One of the biggest reasons for the migration to Texas is the lower price of homes. People from states like California can sell their homes, buy a house in Texas, and keep a profit of hundreds of thousands of dollars. The pandemic has also opened doors for more remote work. This means that people who work virtually have the flexibility to move anywhere in the country. Many are migrating to states where the cost of living is significantly lower.
Benefits of Buying a Home in Texas
Because Texas is a hot commodity right now for the real estate market, your property may continue to steadily increase in value. You can purchase a starter home for a relatively low cost and watch the value of your asset growth over time.
In addition, Texas does not have any state income tax. This means that you will save on housing costs as well as cut your tax bill every year once you move there.
An Exponential Increase in 2020
You may have seen the spike in the prices of homes for sale in 2020. The housing market frenzy caused a huge problem when first-time homebuyers were outbid by investors with cash to offer for a quick sale. Despite the pandemic, it was a great time to sell your home if you wanted to downsize or move somewhere cheaper.
Stabilizing in 2021
Even though prices still remain high in the Texas real estate market, they showed signs of stabilizing in 2021. As prices stabilize, the inventory of available houses is also opening up. This looks good for 2022 and the market, in general, moving forward.
Market Cooldown in 2022
Overall, if you want to know when to buy real estate in Texas, it may be best to wait it out until 2022. Experts predict a market cool down may make Texas homes more affordable again. Today’s high prices may slowly decrease, and it is likely that inventory will continue to increase as well.
Learn All About the Texas Housing Market
Whether you already live in Texas or want to move there, you should know about the Texas housing market trends. With this guide, you can feel confident about what is in store for 2022 for Texas homes and the real estate market.
Would you like to learn more about real estate and when to buy real estate? Check out our site for all of the information you will need about post pandemic home buying and how you can take advantage.